Our  Weekly^ 

FINANCIAL 
REVIEW 

summarizes  the  situation 
clearly  and  concisely^    .'. 

It  weighs  the  factors  which  in- 
fluence prices,  thus  enabling  the 

in\e       UNIVERSITY  OF  ILLINOIS         COn" 


clusi 


LIBRARY 


We  in                                                „  ,  cal  De- 

Class  Book  Volume 

partm^^k            ^^^00  omptlv 

furnis.                          \j  ecunty 

listed  e.     We 

"JLLU              Ja09-20M  *-'            "    *- 

also  k  e  latest 
i                             ii 

news  bearing  on  any  corporations  in  the  securi- 
ties ol  which  they  are  interested. 


This  service  is  maintained  for  the  convenience 
ot  our  customers,  and  is  without  any  charge. 

JJ  Write  requesting  us  to  place  your  name 
on  our  list,  so  that  you  will  receive  the 
REVIEW  regularly. 

ALFRED  MESTRE  &  COMPANY 

BANKERS 

Members  of  the  New  York  Stock  Exchange 

52  Broadway  New  York 


XLhc  1ftc\v  J^ork  tCruet  Company 


No.  26  Broad  Street 


CAPITAL     $3,000,000 
SURPLUS    AND     PROFITS     $10,512,000 


OTTO    T.    BANNARD,    President 
MORTIMER    N.    BUCKNER.  ,  JAMES    DODD 

FREDERICK    J.    HORNE.        |  v*t-l>Tesi<ltnls  ARTHUR    S.    GIBBS 

HERBERT    W.    MORSE,    Secretary  H.    W,    SHAW, 

WALTER    E.    DRUMMOND.    Treasurer 


Otto    T.    Bannard 
S.    Reading    Bertron 
James    A.     Blair 
James   C.    Colgate 
Robert    W.     de    Forest 
John    B.    Dennis 
Elbert    H.     Gary 
Joseph    P.    Grace 
Charles    W.    Harkness 
James    N.    Hill 


TRUSTEES 


F.    N.    Hoffstot 
Arthur    Curtiss   James 
Frederic     B.    Jennings 
Walter    Jennings 
Chauncey    Keep 
Woodbury    Langdon 
John   J.    Mitchell 
James     Parmelee 
George    W.    Perkins 
John    S.    Phipps 


.  Assistant    Secretaries 


E.    Parmalee    Prentice 
Edmund    D.    Randolph 
Norman    B.    Ream 
B.    Aymar    Sands 
Joseph    J.    Slocum 
John    W.     Sterling 
James    Stillman 
Ernst    Thalmann 
Myles   Tierney 


LYBRAND,  ROSS  BROS.  &  MONTGOMERY 


Certifico  public  accountants 


(PENNSYLVANIA 


NEW  YORK 
I65  Broadway 


PITTSBURGH 
Union   Bank  Building 


PHILADELPHIA 

Land  Title  Buildint 


. ^^-— *_^— w^w-w-~-^ 


Lucius  Wilmerding     *W.  Forbes  Morgan,  Jr.       Philip  W.  Livermore      J.  B.  Chaffee 

Member  New  York  Stock  Exchange 


a 


Wilmerding,  Morgan  &  Livermore 

MEMBERS  NEW  YORK  STOCK  EXCHANGE 
49  BROADWAY  NEW  YORK,  N.  Y. 


a 


Orders  Executed  in  All  Markets      Conservative  Accounts  Solicited 


ALFRED      MACY 
JOSIAH      MACY 
R.     S.    CROCKER 


TELEPHONES 
3135 


I]  !*;•  RECTOR 


Macy  Brothers  C&  Co. 

BROKERS 


20  Broad  Street 


Stocks,  'Bonds  and  Inactive  Securities 


HENRY     MEYERS,    president 


JAMES     RASCOVAR,  vice-president 


WILLIAM     H.     HURST,  treasurer 


The  Hamilton  Press 

40  stone  street 
Book,  Newspaper  and  Commercial  Printers 

SPECIALISTS    IN 

FINANCIAL   PRINTING 


Printing  Department 
NEW  YORK  NEWS  BUREAU 
WALL   STREET   SUMMARY    :: 


Telephone,   6H7    BROAD 
NEW   YORK 


Atwood  Violett  &  Co 

BANKERS 


MEMBERS 

New  York  Stock  Exchange 
New  York  Cotton  Exchange 
New  York  Coffee  Exchange 
New  Orleans  Cotton  Exchange 

ASSOCIATE   MEMBERS 

Liverpool  Cotton  Association 


ORDERS  EXECUTED  FOR  INVESTMENT 
=  OR  ON  MARGIN  ' 


20  BROAD  STREET,  NEW  YORK 

COMMERCIAL  CABLE  BUILDING  ANNEX 
'Phones    900,   901,   902   and   903    Rector 


GIBSON'S  (^MANUAL 

1909 


THE  GIBSON  PUBLISHING  CO. 

IS  WILLIAM  STREET 
NEW  YORK 


1  ?>z.c 


^ 


COPYRIGHT,  1909. 

BY 

THE   GIBSON    PUBLISHING   CO. 

ALL    RIGHTS    RESERVED. 


DAY,   ADAMS   &   CO. 

Successors  to 

Gvvynne  &  Day,  Established   1854 


Members  New  York  Stock  Exchange 


T}  ECEIVE  deposits  subject  to  cheque  at  sight,  and 
■*>  *■  allow  interest  on  daily  balances  ;  collect  coupons, 
dividends,  and  interest;  and  execute  commission  orders 
in  stocks  and  bonds  in  all  principal  cities,  offering 
special  facilities  for  the  transaction  of  business  in  the 
London   market. 


45  WALL  STREET  NEW  YORK 

ilALCOM  &   COOMBE 

BANKERS 

Hembers  New  York  Stock   Exchange 
100  BROADWAY  NEW  YORK 

BRANCH  OFFICES 

50  East  125th  St.,  New  York  231  Main  St.,  Springfield,  Mass. 

Ml  Broadway,  Brooklyn,  N.  Y.  18  Suffolk  St.,   Holyoke,  Mass. 

10  Central  Row,  Hartford,  Conn.  6  Bank  Row,  Pittsfield,  Mass. 


Correspondents   in   Boston,   Chicago   and   Philadelphia 


SEND    FOR    OUR    HARKET    LETTER 


Taylor,  Smith  &  Evans 

Members  New  York 
Stock  Exchange 

49  Wall  Street,  New  York 


Dealers  in  Scrip  Issued  by 


The   Atlantic   Mutual   Insurance   Co. 

of  New   York 


Direct  "Wire 

to  Philadelphia 


David  A.  Boody 


Theo.  Ames,  Jr. 


Edsrar  Boody 


Boody ,  McLellan  &  Co. 

BANKERS 

Members  New  York  Stock  Exchange 


111  Broadway 


New  York 


Cable  Address:  Ciosltite 


BRANCH   OFFICES: 

BROOKLYN,  N.  Y  ,  213  Montague  St.  HARTFORD,  CONN..  36  Pearl  St 

NEW  HAVEN,  CONN.,  31  Center  St.  STAMFORD.  CONN..  Post  Office  Arcade 

BRIDGEPORT,  CONN,    Security  Building,  1115  WATERBURY,    CONN.,    Buckingham    Building. 

Main  St.  Ill    Grand   St. 

NEW  YORK.  319  Broadway. 


Charles  I.   Hudson  Percy  K.   Hudson  George  R.   Dyer 

George  A.   H.   Churchill  Geo.  T.   Cruttenden 


IC.  I.  HUDSON  &  CO. 

Brokers 


34-36  WALL  STREET,  NEW  YORK 

TELEPHONE,  3070  JOHN  PRIVATE  WIRES 

CABLE  ADDRESS,  CIHUDSON 


Branch  Offices: 

WALDORF-ASTORIA    HOTEL,    Fifth    Ave.    and    34th    St.; 
HOTEL    SEVILLE,      29th    St.    and     Madison    Ave.; 
Toronto,  Canada;  Cincinnati,  O.;  Wilming- 
ton,    Del.;     Scranton,     Pa.;     WilKes- 
Barre,  Pa.;  Williamsport,  Pa.; 
Binghamton,     N.     Y. 


Members  of 

NEW  YORK  STOCK  EXCHANGE  CHICAGO  STOCK  EXCHANGE 
NEW  YORK  COTTON  EXCHANGE  CHICAGO  BOARD  OF  TRADE 
NEW  YORK  COFFEE  EXCHANGE    PHILADELPHIA  STOCK  EXCHANGE 


Knauth,  Nachod  &  Kuhne 

15  William  Street,  New  York 
Leipzig,  Germany 


Bankers 


MEMBERS  NEW  YORK  STOCK  EXCHANGE 


High  Grade  Investment  Bonds 

Letters  of  Credit  and  Traveler's  Checks 
Interest  on  Deposit  Accounts 


Contents 


Page. 

Adams  Express  Co 1 

Allis-Chalmers  Co 3 

Amalgamated  Copper  Co.  (Chart) 6 

American  Agricultural  Chemical  Co 9 

American  Beet  Sugar  Co 12 

American     Can  Co IS 

American  Car  &   Foundry  Co.   (Chart) 18 

American  Cotton    Oil    Co 21 

American   Express   Co 24 

American  Hide  &  Leather  Co 25 

American  Ice  Securities  Co 27 

American  Linseed    Co 29 

American   Locomotive  Co.   (Chart) 30 

American  Malt  Corporation 33 

American  Smelters  Securities  Co 35 

American  Smelting  &  Refining  Co.  (Chart) 37 

American  Snuff  Co 41 

American  Steel   Foundries 43 

American  Sugar  Refining  Co.  (Chart) 45 

American  Telephone   &  Telegraph  Co 48 

American  Tobacco  Co 50 

American  Woolen   Co 52 

Anaconda  Copper  Mining  Co 54 

Atchison,  Topeka  &  Santa  Fe  Railway  Co.  (Chart).  56 

Atlantic  Coast  Line  Railroad 59 

Baltimore  &  Ohio  Railroad  (Chart) 62 

Batopilas  Mining  Co 65 

Bethlehem  Steel  Corporation 66 

Brooklyn  Rapid  Transit  Co.  (Chart) 68' 

Brooklyn  Union  Gas  Co 71 

Brunswick  Dock  &  City  Improvement  Co 73 

Buffalo  &  Susquehanna  R.  R 74 

Butterick    Co 75 

Canadian  Pacific  Railway  (Chart) 76 

Canada  Southern  Railway 80 

Central   Leather  Co 81 

Central  Railroad  of  New  Jersey  (Chart)....- 84 

Chesapeake  &  Ohio  Railway  (Chart) 87 

Chicago  &  Alton  Railroad 90 

Chicago  &   Northwestern   Railway   (Chart) 93 

Chicago  &  Great  Western  Railway 97 

Chicago,  Milwaukee   &  St.  Paul   Railway  (Chart).     99 

Chicago,  St.  Paul.  Minn.  &  Omaha  Railway 102 

Chicago      Union    Traction    Co. — Chicago    Railways 

Co 104 

Cleveland,  Cinn.,  Chicago  &  St.  Louis  Railway....    106 

Colorado  &  Southern  Railway  (Chart) 108 

Colorado  Fuel  &  Iron  Co.  (Chart) 112 

Columbus  &  Hocking  Coal  &  Iron  Co 115 

Consolidated  Gas  Co.,  New  York  (Chart) 117 

Corn   Products   Refining  Co 121 

Crex  Carpet  Co 123 

Delaware  &  Hudson  Co.  I  Chart) 124 

Delaware.  Lackawanna   &   Western  Railroad 127 

Detroit  United  Railway 133 

Denver  &  Rio  Grande  Railroad  (Chart) 129 

Distillers'  Securities  Corporation  (Chart) 135 

Duluth,  South  Shore  &  Atlantic  Ry 137 

Erie  Railroad  (Chart) 139 


Page. 

Federal  Mining  &  Smelting  Co 143 

Federal  Sugar  Refining  Co 145 

General  Electric  Co.  (Chart) 147 

Granby    Consolidated    Mining.    Smelting    &    Power 

Co.,    Ltd.    ISO 

Great  Northern  Iron  Ore  Properties  Co.   (Chan)..  152 

Great  Northern  Railway  (Chart) 154 

Green  Bay  &  Western  Railroad 158 

Havana  Electric  Railway 160 

Hocking  Valley  Railway 162 

4 

Illinois  Central  Railroad  (Chart) 165 

Interborough-Mctropolitan  Co 16,8 

International  Harvester   170 

International  Mercantile   Marine   Co 172 

International  Paper  Co.   (Chart) 174 

International  Steam  Pump  Co 177 

Iowa  Central  Railway 180 

Kansas  City,  Fort  Scott  &  Memphis  Railway 183 

Kansas  City  Southern  Railway 184 

Lake  Erie  &  Western  Railroad 187 

Long  Island  Railroad 190 

Louisville  &  Nashville  Railroad  (Chart) 192 

Mackay  Companies,  The 195 

Manhattan  Railway  (Chart) 197 

Metrooplitan  Street  Railway — New  York  City  Rail- 
way      200 

Mexican    Central    Railway — National    Railways    of 

Mexico    203 

Minneapolis  &  St.   Louis  Railroad 205 

Minn.,  St.  Paul  &  Sault  Ste.  Marie  Railway 208 

Missouri,  Kansas  &  Texas  Railway  (Chart) 211 

Missouri  Pacific   (Chart) 215 

Nashville,  Chattanooga  &  St.  Louis  Ry 219 

National  Biscuit   Company 221 

National  Enameling  &  Stamping  Co 224 

National  Lead  Co.  (Chart) 226 

Newhouse  Mines  &  Smelters 229 

New  York  Air  Brake  Co 230 

New     York     Central     &     Hudson     River     Railroad 

(Chart)    232 

New  York,  Chicago  &  St.  Louis  Railroad 235 

New     York.     Xew     Haven     &     Hartford     Railroad 

(Chart)   237 

New  York,  Ontario  &  Western   Railway  (Chart)..   242 

Norfolk  &  Western  Railway  (Chart) 245 

North  American  Co 248 

Northern  Pacific  Railway   (Chart) 250 

Pacific  Coast  Co 254 

Pacific  Mail    Steamship   Co 256 

Penn.  R.  R.   (Chart) 258 

People's  Gas  Light  &  Coke  Co.   (Chart) 262 

Phelps,  Dodge  &  Co.,  Inc 265 

Pittsburg,  Cinn.,  Chicago   &  St.  Louis  Railway....  266 

Pittsburg  Coal  Co 269 

Pressed  Steel  Car  Co 271 

Pullman    Co , 274 


Content  S -  Continued 


Page. 

Railway  Steel  Spring  Co 276 

Reading  Co.  (Chart) 278 

Republic  Iron  &  Steel  Co.  (Chart) 283 

Rock  Island   Co.   (Chart) 286 

St.  Louis  &  San  Francisco  Railroad  (Chart) 290 

St.  Louis  Southwestern  Ry.  Co 293 

Sloss-Sheffield  Steel   (Chart) 295 

Southern  Pacific  Co.  (Chart) 298 

Southern   Railway   (Chart) 302 

Tennessee   Copper  Co 305 

Texas  Pacific  Land  Trust 307 

Texas  &  Pacific  Railway  (Chart) 309 

Third  Avenue  Railroad   (Chart) 312 

Toledo  Railway  &  Light  Co 316 

Toledo,  St.  Louis  &  Western  Railroad  (Chart)  ....  318 

Twin  City  Rapid  Transit  Co 321 

Union  Bag  &  Paper  Co 324 

Union  Pacific  Railroad   (Chart) 326 

United  Railways  Investment  Co.  (Chart) 330 

L'nited  States  Cast  Iron  Pipe  &  Foundry  Co 333 

United   States    Express   Co 335 


Page. 

United  States  Realty  &  Improvement  Co.  (Chart) . .  337 

United  States  Reduction  &  Refining  Co 340 

United  States  Rubber  Co.   (Chart) 342 

United    States    Steel    Corporation    (Chart) 345 

Utah  Copper  Co 350 

Virginia  Carolina   Chemical   Co 352 

Virginia  Iron,  Coal  &  Coke  Co 354 

Wabash   Railroad   Co.   (Chart) 356 

Wells,  Fargo  &  Co 359 

Western    Maryland    Railroad    Co 361 

Western  Union  Telegraph  Co.  (Chart) 363 

Westinghouse      Electric      &      Manufacturing      Co. 

(Chart)   366 

Wheeling  &  Lake  Erie  Railroad 369 

Wisconsin  Central  Railway  (Chart) 371 

Average  Daily  prices  (Chart) 374 

Dividends  and  Dividend  Periods 389 

Cotton    393 

Wheat  395 

Corn   396 

Pig  Iron 399 


GIBSON  'S     MANUAL 


Adams  Express  Company 

Like  several  other  leading  express  companies,  this  one  is  not  an  incorporated  body,  but  a  vol- 
untary association,  formed  in  1854  and  engaged  in  forwarding  valuable  packages,  money  and  articles 
which  require  careful  handling  over  railroad  and  water  transportation  lines.  The  company  operates 
over  about  35,000  miles  of  land  and  water  routes. 


Bonded  indebtedness $12,000,000 

Capital   stock   (no  par  value) 120,000  shares. 


EARNINGS. 

Adams  Express  Company  publishes  no  reports  of  earnings,   and  singularly  little   information  of 
kind  is  supplied. 


DIVIDENDS. 


1900 
$6 


1901 
$8 


1902 
$8 


1903 
$10 


1904 
$10 


1905 
$10 


1906 
$10 


1907 

$10 


1908 
$8 


In  1898  there  was  a  100  per  cent,  dividend  in  4  per  cent,  debenture  bonds. 
In  June,  1907,  a  200  per  cent,  dividend  in  bonds  was  paid. 

LOW   AND  HIGH  PRICES,  BY   YEARS,   SINCE  1900. 


1900 

1901 

1902 

1903 

1904 

1905 

1906 

1907 

1908 

111  Jan. 
150  Nov. 

90  Nov. 
202  Dec. 

198  July 
240  Oct. 

204  Ian. 
235  Feb. 

220  Feb. 
250  Oct. 

236  Jan. 
250  Feb. 

240  June 
300  Aug. 

150  Aug 
330  June 

164  Jan. 
200  Aug. 

This  stock  is  not  at  all  active  in  the  tradin  g  on   the   New   York   Stock   Exchange. 
LOW   AND    HIGH   PRICES,   BY   MONTHS,   SINCE  1900. 


Jan. 


Feb. 


Mar. 


Apl. 


May 


June 


1900 in  -ii$i  Il4  ~ll7  Il4hII7  116  -130  116  -130  118  -120 

1901 MS  -155  155  -162  160  -165  160  -165  165  -i87i  174  -175 

1902 199  -205  200  -220  202^-205  205  -210  205  -225  ......... 

1903 204  -215  220  -235  215I-235  220  -225^  225  -225  220  -224 

1904 223  -225  220  -225  224  -225  222  -225  222  -226  224^-224! 

1905 236-245  246J-250  245  -245  240-250  250-250  ......... 

1906 -....  246  -249  248  -250  250  -250  243  -250  240  -240 

1907 290  -290  290  -295  280  -280  .........  285  -297  295  -330 

1908 164-185  167-175  165-166  167-167  165-168  ......... 


Tulv 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900 117  -125 

1901 170  -175 

1902 108  -200 

1903 221  -223 1 

1904 224 1 -226 

1905 242  -243 

1906 240  -251 

1907 165  -165 

1908 173  -180 


125  -126 

I7S  -i/5 
205  -220 

220  -225 

224 1 -230 

245  -249 

?y?  -300 
150  -165 
200  -200 


123  -126 
180  -185 


230 

-236 

295 
165 

-295 

-165 

125  -130$ 
1851-195 

230  -240 

221  -225 

235  -250 

243  -243 
160  -l65 


I30  -150 
I9O  -200 

2184-226 
245  -245 

275  -285 

161  -165 
190  -190 


139  -150 

195  -202 
200  -205 
2194-225 

235I-240 

285  -300 
165  -165 

190  -190 


i  1 


GIBSON'S      MANUAL 


LOW   AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,    1908. 


Nov.     2 

"       3 

"       4 


6 
7 
9 

11 


Low.     High, 
tion  Day 


1 ,1 1\\ .     I  [igh. 

1  _■ to        190 

-     13 

•'     14 

■'     [6 

"     i7 

"     18 

"     i9 

"    20 

"21 


Low.     High. 

No  v.  23 

"     -4 

•       2S 

26 Thanksgiving  Day 

"27 ...    '      ... 

"     28 

"     30 


LOW    AND    HIGH    PRICES,    BY    DAYS,    DECEMBER,    1908. 


Dec. 


3 

4 

5 

7 
8 

9 


Low.     Hisrh. 


190 


,„, 


Low.     High. 


25 Christmas  Day. 

26 Extra  Holiday. 

28 

29 

30 

31 


REMARKS. 

From  a  balance  sheet,  filed  in  Massachusetts  recently,  it  appears  that  Adams  Express  had  a  Sur- 
plus Profits  account  of  $17,651,504  on  June  30,  1908. 

Securities  owned,  $8,278,868. 

Officers: — President,  Levi  C.  Weir;  Vice-President,  William  II.  Damsel;  Treasurer,  Basil  W. 
Rowe;  Secretary.  Horatio  H.  Gates.  Managers: — William  M.  Barrett,  Dumont  Clarke.  Basil  W.  Rowe, 
Charles  Steele.  Levi  C.  Weir,  George  F.  Baker  and  William  II.  Damsel. 

No  data  supplied  as  to  annual  meeting  or  directors'  meetings.  Office,  ~\  Broadway.  Traded 
in   on   the   New    York    Stock   Exchange   (Listed    Department). 


GIBSON'S      MANUAL 


Allis-Chalmers  Company 

Organized  in  New  Jersey,  May  7,  1901,  as  a  consolidation  of: 

E.  P.  Allis  Co.,  Milwaukee,  Wis.  Fraser  &  Chalmers,  Inc.,  Chicago,  111. 

Dickson  Manufacturing  Co.,  Scranton,  Pa.         Gates   Iron    Works,  Chicago. 

In  March,  1904,  the  Bullock  Electric  Manufacturing  Co..  ol  <  iricinnati,  O.,  was  acquired,  the 
whole  of  its  $1,500,000  of  common  stock  being  owned  by  Allis-Chalmers  and  6  per  cent,  being  guar- 
anteed  on   the  '$1,170,000  of  preferred   stock. 

The  company  manufactures  mining  and  electrical  machinery,  Corliss  engines,  steam  and  hy- 
draulic   turbines,    gas   engines,    rock    crushers,    cement  mills  and  the  Christensen  air  brake. 

A  new  brass  foundry  has  recently  been  installed  at  the  West  Allis  plant  to  replace  an  old  one 
vacated  on  the  South  Foundry  property,  which  has  been  sold. 

Bonded  indebtedness.   [908 $11,495,700 

Preferred  stock,  7  per  cent,  cumulative,  having  preference  both 

as  to  dividends  and  assets 16,150,000 

Common  stock 19,820,000 

Total  capital $47,465,700 

EARNINGS. 

Earned  on 

Year  ending  April  30.                                 *Net  profits.  **Surplus.        common. 

r902 $1,442,259  $304,759               1.52% 

1903 1.653,576  820,836              2.5S 

1904 952.624  624,835              0.5  % 

Year  ending  June  30. 

1905   (16  months) 1,146,980  348.289                 

I9°6 , 648,161  157481 

1907 1,226,242  def.  229,817                 .... 

J9o8 2.573.961  385,99/ 

♦The  not  profits  represent  the  sum  left  after  deducting  expenses  of  operation, 
interest  charges,  dividends  on  Bullock  Electric  Manufacturing,  preferred,  and  pro- 
vision   for    doubtful    accounts    and    depreciation  of  plants. 

**And   in   addition    thereto,   a   special  depreciation  reserve,  in   1908,  of  $1,513,4.30. 

DIVIDENDS. 

1901     1902      1903     1904     1905     1906     1907     [908 

Preferred 3^%     7%         7%       i\J{        0000 

Common o  o  o  o  o  o  o  o 

LOW  AND   HIGH  PRICES,  BY  YEARS,  SINCE  1902. 


1902.  1^03.  1904.  1905.  1906.  1907.  1908. 


Preferred.  .  So:    Dee.  60]   Nov.  39^  Men.  46!  May  40  Sept.  14     Nov.  14     Mch. 

SjI    Nov.  S7J  Feb.  71  Nov.  68  Feb.  67  Jan.  43}  Jan.  52^  Dec. 

Common  .  .    t8     Dec.  7     Dec.  6  Mch.  13  May  16  July.  4     Aug.  5     Mch. 

2t      Nov.  23     Feb.  2if  Nov.  24^  Dee.  27!  Jan.  i6|  Jan.  toj   Dec. 


4 

GIBSON'S      MANUAL 

LOW   AND   HIGH   PRICES.   BY    MONTHS,  SINCE  1902. 

Jan.                   Feb.                   Mar.                  April                 May 

June 

Pfd.. 

Com. 

1903 Pfd.. 

Com. 

Pfd.. 

I 

Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

1 

1907 Pfd.. 

Com. 

1008 Pfd.. 

I 


86  -864 
i94 
55  -60 
7-81 

64  -66 
14  -18 
614-67 

jj  -273} 

341-433 

i3i-i6J 

19  -2J 

6  - 


87  -874 
18 

593-64* 

8i-iS 

62  -68 

i5i-i9 

59  -64' 

34  -394 
'-ri5i 
174-20 
6  -  64 


86  -864. 

18  -20i 

39J-56 

6  -12 

56  -64 

14I-18 

55  -593 
19I-22J 

25  "34 1 
10  -14I 
14  -2l4 

5  -  9J 


86  -86 
16  -17 
40  -43 
64-  7* 
54  -624 
Hi-K'- 

54  -593 
20  -23 
28  -354 

ui-i-3 

l8J-22i 

74-9} 


83  -84 
15  "I? 

39H-' 
6  -  75 
46J 

t3  -'5i 

72  -6l 
[9 

-">!  32 
9J-1  '- 

204-25I 
84- 10 


80  -80 
10  -14 
41  i-424 

8  -  84 
5°J-52i 
i34-i4i 
Soi-6ol 

-  233 

274-3° 

IOJ 

34  i 

9  -ll| 


July 


Sept. 


Oct. 


Nov. 


Dec. 


8i4-82 

"I-13 
424-55 

9  -13? 
5i!-65} 
it  -19J 

45  -50 
16  -184 

27  -3°^ 
9f-ii^ 

33  -36 
12 


80  -80 

494-50 
11  -n4 

543-64 
15H9* 
46  -494 
i74-2of 
15^-27 
4  -10 

34  -361 
11  -12 


io|-n| 

50  -5ii 

10  -10 
53  -6i4 
I54-I84 
40  -48 
r6ir-i9f 
17  -25 
6-  94 
30  -354 

TO   -II  l 


8-9 

49  -62 
ioi-15 
59i-64  3 

17  -2l4 

424-48* 
16J-18! 

I  44-22 

5-71 
32    -40 
I04-I24 


82    -824 
21    -21 
60J-60J 

8  -  8 

534-71 

13  -21 J 

591-63* 
18J-211 

44  -464 
i6i-i8i 

14  -16 

5  -  53 
394-50 

IK     T   }I 


8of-824 
18  -204 

7  -  7 
59  -"  ' 
15  -104 
60J  I 
194-24} 

434-451 
I61-I7I 

15  -i7 

54- 

484-521 
i4i-i6J 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER.    1908. 


Pfd.       Com. 

Nov.  2 39i"4i  1 I4-I24 

3 Election  Day. 

4 4i3-44i  12-125 

5 444-46  I2f-I3 

6 464-48  13  -'3- 

7 46-47  132-133 

9 45  -464  13  -133 

10 i?3-453  13  -134 

11 46  -46} 


Nov, 


Pfd.       Com.  Pi'd.       Com. 

12 45  -46J  134-13}     Nov.23 48  -4'»       14  -144 


13 464-475 

'4 47  -47-.' 

16 47 

17 47 

18 474-484 

19 48  -483 

20 474-475 

21 48  -484 


13* 

I3f-i34 

1  $-14! 
14 

14  -1  1 
144-1  l! 


24 484-4"       1  l'  14- 

25 484-49"     144 

26 Thanksgiving  Day. 

-7 48  -40 1    14I 

28 484-48I     I4l  Mi 

30 48}-49i    Ml   '  \\ 


LOW    AND    HIGH    PRICES,    BY    DAYS,    DECEMBER,    1908. 


Prr.   I 


3 

7 
8 


Pfd. 

48I-49J 

494-494 
484 

49 

48J 

V'\ 

-50§ 

-50} 


Com. 

IS  -15I 

IS  -t;J 
i;1  15! 


Pfd.  Com. 

11 50S-523  15. 

■'     12 511-525  [6 

••   I) 

»'»'    7"  '  ; 

r6 i'i!  51  17 

"     17 tol-5nl  ' 

-     18 fii   [9  is  -I5i 

"     "1 i85  49l  '5 

■'     21 |8|  is;  .,',  1;' 


Pfd.         Com. 

I  »<  C    22 40i-40!      '  - 

"      23 

194-494     '54-155 

j; Christmas  1  >ay 

26 Extra  holiday 

"      28 49J  50       15I 

-■" 5f'!-7°'      '5J 

"    30 194-50      1 5  -  t  5  7 

"     3' -•••      17I  -155 


GIBSON'S     MANUAL 


REMARKS. 

Mining  activity  in  the  United  Slates  supplies  this  company  with  a  large  part  of  its  business 
and  most  of  the  important  orders  for  mining  machinery  are  placed  with  this  concern.  Of  the  rock 
crushers  and  cement  machinery  of  the  country,  fully  one-hall  is  also  produced  by  Allis-Chalmers. 

The  most  important  work,  commercially,  which  has  been  consummated  in  the  past  two  years 
by  this  company  is  the  development  of  its  steam  turbine  business.  Sizes,  ranging  from  500  to  7,500 
kilowatts  have  been  completed  and  orders  booked  show  a  steady  increase. 

Foreign  orders  in  1907  increased  45  per  cent,  over  the  previous  year  and  a  systematic  and  energetic 
exploitation  of  Allis-Chalmers  productions  is  going  on,  particularly  in  Japan,  China  and  South  America. 

A  decrease  of  $2,304,413  in  notes  and  bills  payable  in  1908,  and  an  increase  of  $1,059,301  in 
cash,  have  materially  strengthened  the  position  of  the  company.  $131,000  of  the  first  mortgage  bonds 
were  retired  in  the  fiscal  year  of  1908. 

Bookings  during  November,  1908,  were  80  per  ecnt.  greater  than  during  November,  1907;  15 
per  cent,  above  October,  and  October  was  65  per  cent,  ahead  of  September.  Few  of  the  orders  were 
of  large  size,  but  they  are  of  a  character  that  suggests  that  the  industrial  companies  are  entering  a 
new  era  of  spending"  money  on  small  additions  and  on  replacements.  The  machinery  furnished  to  the 
mining  and  ore  treating  companies  is  of  very  respectable  volume  and  is  increasing  right  along. 
Turbines  and  high  pressure  fire-fighting  apparatus  is  a  large  part  of  the  company's  business  and  orders 
for  the  former  and  investigations  of  the  performances  of  the  latter  are  being  secured  in  very  gratifying 
numbers. 

Officers: — President,  W.  H.  Whiteside;  First  Vice-President,  L.  F.  Bower;  Vice-President  and 
Treasurer,  Henry  Woodland ;  Vice-President  and  Secretary,  W.  W.  Nichols.  Directors: — Edward  D. 
Adams,  Alexander  F.  Banks,  Edmund  C.  Converse,  Mark  T.  Cox,  Kemper  K.  Knapp,  Henry  Woodland, 
Charles  Allis,  George  Bullock,  Herman  W.  Falk,  William  V.  Kelley,  Max  Pam,  Walter  H.  Whiteside, 
William  W.  Allis,  Lahman  F.  Bower,  Elbert  H.  Gary.  Charles  MacVeagh,  William  A.  Read,  and  Cor- 
nelius Vanderbilt. 

Fiscal  year  ends  June  30.  Annual  meeting,  Thursday  after  first  Wednesday  in  September,  in 
Jersey  City,  N.  J.  Directors  meet  monthly,  on  call.  Main  office,  Milwaukee,  Wis.  New  York  office, 
71   Broadway.       Traded  in  on  tb>»  New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S      MANUAL 


Amalgamated   Copper 


Organized    in    New    Jersey,    April   27.    1899,  and    the    stock    admitted    to    the    New     York    Stock 

lange  in  November,    1900.     The  company    was  a   consolidation    of   mining    and    smelting   interests    in 
.Montana.     It  owns  wholly: 

Washoe  Copper  (  ■  ..  Butte,  Mont.  Diamond  Coal  &  Coke  Co.,  Diamondville,  Wy. 

Colorado  Smelting  &  Mining  Co.,  Butte,  Mont.  Big  Black  Foot  Milling  Co.,  Bonner,  Mont. 

It  also  owns  control  of  the  following  companies,  all  of  Butte,  Mont.: 
Anaconda   Copper   Mining   Co.  Butte  &  Boston  Consolidated  Mining  I 

Boston  &  Montana  Con.  Copper  cc  Silver  Mining  Co.      Parrot  Silver  ce  Copper  Co. 
Hennessy  Mercantile  Co. 

The  company  also   owns  a   controlling  interest   in  coal  mines,  timber  lands,  railroads  and  real  estate, 
worth  $50,000,000  over  all  liabilities. 

Capital   Mock  Si  5.5.887,900 

EARNINGS. 


Year  ending  June  1.  Met  income. 

1902 *$3»8i5i555 


i9°3 


6,486,528 


iyo4 0.240,022 

8,1 92,241 


i9°5 

Year  ending  April  30. 

1  o< '" ■ 

•907 

1908 


Surplus. 


$8,942,712 


Ear 

on  s 


lied 

tock. 


9,161,537 

9,255,695 

5-957° 

14,154, 

1 1 483.783 

9.2  % 

6,680.557 

12,008,824 

4-34$S» 

*  Compiled    from    operations    of    sub.  companies,    filed  annually  for  taxation  purposes  in   Untie,   Mont.     Amalga- 
mated  <  opper  is  entitled  to  over  90  per  cent,  of  their  net  receipts. 


DIVIDENDS. 


1 900 
8% 


1901    1902    1903    1904    1905    1900    1907 
7i%  2\%  2<fo  2%        Ah%  6\%  7% 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1 1  H  >S 
2% 


1900 

1901                1902              1903                1904 

1905              1906 

1907 

1908 

Dec. 
995-2  Nov. 

Dec.     53      Nov.     33%  Oct.    43 
150      Jun.     79      Feb.      75%  Mch.      82%  Dec. 

70      Jan.      92; >  Inly 
111%  Dec.     HS;4Feb. 

41  =4  Oct. 
121%  Jan. 

Feb 

NOV. 

LOW    AND    HIGH    PRICES,    BY 

MONTHS,    SINCE 

1900. 

Jan. 


Feb. 


Mch. 


A  pi. 


May 


1901 

1904 
1905 

1908 


83S- 
67l 

"-'-1- 
47^- 
/O  - 

iiof- 
45J- 


944' 
78 

<-- 
52 

121; 
53l 


87f-  95 

79 

43i- 
73i_  77  i 

IO7    -1  lS{ 

45i-  S2i 


75l 
0/  8 


94^-104^ 

6i 

75§ 

44t-  5°i 

8i| 

100  -iooi 


99t-i28i 

-  684 

60  -  67I 

47l-  52i 

78*-  89£ 
100I-115I 

89  -  99-i 
56f-  62k 


90  -125 
65  -  71 J 
56|-  67* 
46i-  51I 

75  -  84* 
96  -iii| 

833-  98i 
693 


1 18^-130 

U2j- 


51     - 

484-- 

77b 
95i- 

643- 


58J 

S43 
no? 

873 
684 


Tulv 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1  ,  ,,  .<  1 
1901 

1903 
1904 
[905 
1906 
1907 


109  -124  , 
-  68J 

351-  5"' 
54l 
84$ 

o.r; 

94 


no  -122; 

65  -  68;* 

37  -  5-'-' 

51   -  58J 

883 

Ml1, 
65 

83l 


I20 

63I-  joi 
37ih  50 

5"l 

04  V 

1083-1154 

56i-  74* 


83i-  92^ 

62  -  07} 

33f-  42" 

584-  7i* 

Si  I-  861 

41I-  6oij 

72  -  8o| 


93^-  993 

72h   89 

53  -  654 

39f 

68  -  81I 

•     114; 
44.-  52 
881 


89* 

6o4- 

38 


96i 
-  - 
64S 
52I 


58f    ■ 

So  -in:; 


no; 


115J 


42  -    -r,J\ 
75      S; 


GIBSON'S      MANUAL 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER.    1908. 


Nov.  -' 


Low. 
79l 


High 
8o§ 


3 Election  Day. 


4 

5 
6 

7 

9 

10 


81 
82 

873 

81  i ! 


S2\ 

83i 

874 

873 
873 


Now  1 1 

"  I J 

"  [3 

"  '4 

'•  10 

"  '7 

"  iS 

"  1M 


Low. 

85i 
864 
853 
85! 
85I 
85^ 
84  V 


High. 
87l 

87 

8(  1 ! 
86| 
8?i 
853 


Nov. 


20 

21 

23 

-'4 
25 
26 
27 
28 
30 


Low. 
•    82| 

.  82a 

.  s,; 

.  82! 

84J 


High. 

85  i 

85i 
8si 
1  hanksgiving  J  )ay 

.  ...  843  863 

..    ..    N5.i 

. .   ..  84i  86 


LOW    AND    HIGH    PRICES,    BY    DAYS,    DECEMBER,    1908. 


Dec.   1 


3 

4 
5 
7 
8 
o 
10 


Low. 

•  »4i 

■  83f 

•  83^ 

■  83S 

■  83 

•  83 1 

.  83i 

.  83* 
.  84* 


High. 

85i 
854 

84 
85^ 
85 
83I 

84 
85 


Dec. 


1 1 
12 

14 
1 5 
10 

17 

18 

[9 
21 


Low. 

••  83| 

.  .  82\ 

..  81  j 

..  8o£ 

.  .  8of 

..  78f 

.  .  :7:: 

■■  78$ 

••  7Si 


High. 

84  i 

83f 

84! 

83 

82 ! 

82 

79f 

79l 

793 


I) 


Low. 


e  c    2  j 

23 

24 

25 


Hieh. 


77  79% 

79i  Sr; 

Si  !  Nj,; 

.  .    .  .    Christmas  Day 

26 Extra  holiday 

28 Sjl  H4\ 

29 82;  84I 

3" 82i  s4! 

3T 83^  83^ 


MARKET    MOVEMENTS    OF   AMALGAMATED  COPPER,  FROM   1900  TO  1908,  INCLUSIVE. 


GIBSON'S     MANUAL 


REMARKS. 

In  1907,  there  was  almost  unlimited  demand  for  copper  metal   around   25   cents   a   pound,  but   the 
reaction  led  to  a  closing  of  most  of  the  mines  and  discharge  ol  7.000  men.     From  about 

n|  to  1 -•  cents  a  pound  last  February,  copper  metal  worked  up  to  1  1,  cents  in  November  with  a  reason- 
able prospect  of  going  to  15  or  16  cents  as  soon  as  the  revival  of  business  becomes  more  pronounced. 

In  February.  1908,  the  company  reported  that  the  surplus  stock  of  cupper  had  practically  disap- 
peared. March  1  the  mines  of  the  different  companies  and  the  Washoe  smelter  were  again  put  into  com- 
mission  and   have   since   been    operated   to   their    full  capacity. 

The  companies,  owned  wholly  or  in  part,  by  the  Amalgamated  produced  212,000,000  pounds  of 
refined  copper  in  the  calendar  year  of  1907,  of  which  Amalgamated  received  the  benefit  of  about 
178,000,000  pounds.  The  production  is  sometimes  over  250,000,000  pounds.  The  company  employs  over 
12,000  men  and  pays  out  about  $14,000,000  a  year  in  wages. 

The  only  bonds  are  $1,500,000  Butte  &  Boston,  6s. 

The  securities  owned  by  this  company  are  not  stated  separately.  They  are  included  in  the  general 
item  of  $156,480,647,  representing-  investments  in  securities,  mines,  refineries,  saw  mills,  standing  timber, 
land,  water  rights,  etc. 

The  slight  dullness  in  general  business,  in  the  early  part  of  1909,  due  largely  to  the  movement  in 
Congress  for  tariff  revision,  resulted  in  the  accumulation  of  a  stock  of  surplus  copper  metal,  which,  on 
Feb.  1st,  amounted  to  about      ----------  144,000,000  lbs. 

Stock  of  surplus  copper  in  Europe  --------  225,000,000 


World's  total  - -  -  369,000,000    " 

Officers:  President,  II.  II.  Rogers;  Vice-President,  F.  P.  Addicks;  Secretary  and  Treasurer, 
A.  H.  Melin.  Directors:  A.  R.  Mower,  John  Bushnell,  Wm.  Rockefeller,  II.  H.  Rogers,  II.  H.  Rogers.  Jr.. 
Benj.  B.  Thayer,  John  D.  Ryan,  and  A.  C.  Burrage. 

Fiscal  year  ends  April  30.  Annual  meeting,  first  Monday  in  June,  Jersey  City,  N.  J.  Directors 
meet  second  T hursday  in  each  month.  Office,  42  Broadway,  New  York.  Traded  in  on  the  New  York 
Stock   Exchange    (Unlisted   Department),   and   on  the  Boston  and  London  Stock  Exchanges. 


GIBSON'S     MANUAL 


American  Agricultural  Chemical  Company 

i  Organized  May  26,  1899  (under  special  charter  granted  by  the  legislature  of  Connecticut  in  1893), 
as  a  consolidation  of  22  chemical,  fertilizer,  bone  black,  bone  phosphate  and  guano  concerns,  situated 
in  fourteen  different  States,  and  recognized  as  the  best  equipped  and  strongest  in  the  business.    Control 
29  other  establishments  has  since  been  acquired. 

Preferred  stock,  6  per  cent,  cumulative,  and  preferred  both  as  to 

dividends  and  assets,  June  30,  1908 $20,000,000 

nmon  stock 20,000,000 

Total  capital $40,000,000 

Note.— The     company     has     $1,618,000    of    the    preferred      and    $3,008,700    of    the 
common    stock  in    its   treasury.      No   "securities  owned"  are  reported. 

EARNINGS. 

Total  Net  *Earned  on 

Year  ending  June  30.  Income.  Surplus.  Common. 

1900 $2,253,989  $880,020  4.4  % 

I901 1,603,746  9lSP7l  0.17% 

1902 1,605,706  1,029,042  0.57% 

1903 2,057,327  1,349.137  i-45% 

1904 2,148,925  i,777,927  2.14% 

i9°5 2,306,462  -',333,577  2.78% 

i9°6 '  2,553,687  3,°33>8o2  3-5  % 

1907 2,935,989  4,091,002  5.28% 

!9o8 2,937,919  5>I32,269  5.2  % 

♦After   charging  off  for   renewals  and    betterments    and    reserves    for    insurance 
and   interest. 

DIVIDENDS. 

1900  1901  1902  1903  1904  1905  1906  1907  1908 
Preferred  .  .  6%  6%  6%  6%  6%  6%  6%  6%  6% 
Common  ...o  o  o  o  o  o  o  o  o 


LOW    AND    HIGH    PRICES,    BY   YEARS,    SINCE  1901. 
1901  1902  1903  1904  1905  1906  1907  1908 


Preferred   . 

.       80 

Dec. 

78'/2  Oct. 

69      Oct. 

Jan. 

89^  Feb. 

90       July 

75       Oct. 

78^  Jan. 

91 

June 

91       July 

83^  Jan. 

87       Dec. 

95       Aug. 

102      Jan. 

95        Feb. 

96       Nov. 

Common    . 

21 

Oct. 

18J4  Dec. 

12       Oct. 

13       Mch. 

20      Jan. 

20      July 

10      Oct. 

13      Jan. 

35 

June 

32*4  July 

-'5   i   Feb. 

245<$  Dec. 

29^  Apl. 

34^  Jan. 

25*6  Jan. 

35       Nov. 

Note. — This  stock  was  not  listed  on  the  New  York  Stock  Exchange   until    February,    1901.        It   has   never   been 
particularly  active. 


GIBSON'S      MANUAL 


LOW    AND    HIGH    PRICES,    BY    MONTHS,    SINCE  1901. 


Jan. 


Feb. 


Mch. 


Apl. 


May 


J  u  n  t 


190] 

1903 
1904 

iy«5 
lyoo 
1907 

lyoi 
lyo2 

1903 
1904 

1905 
1906 
1907 
1908 


Pfd.. 

Com. 
Pfd.. 

Pfd.. 
Com. 
Pfd.. 

I  '.(  mi. 

Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
(  om. 
Pfd.. 
Com. 


S4 
22    -  M 

*3  -834 

_•_•   -_'4 

7&7Si 

M  -Mi 

20  -21  {j 
934-102 
24i-34i 

-'3  --V 
784-84 1 
13  -18 


844-85^ 

3"    "J2i 

84  -86 

-:;-j4: 
«3  -83 

-'5  -25I 
751-75-1 
I3l-i3i 
9-' 

2]  ,-22i 

99 

-7^-33^ 
95 
22.', -25 

804-844 


3°  -30 
834-83^ 
-'i  -23^ 

2_>    -24 

73  -734 

»3  -M 

yoi-yl! 
20  -24. 

yyj-ioo 
-7}>-*j\ 
904-91 

19  "234 
80  -82I 

17  -184 


834 
29  -30 
83  -874 
22  -304 

-'  1  1  - 1  1 

M  - '  3  ■' 
893  914 

24 
93    94 

23 ! 

20   -21 

8 1    88 
16^-21.1 


8i  -*)! 
264-28^ 
86 

264-284 
80  -80 
20  -20 


894  894 

93  -93 

-1 : 

85  -85 

[5  -20 

85  -86 

18  -22 


84  -9' 

29i-35 


74i"74i 
17  -17 

731-73! 


231-244 

94 

234-28 

[5  "'7-1 
86  -89 
204-243 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


Pfd.. 

Com. 
Pfd. . 
Com. 
Pfd. . 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
i  om. 


Sy  -yo 
3°  -3l4 
854-91 

27i-32] 


_ 

75 

-75 

Hi1 

-144 

^l 

-244 

90 

-93 

20 

-25I 

l6    -20 

87  -94l 

^yi-^7 


894-90 

29  -3°4 
8y^-8y^ 
264-2$ 

'5  -'5i 
79  -79 
1  1 1-15 
95  -95 
234-25 
92  -94 
235--", 

82f-82f 

1.^-19} 

92    ' 

-4!  253 


So  -81 
24  -30 
844-844 
24  -264 
77i-79 


938-938 

22  -25 } 


-29} 


i5i-i84 

"i  95* 
-•51-29* 


81  -85 
j  1  -23 
784-834 

69  -74 
12  -12 

78  -78 
18  -214 

232-26 
';2^-(,j.1 
25  -27il 
75  -75 
10  -16 
90  i  -92 
27  -294 


si:-82 
_.  _•  -25 

82   -82i 


21    -2  1  I 

93l  933 

24  -25 1 
y>i  l-[)2'. 

25  -26 

75  -75 
ioi  15, 
91  -96 

2^-35 


80  -8l| 

2 1. ',-22 

80  -80 

t8|-2oi 

69i-73 
'3    144 
S5J-87 
20  -24I 

m.    -yi 

23i-25i 

1 1'  >  -90 
24  -26 
774-78 
1  i3-i3 
94i 
5i  -1-34 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,    1908. 


Pfd.           Com. 

Pfd. 

Com. 

Pfd.           Com. 

Nov. 

ti 
tt 
tt 

2  .   .   . 

3  .   .   .   . 

4  .    .    . 

5  •    •    ■ 

91  -91       284-294 
Election  Day. 
.......     29^-304 

.......     29S-30 

Nov;  12 

"  13 
"  14 
••   16 

c 

Hi 

30  -30 
3°  -304 
3<>f-3]  1 
3og-3°4 

Nov.  23 

"    24 
"     25 

-     2. . 

•    ■    ■    •  954-96      33  -343 

-•••     344-341 

-•••     344-35 

.    .   Thanksgiving  Day. 

it 
tt 

6  .    .    . 

7  .    .    . 

9  •   •   • 

.......       30    S2 

.......    31  j  31 1 

.......    30  31I 

'•  17 

"   18 

"  19 

3i    32 
3-^    33l 
3-'  -32l 

"     27 
-     28 

30 

-•  ■  •      34  "34s 

-•••     34i-34i 

-•■•      34i-34l 

10  .    .    . 

.......    30-30 

"    20 

3^-32 

11   .    .    . 

. . .- 

•'       21 

324-334 

LOW  AND  HIGH  PRICES.  BY   DAYS,   DECEMBER,   1908. 


Dec. 


1 

2 

3 
4 
5 
7 
8 

9 
10 


l't'd. 


Com. 

34  -34 
33  -33" 

33!  33' 
33  "334 
33]r33l 
33  -33 
3^-3^1 
32  -32I 
3i:*-33] 


Dec. 


1 1 
12 
14 
15 
16 

17 
iX 

10 

21 


Pfd.          Com. 

.......     324  32  ■ 

.......     32]  -32! 

.......     324-32! 

.......     32  -32 

944-941     3^  -3^i 
.......      32    52: 

•••-•••      3ii-3i4 

Dec.  22 
23 
24 

2; 

28 
>9 

3" 
3' 


■  95  -95      324-33 

.    Christmas  Day. 
.    Extra  holiday. 
95        33  -333 

•  ••.-•■.     33  -334 

•  ••.-...     33f-334 
•    •      955        334-333 

GIBSON'SMANUAL  n 


REMARKS. 

In  [907  new  and  valuable  phosphate  properties  were  purchased  by  this  company,  in  order  that 
it  might  control  its  own  sources  of  supply,  and  in  view  of  the  fact  that  the  best  properties  were  being 
rapidly  taken  up  and  exploited.  The  company  believes  that  it  now  owns  em. ugh  phosphate  rock  to 
supply  a  growing  demand  for  60  years. 

The  company  now  has  51  branches,  29  of  which  are  manufacturing  plains,  and  5  are  phosphate 
mining  plants. 

Since  organization,  the  business  of  the  company  has  nearly  doubled,  and  in  view  of  the  general 
depression,  the  results  in  1908  have  been  considered  satisfactory.  In  order,  however,  to  provide  per- 
manently for  financial  needs,  it  is  now  in  contemplation  to  issue  long-term  debentures  or  bonds,  con- 
vertible  into   preferred   stock   at   par,  at  the  option  of  the  purchasers. 

In  November,  1908.  a  rumor  circulated  in  Wall  Street  for  a  time  that  this  company  was  about 
to  merge  with  Virginia-Carolina  Chemical,  Armour  &  Co.,  and  other  concerns  and  to  create  a  new  and 
larger  corporation.     This   was  authoritativeb)    denied  bv  all  concerned. 

Officers:  President,  Peter  B.  Bradley;  Vice-President,  James  M.  Gilford;  Chairman,  Robert  S. 
Bradley;  Treasurer,  Thomas  A.  Doe;  Secretary,  Horace  Bowker.  Directors:  In  addition  to  all  the  fore- 
going, Samuel  Carr,  \Y.  II.  Bowker,  II.  S.  Zell,  George  C.  Bingham,  William  Prescott,  George  Beck. 
\\  .  |.  Brennan,  John  F.  Gibbons,  John  F.  Kehoe,  D.  Crawford  Clark.  Albert  French,  S.  Barton  Hep- 
burn, W.  W.   Baker,  M.  E.  Wheeler,  Charles  W.   Priddy,  Charles  11.  Hobbs  and   F.  L.  Amos. 

Fiscal     year     ends     June     30.       Annual     meeting,     second     Thursday     after     first      Monday     in 
September,  New   London.  Conn.     Directors  meet  quarterly    directly    after    the     annual     meeting,    and 
thereafter  on  the  second  Thursday  of  December,  .March  ami  June.     Office,  3   Rector  .street.   Xew   York. 
Traded  in  on  the   Xew    York  Stock    Exchange   (Listed    Department)    and    on    the    Boston    Stock    K\ 
change. 


I  2 


GIBSON'S     MANUAL 


American  Beet  Sugar  Company 

(  Organized  under  the   corporation   laws  ol   New  Jersey,  March  24,  1899,  by  a  syndicate,  of  which 
Spencer  Trask   &   Co.   were  the  head,  and   in  which    Kuhn,    Loeb   &    Co.   were    interested.     The  cum 
pany  took  over  the  beet    sugar  lands  and   factories  of  Henr)   T.  Oxnard  and  \\  .  Bayard  '  utting  and 
purchased  7,500  acres  of  the  best   farming  land,  located  near  the  California   factories.     The  company 
has  since  extended   ils  operations  to  Colorado. 


Preferred  stock,  6  per  cent,  non-cumulative $4,100,000 

Common  stock 15,000,000 

Total  capital $19,100,000 

Note. — The     authorized     amount     of    the    preferred    stock    is    $5,000,000,    and    was 
originally    issued,    but    9,000    shares    arc    now  held   in   the  treasury   of   the   company. 


EARNINGS. 


Factory 
Year  ending  Dec.  31.  Profits. 

1901 $425,635 

1902 49J,3o8 

I9°3 725,671 

1904 533.5" 

Year  ending  March  31.  Net  Income. 

1905,  9  months 625,880 

1906 908,162 

1907 844,189 

1908 1,372,775 

*  See   "Remarks." 


Surplus  of 

Earned  on 

the  Year. 

Common. 

$55,635 

0.37% 

26,308 

0.17% 

77,733 

0.31% 

31.649 

0.2 1  % 

191.353 

1.27% 

224,740 

1.49% 

110.790 

0.73% 

638,3" 

4-257o 

DIVIDENDS. 

1900 

1901 

1902      1903        1904 

1905 

1906 

1907 

1908 

Preferred    . 

.     6% 

6% 

6%        6%        6% 

Gc/o 

6% 

6% 

6% 

Common  .   . 

.     0 

0 

000 

0 

0 

0 

0 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1900 


1901 


Preferred..  73</2  Nov.     77 
75       Nov.     79 


I  lommon. . .  23 

23 


Nov.    24 
Nov.    30 


Jan. 
July 

Nov. 
June 


1902 


1903 


1904 


1905 


1906 


1907 


1908 


No  sales      73      Oct. 
"      "         83^  Feb. 


30 


June     27       July 
June     31  }4  Apl. 


74 

80 

19 

25 


Sept.    77 
Nov.   *89 

Sept.    23 
Nov.    35 


Jan. 
Dec. 

Nov. 
Dec. 


82*6  Oct. 
89J4  Jan. 

20J4  May 
35       Jan. 


75 
80 


Mch.    65       Jan. 
Jan.      S154  Dec. 


7yA  Nov.      9]/2  Feb. 
23^  Jan.      24%   Nov. 


Note— This   stock  has  never  been   active  on   the   New  York    Stock    Exchange. 


GIBSON'S     MANUAL 

13 

LOW  AND   HIGH   PRICES,   BY    MONTHS,   SINCE  1900. 

Jan.                    Feb.                    Mch.                   Apl.                   May 

June 

1900 
1901 
1902 

1903 
1904 
1905 

1906 

1907 

1908 


Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


77  -77l 


26  -27 \ 


77  -77 
24  -24 
85  -89} 

26  -35 
80  -80 

i9l"23i 

65  -65 
10  -13 


28  -28 


82  -83  .\ 
30  -30! 


78  -82} 
24  -265 

87  -87 
26  -30! 

isj-iij 
65  -80 
94-12 


25 

-25 

30 

-30 

21  -21 

8l  -85 

-'5  "344 
85  -85 
26  -28| 

75  -7? 
14^-19! 
724-80 
10  -13I 


3I1-3I* 


84I-85 
27H2 
86  -87I 
21  -30! 

75  -75 
15  -i7l 
75  -80 
"I-24J 


24I-27.I 


30  -3°  \ 


80  -83 

25  -3i 
86  -87! 
204-283 

10^-16 
77J-82 

17  -224 


29 

-30 

30 

-30 

28 

-28 

82 

-85 

24 

-24 

2I| 

-28  \ 

II  -14 

77  -78 
17^-204 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900 
1901 
1902 
1903 
1904 

1905 
1906 
1907 
1908 


Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


79  "79 


80 

-80 

27 

-30 

25 

-25 

87 

-87 

21 

-25J 

15  -16 

78  -82 

18  -21* 


84  -85 
23.^-25^ 
84  -84I 
23  "25§ 

10}- 14$ 

I9f-22i 


74  -74 

19  -2l4 

85  -86" 

24^-26i 
21  -233 

"j-134 

17  -2o4 


7i   -73- 

741-74" 
20  -24 
824-84 
244-26', 
82£-82i 
214-25  £ 

*8  -iii 

So  -80 
T7J-22 


73i-75 

23  -23 

24  -24 


76  -So 
234-25 

23  -23l 

83  -83 

22|-25l 

'7l-'9f 
76  -80 
20J-24J 


30  -30 


80  -80 

25  -25 
834-89 
231-35 


-25I 


8}-io4 
764-8 1 J 

193 -22? 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


N^ 


4 

5 
6 

7 

9 

10 

IT 


Pfd.  Com. 

.......       204"20f 

Election  Day. 

21  -2lJ 
2lf-2I  j 
2lf-22? 
,22§-224 
2IJ-22 
2 I |-22 
2li-2l4 


Pfd 


Nov.  12 

"  13 

"  14 

"  16 

"  17 

"  18 

"  19 

"  20 

"  21 


80 


-80 


Com. 

2lf-22 

214-234 
22I-233 

21  -22§ 

204"2I 

20  -2l| 

20i-2I 

204"204 

20f-205 


Pfd. 


( 'run. 


Nov 

23 

it 

24 

tt 

25 

" 

26 

tt 

27 

30 


Tli 


.-.  .  .   204"2I 
.-.  .  .   21  -21 

inksgiving  Day. 

......       20^-203 


.    76    -76 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,   1908. 


Dec.     1 


/ 
S 

0 

TO 


Pfd. 


784-78^ 

70  -70 

7^7*1 

M-7rt 
78  -78 

794-791 


Co 

m. 

21  • 

2I| 

->r! 

■21* 

21 

21 

2li- 

■2li 

2l| 

-2l4 

21 

■21 

2T? 

■2li 

214 

-21* 

Dec. 


12 
M 
15 
16 

'7 
1S 

10 
21 


Pfd. 
794-79^ 


Com. 
2o4-2of 
20 ; -20 jj 
20J-20I 
19I-204 

204-204 

1 05 -20? 
20   -20 

104-19? 


Dec.  22 
"  23 
"  24 
"  25 
:6 
■•  28 
"  29 
"  3° 
"     3i 


Pfd.  Com. 

.......      T0}-I04 

.......      20-21 

79f-79§     20  -2T 
Christmas  Day. 
Extra  holiday. 
.......      20J-21 1 

80  2 1     j  1  i 

80  -8l4     214-224 

8i5        22I-223 


GIBSON'S     MANUAL 


REMARKS. 

n  currently  reported,  and  generally  believed,  thai  the  American  Sugar  Refining  I  o 
has  purchased  .1  large  interest  in  American  Beet  Sugar.  The  statement  that  control  had  been  secured 
by  the  I;  mpany  was  denied  by  R.  Fulton  Cutting   and   oth 

mtrary  to  the  earnesl  wishes  of  his  associates  Robert  Oxnard  declined  re-election  to  the 
presidency  in  1908,  wishing  to  be  relieved  from  the  travel  incident  to  thai  office.  He  consented  to 
serve,  however,  as  vi  dent,  and  to  look  after  the  (  alifornia  int< 

The  company  operati  and  owns  lands,  in  Nebraska,  California  and  i  0.     Ii  has 

purchased,  in  all,  about  22,000  :■■•  land,  nearly  all  of  which  1  nade  productive.    Sale  of  the 

irado  lands,  worth  now  about  $1,500,000,  has  been  contemplated,  because  they  do  not  earn  inti  n 
hut   ability   to  provide,  in   a  crisis,   belts  enough   to  suppl}    the  fa  at   Lamar  and   Las    \n\\ 

has  so  far  operated  to  encourage  their  retention. 

Surplus  profits,  in  each  year,  over  and  above  dividends  on  the  preferred  stock,  have  regularl) 
been  applied  to  working  capital,  the  amount  of  which  is  now  Si. 307 ,000. 

\'o   report    is   made   upon    "securities   owned." 

Officers:      President    and    Chairman.   II.   Reiman      Duval:      Vice-President,  Roberl      Oxnard; 

Treasurer     and     Secretary.     John      !■'..    Tucker.       Directors:     R.    Fulton     Cutting,  R.     Bayard    I 

ting,  II.  Rieman  Duval.  J.  G.  Hamilton,  Robert  Oxnard,  Henry  T.  Oxnard,  Di  larl       I  dwin  M. 
Bulkley,  Charles  J.  Peabody,  Kalman  Haas  and  Lucius  K.  Wilmerding. 

Fiscal  year  ends  March  31.  Annual  meeting,  second  Tuesday  in  .May.  at  Jersey  City.  Directors 
meet  firsl  Tuesday  in  each  month.  Office,  .}-'  Nassau  Street.  New  York.  Traded  in  on  the  New 
York    Stock    Exchange    (Unlisted    Department). 


GIBSON'S     MANUAL  15 


American    Can   Company 


Incorporated  in  New  Jersey,  March  [9,  iyoi,  to  combine  under  one  control,  [23  establishments 
which  manufactured  about  90  per  cent  of  the  total  production  of  tin  cans  in  the  United  Slates.  Fully 
three-fourths  of  the  old  factories  were  closed,  a  thorough  reorganization  was  effected,  and  several  new 
factories  were  built  in  different  parts  of  the  country.  The  company  now  owns  34  plant--,  two  of  them 
for  detaining,  ami  leases  i_>  more,  these  outfits  being  scattered  ail  over  the  country  from  Maine  to 
California,  with  cue  in  the  Sandwich  Islands. 

Preferred  stock,  7  per  cent,  cumulative $41,233,300 

Common  stock 41.233,300 

Total   capital $82,466,) 

EARNINGS. 
Year  ending  .March  31.  Net  Profits.  Surplus. 

l[)02 $1,775,564  $1,775,564 

1003 :  ss<  ,.7 1 1  2,662,275 

1904 2,394,510  -'.440.5. ,1 

1905 2,896,918  3.2S1.X44 

[905,  9  month-   to   hoc.  31 2.31  1.417  4.047.0 [_> 

Year  ending  Dec.  31. 

1906 2,350,040  4.1x1^,768 

1907 2,685.698  4,680.495 

I  he    small    profits   of  1903   were    due   to   the   expenditure   of  SI .441 .47(1   for  con- 
centration   of    plants,    new    construction    and   improvements. 

Note. — 'flic     preferred     stock     being     7    per    cent,    cumulative,    all    arrears    of    divi- 
dend   must    be    paid    before    earnings   can    be   shown  on  the  common  -lock.      By   Nov.   1. 
1908,  about  25  per  cent,  ivas  due  on  tlic'prcferred   stock. 


DIVIDENDS. 


1902 

1903 

1904 

!9Q5 

1 000 

1907 

1908 

Preferred  .    .  . 

. .     0 

2\% 

57o 

5% 

5% 

5% 

5% 

Commc  n  . .   .  . 

.  .     0 

0 

0 

r* 

0 

0 

0 

LOW  AND   HIGH   PRICES,  BY  YEARS,  SINCE  1901. 


l"ul       1902      1903      1904      1905      1906      1907      1908 


Preferred 53->4  Dec.  39  Ni  iv. 

84      May  61  Jan. 

Common 14;^  Dec.  8]  j  Dec. 

31\sMay  17  Jan. 


25      Sept. 

Jan. 

60*4  Jan. 

51  C  July 

34      Nov. 

44     Jan. 

51      Jan. 

64    ;  Dec. 

74';  Apl. 

72      Jan. 

60;    Apl. 

76%  Nov 

2%  Oc 

.-,  Feb. 

8        Dee. 

\'ov. 

3      Oct. 

4      Feb. 

1!        Jan. 

L2-H  Dec. 

1    1      ;      \pl. 

12',  Jan. 

7',  Vpl 

10J4  Nov 

Note.— Previous  to  March,  1907,  this  stock  was  traded  in  only  on  the  curb  market.  Trading  began  on 
the  curb  market  in  the  week  ending  March  23,  1901.  In  March,  1907,  American  I  an  stocks  were  transferred 
to   the  Xew  York  Stock   Exchange. 


i6 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  igor. 


Jan. 


Feb. 


Mch. 


Apl. 


May 


1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


54  -61 

47?-5i 
10  -Iif 

32i-36 

3l-4i 

604-64 

9Hif 

69  -72 
9I-12] 

49  -55 
4*-  6 

44  -52f 
4i-  5i 


54  -581 
I3i-i61 
454-481 

9  -10 

33  -36i 

04       4  + 

61  -69 

9^-I2f 

67h7H 
9i-n 

494-555 
43-  7* 

44f-5o 
4 


-  54 


76  -77 
26  -27I 

55  -6of 
14  -i6| 

42i-45 

7f-  9 

36I-40J 

4h  55 
644-67I 

10I-115 
66  -67I 

9  -  9i 
48i-55 

5i-  7 
45^-50-5 

4*-  5l 


74*-7S4 
26I-30 

531-59 
12  -15! 

40I-505 

7i-9i 

332-37 
4  -43 
661-744 
104-144 
60  -67 

7h9i 

5if-6ol 

Sh  7* 

49*-55 
44-  5* 


66  -84 
19  -3if 
55  -58 
13  -14* 
43f46 

5  -  74 
344-364 

35-4* 
654-7*4 

IO§-I2§ 

60I-63 
74-8 

53  -55* 
5i-  65 

534-57 
4f-  S§ 


July 


A  ue. 


Sept. 


Oct. 


Nov. 


June 


755-771 
25^-29 

54  -55 

13  -n\ 

42  -454 

5i-  6 
364-39 

4  -  44 
66f7o 
ii|-n| 
54*-63 

61-  8 
52  -544 

Si-  5f 
54  -62 

4i-  6| 


Dec. 


69I-763 
21  -27I 
524-545 
iof-125 
34  -435 

34-  5f 
38i-44 

4  -  4f 
67  -694 
11  -1  if 

514-58 
64 

524-551 

54-  55 
545-62 

45-  6J 


75 


7i  -75 

5 1  "-534 
11I-J2 

351-45 

3a  5s 
40  -47 

44-  4f 

68i-73 
11  -12 

584-614 

7  -  81 

43  -524 
44-  54 
60  -62 

5f-  61 


724-754 

22^-254 

5i4-54f 
nl-14! 

25  -44* 
34-  51 
444-481 
44-  54 
7o  -73 
"I-12 
56  -6of 
64-  7* 
48  -50 

44-  45 

57*-62l 

54-6 


62I-734 
17  -23  i 
48  -534 
114-13I 
27I-32 

2I-  3* 
454-5o4 

54-  75 
701-73 
104-nf 

544-57 

6-  7 

36  -49 

3  -41 

60  -694 

54   /8 


62I-67 
17  -195 

39  -47. 

9  -134 

261-30! 

2§-  34 
471-594 

6  -n| 

695-725 

9  "I"; 
535-56 

54-  6| 
34  -42 

34-  35 
68  -76I 

7  -i°4 


535-6oi 

143-17 

42  -49J 

84-114 

3i*-34:; 

3f-  4l 

583-645 

I04-I2§ 

68I-7 i I 

8f-io\ 
534-564 

54-  65 
394-414 

34-  44 
72  -764 

84-  94 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Pfd.            Com. 

Nov  2    . 

.    . .      68  -69I 

7  -  71 

Nov 

12  .  . 

•  •     734-754 

94-IO 

Nov 

23   •• 

■  •     734-734        81-  81 

3  ■ 

Election 

Day. 

« 

13  •• 

•      745-75i 

9M04 

24  .. 

■  ■    735-76         85-  95 

"     4    • 

.     .  .      69I-70I 

74-  71 

" 

14  .  .   . 

■      741-75* 

94-  95 

25   •• 

•  •     745-76          9f-ioi 

5     . 

•     ■•      69I-714, 

7f-  8 

it 

16  .. 

•      744-751 

9  -  94 

26  .. 

. .     Thanksgiving  Dav 

"     6    . 

.    .  .      70  -71 

75-8 

it 

17  .  . 

•  •     744-743 

9f-  94 

27  •• 

■  •     754-764        9\-  91 

7    • 

•    •  ■   ■  701-7I1 

71-  8 

iS  .. 

■  •     741-745 

9  -  94 

28  .. 

•  •     753-764        94-  9l 

9    • 

•     ••      7o4-7i 

8  -  81 

" 

19  .  . 

■  •     735-74? 

85-  9 

30  .. 

• •    754-764       94-  92 

"  10    . 

•    ■•      704-74* 

81-  91 

tt 

20  . . 

•  ■     7?,  -744 

81-  8| 

"11    . 

•    •■      734-741 

9l-  91 

a 

21   .  . 

■ •      74  -74* 

8$-  81 

LOW  AND  HIGH  PRICES 

,  BY  DAYS.  DECEMBER,  1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Dec.  1     . 

■     ••      754-76? 

04-  93 

Dec. 

II   .  .    .  . 

76  -765 

91-  9" 

Dec.  22   .  .    .  . 

73  -734 

8f-  8| 

"     0 

•    •  •      754-761 

94-  91 

i 

12     .  . 

76f-76f 

9    -    0T] 

•'     23    ..    .. 

73f-73l 

85-  81 

"    3    ■ 

.     ..     76-76* 

t 

14    ■ ■     -. 

755-76? 

9  -  94 

-     24    ..    .. 

734-74 

•'     4    ■ 

•    •  •      76  -761 

9f-  94 

( 

15     .  . 

751-761 

9  -  9* 

'■     25   .... 

Christmas  Dav. 

5    • 

■    •  •     76  -765 

94-  94 

1 

16    . .      . . 

744-75 

0  -  9 

"     26   ..    .. 

F.xtra 

Holiday. 

7    • 

•     ••      754-751 

ol 

I 

17     ..      .. 

75?-74* 

81-  Qi 

"     28   ..    .. 

734-73! 

0  -  ol 

'■     8 

•    ••      7^-7^ 

9\ 

' 

18    .  . 

7^-7i: 

81-  8:; 

-     29   ...  . 

731-73^ 

85-  0 

9     • 

■     ■■      754-76 

94-  94 

i 

10   . . 

724-74 

8f-  8| 

"     30   ... • 

72i-7.V~ 

8f-  0 

"    10    . 

.    .  .      76  -76 

94-  94 

cc 

2-T      .  .      .  . 

72  -72! 

8.1-  85 

"     31   ••    •• 

734-73* 

. .-. . 

GIBSON'S      MANUAL  17 


REMARKS. 

The  requirements  of  the  company  have  led  to  setting  aside  the  surplus  profits  of  each  year,  over 
and  above  5  per  cent,  on  the  preferred  stock,  as  working  capital.  Nearly  $10,000,000  have  now  been 
accumulated  on  that  account. 

The  plants  have  been  brought  to  a  high  state  of  efficiency  by  the  adoption  of  automatic  and  labor 
saving  machinery. 

The  company  incurred  a  severe  loss  in  the  spring  of  1906,  when  three  plants  were  put  out  of 
commission,  and  two  of  them  totally  destroyed  by  the  San  Francisco  earthquake  and  fire.  They  have 
since  been  rebuilt. 

Gross  sales  were  reported  by  this  company  only  in  1903  and  1904.  They  were  then  respectively 
$22,076,394  and  $22,915,524. 

The  company  carries  in  its  list  of  assets,  $1,523,519,  as  "other  investment  items."  which  may 
represent  securities  owned. 

Officers:  President,  \Y.  T.  Graham;  Chairman,  D.  G.  Reid ;  Vice-President  and  Treasurer,  P.  S. 
Wheeler;  Secretary,  R.  H.  Ismon,  Directors:  In  addition  to  the  foregoing,  W.  II.  Moore,  J.  II. 
Moore,  George  G.  McMurtry,  W.  M.  Leeds.  F.  Rudolph,  W.  F.  Dutton,  R.  L.  Skofield,  James  Mc- 
Lean. O.  II.  Bogue,  II.  W.  Phelps,  and  George  T.  Boggs. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Tuesday  in  February,  Jersey  City.  Directors 
meet  on  call.  General  office,  447  West  14th  Street,  New  York.  Traded  in  on  the  New  York  Stock 
Fxchange   (Listed  Department). 


iS 


GIBSON'S     MANUAL 


American  Car  and  Foundry  Company 

Incorporated  in  New  Jersey,  Feb.  20,  1899,  as  a  consolidation  of  leading  builders  of  wooden 
freight  and  passenger  cars.  The  company  now  manufactures  a  growing  number  of  steel  cars,  and  of 
car  wheels,  castings  and  supplies.  In  the  12  months  ending  April  30,  1907,  its  best  year,  there  were 
built  47,073  wooden  cars  and  47,814  of  steel. 


Preferred  stock,  7  per  cent,  non-cumulative $30,000,000 

Common  stock 30,000,000 

Total   capital $60,000,000 


EARNINGS. 

Year  ending  April  30.  Gross  Sales.  Xet  Income.  Surplus. 

1900  (14  months)    Not  published.  $5,734,949  $3,698,648 

1901 4,055,820  5,074.949 

1902 4,295,602  6,670,551 

r9°3 7^59.902  10,730,454 

1904 4,496,863  12,227,317 

1905 2,628,117  12,755,434 

1906 '    $^69,040,638    3,807,660  14,113,094 

1907 100,006,296    8,139.536  19.552,630 

1908 104.319,560    8,214.618  22.367.247 

*  After   deducting  $1,650,000  for   general  overhauling   and  improvement? 


Earned  on 
Common. 

12.45% 

6.5% 

7.32% 

16.51% 

7-99% 

1.76% 

4-52% 

20.13% 

*  14.68% 


LATEST  REPORT. 

Earnings  for  seven  months,  to  Oct.  31,   1908.  compared  with  the  same  period  last  year,  were: 


Xct. 

1908 $i.37<Vo5 

1907 5,368,621 


Balance  Over       Surplus 
Dividends,  etc.     Account. 

$28,705         $22,395,953 
3.718.62 1  22.367,247 


Preferred 
Common  . 


1900 

7% 
1% 


1901 

7% 
2% 


DIVIDENDS. 


1902 

7% 
2% 


1903 
7% 

4% 


1904 

7% 
1% 


1905       1906 

8i%       7% 
o  o 


1907 

7% 


1008 
7% 


3%        2% 


1900 


LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE  1900. 

1903 


1901 


1902 


1904 


1905 


1906 


1907 


1908 


Preferred...  57^  Jan. 
72     Dec. 


67      Jan.  85/  Jan.  60'/,  Nov. 

80/ July  93/ Oct.  93      Jan. 

Common  ...  12/ Jan.       19     Jan.  28/ Apl.  17/  Nov. 

25/ Nov.     35      June  37fg  Oct.  4\yA  Jan. 


67     Jan.  91/ Jan.  99/  Jan.  78      Oct.  84&  Mch. 

94y4  Dec.  104/  Apl.  105      Jan.  103      Jan.  109      Dec. 

14/ July  31       May  32^  July  24  /  Oct.  25/  Feb. 

35/ Dec.  43^  Apl.  47/ Jan.  45'  J  Jan.  50/  Dec. 


GIBSON'S     MANUAL 


U) 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 

Feb. 

Mch. 

Apl. 

May 
64  -663 

June 

1900  ....  Pfd.. 

59  -62i 

61  -66 

60  -67I 

63  -674 

57J-66 

.   Com. 

12^-14! 

14  -18 

144-174 

14  -173 

153-178 

134-17 

1901 

.   Pfd.. 

67  -73* 

69f-724 

7i4-82i 

784-^3. 1 

754-83 

82§-88^ 

.  Com. 

19   "23& 

203-23 

20§-27* 

254-274 

20  -29 

28  -35 

1902 

.  Pfd.. 

85i-88| 

86  -88| 

88i-9i$ 

883-913 

883-91  i 

903-913 

.   Com. 

284-315 

28^-29! 

28f-32i 

28i-3if 

29  -32I 

3of-33l 

1903 

.   Pfd.. 

9oJ-93 

91  -92A 

89f-92] 

893-92 

874-91 s 

86  -893 

.   Com. 

35l-4il 

39J-4ig    , 

38  -41 

383-41* 

36  -403 

33  -394 

1904 

.   Pfd.. 

67  -72 

67  -6<)', 

68  -72 J 

693-743 

69  -71 

70  -7 11, 

.   Com. 

I7f-2lf 

l84-20i 

19   -2(>i 

17   -20| 

r6  -17I 

16  -173 

1905 

.   Pfd.. 

9*4"  944 

923-  95i 

933- 100* 

961-1043 

944-  994 

97-99 

.   Com. 

3ii-  344 

33  -  36i 

344-  395 

334-  43s 

31  -  374 

323-  353 

1906 

.  Pfd.. 

994- 105 

1003-104 

ICXXJ-102^ 

1 003-1033 

99f-io2j 

100  -103 

.   Com. 

394-  47* 

4of-  -46! 

39i-  45  s 

374-  46 

344-  42 

35  -  423 

1907 

.  Pfd.. 

1003-103 

101  -103 

92I-102I 

97  -  993 

983-100 

97  -  99 

.  Com. 

4i4-  454 

4i4-  45 

31  -  44f 

354-  381 

34  -  39} 

37*-  43^ 

1908 

.  Pfd.. 

88  -  90J 

845-  9°5 

84I-  944 

91  -100} 

93  -1003 

96  -  983 

.  Com. 

-'ol-  32! 

254-  32| 

263-  335 

31  -  364 

344-  38J 

33  -  38 

July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


Pfd.. 

61  -65 

63  -633 

574-633 

594-644 

63f-693 

663-72 

Com. 

144-165 

15  -i6i 

134-16I 

14  -i8f 

i74-25i 

194-23 

Pfd.. 

8i3-89i 

80  -873 

83  -87I 

78  -83I 

8o3-86 

843-863 

Com. 

27  -33 

273-314 

28  -31 

233-29 

25  -30 

283-31! 

Pfd.. 

893-92  s 

913-925 

893-923 

883-931 

883-03 % 

86  -913 

Com. 

313-33 

32  -333 

34  -37 

33  -37f 

33  "354 

32  -36 

Pfd.. 

82f-9o 

813-85 

75  -83 

613-78 

6o3-685 

643-693 

Com. 

30  -383 

30  -344 

22f-33 

173-26* 

173-21 

173-205 

Pfd.. 

7i  -79 

78  -79* 

78^-823 

794-853 

823-933 

89  -943 

Com. 

143-194 

183-193 

i8f-243 

22f-275 

253-34  s 

29  -35* 

Pfd.. 

98  -  993 

993- 1 02 

99  -IOI 

993-1023 

TOO   -IOI 

08  -102 

Com. 

343-  373 

364-  385 

35  -  384 

365-    434 

373-  42I 

383-  423 

Pfd.. 

983-101 

IOO§-IOI 

100  -102 

i oof- I 02$ 

101  -102 

IOO*-I02! 

Com. 

325-  38 

374-  4i4 

394-  461 

423-  46$ 

42  -  45! 

4o3-  46  i 

Pfd.. 

973-101 

93  -ioo3 

92  -  99i 

78  -  94 

80  -  85 

833-  903 

Com. 

423-  443 

353-  43 

36  -  424 

24§-  37 

24f-    28! 

263-  33s 

Pfd.. 

97  -104 

102  -103S 

1023-105 

1013-1033 

I033-I08 

107  -109 

Com. 

34  -  40-] 

'  394-  4-'! 

36  -  4i3 

39  -  43 

42  -  47 3 

45 1-  503 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 

Com. 

Nov.     2  . 

•   •   1033-1034 

42  -423 

Nov 

12 

"       3  • 

.   Election  Dav. 

" 

13 

4   • 

.    104I-1053 

43  "444 

t( 

14 

5  • 

.    io6f-io6! 

444-45 

ii 

16 

"      6  . 

.    1063-1073 

45  -464 

it 

17 

/    • 

.    1073-108 

461-474 

n 

18 

9  • 

.    107  -1073 

463-47} 

" 

19 

"     10  . 

.    107  -1073 

46  -463 

" 

20 

u    . 

.    106  -107 

454-464 

c( 

21 

Pfd. 
1063-1063 
1063-107! 
107  -107 
107  -107 
107  -107 
106S-107 
1 063- 1 063 
1063"- 106I 
1 063-1073 


Com. 
454-463 

463-475 

465-474 

463-47§ 

461-47 

463-465 

46  -464 

454-463 

455-463 


Nov.  23 
24 
25 
26 
27 
28 
30 


Pfd.  Com. 

1073-1073  453-46 

1073-1073  454-46.] 

1073- 107!  46  -465 
Thanksgiving  Day. 

108  -108  463-46! 

.........  463-47 

108  -108  461-47- 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER.  1908 

Pfd. 

Com . 

Pfd. 

Com. 

Pfd.             Com. 

Dec.     1    .    .    .    108  -108 

464-46f 

Dec. 

....... 

Dec.  22   .    .    . 

1083-108J     45*-47* 

2 

......... 

463-465 

" 

12   .    .    .    108  -108 

455-47' 

"     23    .    .    . 

1083-100      47  -47" 

"      3 

108  -108 

46  -465 

" 

14   .    .    .    1083- io83 

463-48 

"     24   .    .    . 

109  -109      474-49 

4 

......... 

461-464 

tt 

15 -•••■ 

464-471 

"     25    .    . 

Christmas  Dav. 

5 

......... 

463-463 

" 

16  .    .    .    io8*-io8* 

V<~47\ 

"     26    .     . 

Extra  holiday. 

7 

......... 

463-46! 

.  • 

17   .    .    .    107  -108 

46  -473 

"     28   .    .    . 

.........     483-505 

"       8 

108*- io83 

\<^\«< 

a 

18   .    .    .    108  -108* 

45f-46] 

"     29   .    .    . 

.........     494-5oi 

0 

109  -109 

46-H63 

it 

[9 

45f-46 

"     30    .     . 

.       108           494-50-i 

"     10 

463-463 

ii 

21    .    .    .    108  -1083 

451-453 

"     31     •     • 

100           494-.503 

21  I 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS   OF  AMERICAN  CAR  &  FOUNDRY,  COMMON,  FROM  1899 

TO  1908,  INCLUSIVE. 


REMARKS. 

Ample  sums  were  charged  off,  every  year,  for  new  construction,  and  latterly  an  insurance  re- 
serve of  $1,000,000  has  been  created  out  of  earnings,  so  that  the  company  can  carry  a  part  of  the 
tire  risk. 

This  company  has  been  conservatively  managed  from  the  start.  Efforts  have  been  bent,  con- 
sistently, toward  the  accumulation  of  a  large  working  capital,  which  now  amounts  to  $17,184,715,  and 
the  excellence  of  this  policy  was  unexpectedly  demonstrated  in  1907,  when  financial  stringency  over- 
look the  business  world.  Liberal  sums  are  spent,  every  year,  for  improvement  and  maintenance,  espe- 
cially of  the  steel  car  plan:-. 

The  number  of  car  orders,  on  hand,  April  30.  1908,  was  the  "smallest  in  the  history  of  the 
company,  but  its  facilities  for  production  of  a  varied  line  of  materials  and  supplies  have  kept  the 
-•Imps   in  a  condition  of  fair  activity.     The  business  has  improved  since  last   Spring. 

Securities  owned,  April  30,  1908.  were  $731,688. 

Officers:  President,  Frederick  H.  Eaton;  Vice-Presidents,  E.  F.  Carry  and  J.  M.  Buick;  Treas- 
urer, S.  S.  de  Lano ;  Secretary,  W.  M.  I lager.  Directors:  In  addition  to  the  foregoing,  W.  G.  Oak- 
man,  J.  B.  Haggin.  A.  B.  Hepburn, -H.  R.  Duval.  Gerald  Hoyt,  W.  II.  Woodin,  W.  K.  Bixby,  T.  II. 
West,  Adolphus  Busch,  C.  R.  Woodin,  George   H.  Russell  and  W.  N.  McMillan. 

Fiscal  year  ends  April  30.  Annual  meeting,  last  Thursday  in  June,  Jersey  City.  Directors 
meet,  monthly,  on  call,  usually  in  the  first  week  of  the  month  .  Main  office.  St.  Louis,  Mo.  New 
York  office,   165   Broadway.     Traded   in  on   the  New    York  Stuck    Exchange    (Listed  Department). 


GIBSON'S     MANUAL 


American  Cotton  Oil  Company 

Incorporated  in  New  Jersey,  Oct.  14,  1889,  to  take  over  the  properties  and  business  of  the 
Cotton  Oil  Trust.  The  plants  of  the  trust  were  located  in  sixteen  States,  mainly  in  the  Smith,  ami 
included  oil  mills,  refineries,  lard  and  soap  factories,  gins,  seed  houses  and  fertilizer  works.  There- 
are  now  17  subsidiary  companies,  headquarters  in  Alabama,,  Arkansas.  Georgia,  Illinois,  Louisiana, 
Mississippi,  Missouri,  New  York,  North  and  South  Carolina,  Ohio,  Rhode  [sland,  Tennessee,  Texas, 
and  Rotterdam.  Holland. 


Debenture  bonds,  Aug.  31,  1908 $5,000,000 

Preferred  stock,  6  per  cent,  non-cumulative 10.198,6a) 

Common  stock 20,237,100 

Total  capital $35,435.7°° 

EARNINGS. 

Net 
Fiscal  Year  Ending  Aug.  31.  Profits. 

1900 $1,497,183 

1901 1,091,857 

1902 2,238,206 

1903 i,53°.°Sl 

1904 844,835 

1905 1,015,382 

1906 1,393,537 

1907 • 2,367,263 

1908 1,258,051 

DIVIDENDS. 

1900       1901       1902      1903        1904       1905       1906       1907       1908 

Preferred   .    .    6%        6%         6%         6%  6%         6%        6%         6%        6% 

Common  ...  3^%        2%         4%  1',  3%         1%         2%        o  7% 

Action  on  the  common  dividend  was  deferred  in  1907,  as  a  measure  of  prudence,  in  view  of  the 
panic.  From  the  earnings  of  1906-1907,  4  per  cent,  was  paid  in  March,  1908,  and  from  later  earnings, 
3  per  cent.,  payable  in  December,  1908. 

LOW    AND    HIGH    PRICES,   BY    YEARS,  SINCE  1900. 


Earned  on 

Surplus. 

Common. 

$6,520,745 

4-37% 

6,595,944 

2.377* 

6,916,835 

8.03% 

7,001,897 

4-547* 

7,°32,445 

1.15% 

7,i/6,9°3 

1.99% 

7,430,m 

3-85% 

8,190,353 

8.67% 

8,226,550 

319% 

1900  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred..    88-]4  Sept.  85      Apl.  86      Feb.  82      Sept.  88      Mch.  89>4  July  90      Dec.  70      Nov.  80      Jan. 

100      Apl.  91  '/2  Jan.  99.^  Apl.  99,%.  Jan.  97      Nov.  97      Feb.  95     Jan.  92 '/,  July  97      Nov. 

Common...    30      June  24     Mch.  30^  Jan.  26      Nov.  24J4 June.  27^4  July  28      May  21      Nov.  24*4  Feb. 

37^  Apl.  35j4June  5734  Apl.  46'.;  Feb.  37ji  Dec.  40^  Dec.  44; i  Jan.  36y2  July  44M  Nov. 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900, 


1900 

Jan. 

Feb. 

.     .Mch. 

Apl. 

May 

June 

.   .   .  Pfd.. 

90  -94i 

94  -94 

93i-94 

964-100 

95  -96i 

90  -92 

.  Com. 

31  -34i 

33i-35i 

32i-37 

354-373 

33  -364 

30  -35f 

.    Pfd.. 

88  -gii 

874-89 

86  -865 

85  -894 

89  -89* 

89!-9o4 

.  Com. 

264-31* 

28  -31 

24  -28g 

25^-30 

24S-28I 

27i-354 

.  Pfd.. 

88  -88 

86  -88 

m-971 

954-994 

985-99 

95  -97 

.   Com. 

3oJ-33 

31  -325 

3H-47% 

46  -S7% 

5i  -57 

5i  -523 

.  Pfd.. 

98i-98i 

96  -98 

964-964 

964-97 

92  -97 

90  -92  i 

.   Com. 

434-464 

444-464 

42i-44i 

393-434 

33}-424 

33  -37 

[904 

.  Pfd.. 

89  -894 

90  -90 

88  -91 

90  -90 

934-934 

883-90 

.   Com. 

28J-32i 

29  -31 

281-30 

29i-3o| 

27J-30 

24i-27 

1905 

.    Pfd.. 

95  -95 

95  -97 

93  -95 

93  "953 

94  -96i 

92  -95 

.   Com. 

334-364 

334-37 

33t-364 

33i-38 

3°i-33l 

303-324- 

1906 

.   Pfd.. 

93  -95 

93  -93l 

92  -93 

92  -93 

9°i-93i 

904-92 

.  Com. 

37  -444 

32i-39i 

3ii-36i 

294-35 

28  -33 

29  -34f 

1907 

.   Pfd.. 

90  -90 

884-884 

88  -884 

88  -90 

....... 

.  Com. 

29i-32i 

30  -334 

27  -32i 

294-31 4 

284-314 

29^-31  J 

1908 

.  Pfd.. 

80  -80 

85  -85 

82  -85 

85  -93 

90  -93 

90  -90 

.   Com. 

29i-34f 

24f-33i 

254-29 

26f-29^ 

284-32 

3o4-3  if 

1900 
1901 
1902 

1903 
1904 
1905 

1906 

1907 

1908 


July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

.    .  Pfd.. 

89i-9o4 

90  -90 

883-90 

90  -92 

90  -94 

91  -924 

.   Com. 

32i-35 

33  -34s 

3i  -334- 

334-363 

3o4-37t 

3o4-324 

.  Pfd.. 

87  -9i 

91  -91$ 

88  -904 

88  -89 

86  -90 

85  -88 

.   Com. 

274-34i 

324-354 

294-334 

28  -304 

27  -31 

271-334 

.  Pfd.. 

95  -974 

964-964 

96i-963 

95  -98 

96  -99 

97  -983 

.  Com. 

5II-53S 

50  -514 

47  -55 

48  -544 

454-54f 

39  -474 

.  Pfd.. 

82  -92 

84-84 

82  -82 

85  -85 

90  -90 

85  -90 

.  Com. 

274-364 

254-31 

274-31 

274-304 

26  -314 

294-3  if 

.  Pfd.. 

894-90 

894-92 

9i  -934 

92  -95 

92  -97 

93  -96 

.   Com. 

264-28 

26  -34! 

28  -344 

283-33 

29f-354 

334-3/4 

.   Pfd.. 

89i-92 

924-95 

954-954 

97  -97 

924-934 

9i  -93 

.   Com. 

271-334 

294-304 

29  -3i 

30  -334 

31  -363 

344-4o4 

.  Pfd.. 

934-934 

924-933 

94  -94 

95  -95 

90  -91 

.   Com. 

28  -33* 

3o4-334 

314-364 

334-37 

313-363 

31  -33 

.  Pfd.. 

86  -924 

87  -87 

85  -85 

82  -82 

70  -80 

80  -80 

.   Com. 

31  -364 

294-344 

3i  -34 

23  -324 

21  -263 

26  -294 

.  Pfd.. 

88  -90 

90 

904-92 

92  -93 

923-97 

934-963 

.  Com. 

3of-34f 

334-361 

323-36 

34}-374 

35  -44* 

404-434 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.          Com. 

Pfd. 

Com. 

Pfd.          Com. 

X'  >v.      2   . 

-•••     365-384 

Nov.   12 

Nov.  23 

-••■     374-393 

"       3  • 

.    .      Election  Day. 

"     13 

-. . . 

364-37 

"     24 

-•••     40  -4i4 

■'       4  • 

-...     38-383 

•'     14 

-. . . 

35  -364 

"     25 

-•••     41-443 

"       5  • 

-■••     384-3941 

"     16 

•  •   •     923-923 

35  -37 

'     26 

.   .    .Thanksgiving  Day. 

"      6  . 

•   •     954-954    39f-4o4 

-     17 

-. . . 

354-36 

"    27 

-•■•     43f-44f 

7  • 

-. . .     40  -40f 

"     18 

-. . . 

36  -364 

"    28 

•   •    •     943-943     423-44 

9  • 

■   •     964-964     394-404 

"     19 

-. . . 

353-364 

"     30 

-••■     423-433 

"     10  . 

.   .     96J-964     404-404 

"     20 

-.  . . 

354-364 

■•     n  . 

•   •     97  -97      394-404 

"     21 



374-384 

LOW  AND  1 

-1IGH  PRICES,  BY  DA 

rS.  DECEMBER, 

1908. 

Pfd.          Com. 

Pfd. 

Com. 

'    Pfd.         Com. 

1  lee.     1 -. . 

•     424-43 

Dec.  11   .    .    . 

95  -95 

423-434 

Dec.  22  . 

■   •    •     934-934     4o4-4of 

"       2 

•     424-43 

12 

....... 

424-423 

23 

-•••     42  -434 

"      3 

.     42  -42J 

"     14 

....... 

4if-424 

"     24 

■   ■    •     944-944     43  "43  i 

"      4 

•     413-424 

"     15 

....... 

42  -424 

"     25 

.    .    .      Christmas  Day. 

"       5 

•     414-424 

"     16 

....... 

....... 

"     26 

.    .    .      Extra  holiday. 

"      7 

•     4i  3-424 

"     17 

044-96 

411-424- 

"     28 

-•••     434-434 

8 

•     424-434 

"     18 

....... 

4I3-4I3 

29 

-•■•     43  -434 

"      9 

•     95  -' 

"     19 

....... 

414-42 

"     30 

-••■     424-43 

"       TO 

•     434-434 

"     21 

94  -94 

4o4-4i4 

"     3i 

.   .    .         963       42  -42$ 

GIBSON'SMANUAL  23 


REMARKS. 

Aug.   31,    1908,   the    net   working   capital    was  $6,631,287. 

The  unfavorable  earnings  of  1907- 1908  arose  from  the  fact  that  when  the  Fall  panic  of  1907 
occurred  conditions  prevented  the  purchase  of  seed.  When,  later,  the  sky  cleared,  competition  for 
seed  forced  the  price  to  an  exorbitant  figure.  Manufacturing  profit  was  accordingly  less.  The  trouble 
was  increased  by  a  cotton  crop  2,000,000  bales  smaller  than   in   the  preceding  year. 

The  properties  have  all  been  maintained  in  the  highest  state  of  efficiency. 

Officers:  President,  Robert  F.  Munro;  Second  Vice-President,  Frank  Bosse;  Secretary  and 
Treasurer,  Justus  E.  Ralph.  Directors:  Edward  D.  Adams,  William  Barbour,  Charles  M.  Clark,  Will- 
iam Nelson  Cromwell,  Harris  C.  Fahnestock,  A.  Barton  Hepburn,  Francis  L.  Hine,  Bradish  Johnson, 
Charles  Lanier,  James  B.  McMahon,  J.  Rogers  Maxwell,  George  A.  Morrison,  Robert  F.  Munro  and 
Richard  T.  Wilson. 

Fiscal  year  ends  Aug.  31.  Annual  meeting,  first  Thursday  of  December,  at  Guttenburg,  N.  J. 
Directors  meet,  first  Tuesday  in  each  month.  Main  office,  Guttenburg.  N.  J.  New  York  office,  27 
Beaver  Street.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


24 


GIBSON'S     MANUAL 


American  Express  Company 

This  is  not  a  corporation,  but  a  joint  stock  company  or  voluntary  association,  formed  under  the 
laws  of  New  York  in  1850  and  1859.  In  January,  1908,44,837  miles  of  railroad  lines  were  operated  by 
this  company,  including  tin-  Vanderbilt  lines,  Boston  &  .Maine,  Illinois  Central,  etc.  The  foreign  for- 
warding business  was  conducted  over  136,180  miles  oi  sea  and  ocean  routes  and  6,022  miles  in  foreiga 
countries.  Total  number  of  miles  operated,  187,039,  compared  with  184.453  >n  "»<" 
Amount  of  "interests"  u.  e.  capital  stock)  lace  value  of  each 
interest  $100,  Dec.  31,  1907 $18,000,000 

There  is  no  bonded  debt.  The  American  Express  Company  publishes  no  reports,  but  there  was 
one  filed  in  another  State,  this  year,  in  compliance  with  the  laws  of  that  commonwealth,  which  shows 
that  gross  earnings  in  the  calendar  year  of  1907  were  $30,755,197;  net,  not  including  "other  income," 
$659,159. 

Bonds,  held  as  investments,  were  then  $5,121,022,  compared  with  $5,618,364  in  1906.  Stocks 
held  were  $12,396,433,  against  $15, 573,977  in  1906,  the  reduction  being  in  part  due  to  the  sale  of  24,659 
shares  of  Boston  &  Maine  Railroad  stock  to  the  New  York,  New  Haven  &  Hartford  Railroad. 


Note: 


DIVIDENDS. 


1900  1901  1902  1903  1904         1905  1906  1907         1908 

6%  7J0  S%  8%  8%  8%         10%         12%         12% 

Six    per    cent,    of    present    dividends    are    especially   stated  to  be  from  investments. 


LOW  AND  HIGH  PRICES,  BY  YEARS, 

SINCE  1900. 

1900 

1901 

1902                1903                 1904                  1905 

1906 

I9117 

1908 

142      Mch. 
191      Dec. 

169      Jan. 

210      Nov. 

210      Jan.        171      Aug.       ISO     June      209^  Jan. 
265      Aug.      235      Feb.       219      Nov.      246      Feb 

215     Apl. 
272     Aug. 

175      Oct. 
247      Jan. 

170      Feb. 

224      May 

Nov.  2 

3 

"     4 

"     5 

"     6 

7 

9 

"   in 

"   1 1 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 
Low.       High. 


Election  Day 
197  197 


200 


200 


Low.       High. 


Thanksgiving  Day 


1  )ec. 


1 

2 
3 
4 
S 
7 
8 

9 
10 


LOW  AND  HIGH  PRICES,  BY  DAYS.  DECEMBER,  1908. 

Low.       High. 
—  —  Dec 


Low.       High. 


25 Christmas  Day 

26 Extra  Holiday 

28 —  — 

29 — 

30 — 

3i —  — 


REMARKS. 

From  a  meager  balance  sheet    filed  recently  in  Massachusetts,  it  appears  that  American  Express 
1  Surplus  Profits  account  of  $15,078,469  on  June  30,  1908. 
ks  and  bonds  owned.  S20.42Q.jj2. 

Officers:  President.  James  C.  Fargo:  Vice-President,  Francis  F.  Flagg:  Vice-President  and 
Treasurer,  Tames  F.  Fargo:  Secretary.  William  H.  Seward.  Directors:  James  C.  Fargo.  Francis  F. 
Flagg,  Lewi-  Cass  Ledyard,  Charles  G.  Clark.  William  II.  Seward,  Edward  B.  Judson,  Johnston  Liv- 
ingston and  Charles  M.  Tratt. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  none.  Directors  meet  first  Tuesday  in  Feb- 
ruary, May,  August  and  November.  Office.  ^5  Broadway,  New  York.  Traded  in  on  the  New  York 
Stock  Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


American  Hide  and  Leather  Company 

Incorporated  in  New  Jersey,  first  in  May,  then  under  a  new  plan  in  August,  1899,  as  a  combina- 
tion of  26  firms  and  companies  manufacturing  the  bulk  of  the  upper  leather  production  of  the  United 
States.  J.  &  \V.  Seligman  financed  the  deal.  Fifty  shares  of  common  stock  were  given  as  a  bonus  with 
each    100  shares  of  the  preferred. 

Bonded  indebtedness,  6  per  cent $6,939,000 

Preferred  stock,  7  per  cent,  cumulative    and  has  preference  also 

as  to  assets 13,000,000 

Common  stock 11,500,000 

Total  capital $3i,J30.ooo 

EARNINGS. 

Year  ending  June  30.  .Yet  Profits.  Surplus. 

1900 Xot  reported.  $313,111 

1901 "  377- *39 

1902 $1,411,511  626,516 

1903 886,114  546,882 

1904 1,204,601  838,155 

1905 1,406,187  1,093,097 

1906 1,181,784  1,212,002 

190/ 1,165,380  1,482,33s 

1908 916,236  1,468,900 

Note.  —  There  c;m  be  nothing  earned  for  the  common  stock  of  this  company 
until  arrears  of  dividends  are  paid  on  the  preferred.  There  was  overdue  "ii  the  pre- 
ferred.   November,    1908,  about   62   per   cent. 


DIVIDENDS. 


Preferred    . 

1900 
.      O 

1901 
0 

1902 
0 

1903 
0 

1904 

0 

1905 
3% 

1906 
0 

1907 
0 

1908 
0 

Common  .   . 

.     0 

0 

0 

0 

0 

0 

0 

0 

0 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1902. 


1902 


Preferred 


34      Dec. 
43V2  Sept. 

Common   8?4  Dec. 

U-yi  Oct. 


1903 

10      Oct. 
37^  Jan. 
214  Nov. 
lUsJan. 


1904 


11^  Jan. 

48J4  Dec. 

2Vs  Jan. 

11',  Dec. 


190S 


2954  Oct. 

55^  Mch. 

6     June 

H?8  Dec. 


1906 


25 
43 
5' 
10 


Sept. 

Jan. 

S  Nov. 

Jan. 


1907 

10     Oct. 
30>4  Jan. 

2J4  Nov. 

i.'  1  Jan. 


1908 


12J4  Mch. 
37}i  Dec. 

2VA  Feb. 

S'4  Dec. 


Note. — This  stock  did   not  appear   on  the   New  York   Stock    Exchange   until   September,    1902. 


GIBSON'S     MANUAL 


LOW  AND   HIGH  PRICES,  BY   DAYS,  DECEMBER,  1908. 


I  lee.     1 


3 

4 
5 
7 
8 

9 

10 


Pfd. 


28^-29 


29  -29} 

29^-31 
3<>f-34f 
34*-36i 
354-37 


Com. 


Com. 

7i-8i 
8  -8i 
8}-8§ 
74-71 

7h7\ 
7i-7i 

Dec.  22 

23 

"     24 
"     25 
"     26 
"     28 

' 

7  -7 

' 

29 

7  -7»L 

30 

' 

3i 

Pfd. 


Com. 

7  -7 


7\-7l 
7%-7l 


34  -36 
36i-37 
36J-37 

Christmas  Day 
Extra  holiday. 
36*-37t        7%-7l 
37  -375        7\-7'\ 
37  ••-•• 

361-37 


REMARKS. 

The  sinking  fund  for  redemption  of  the  bonded  debt  of  the  company,  June  30,  1908,  amounted 
to  $1,618,365.     The   bonded   debt   is   being  gradually  reduced. 

Operations  for  the  year  ending  June  30,  1908,  resulted  in  a  loss  of  $13,438  after  charging  off 
repairs,  renewals  and  bad  debts. 

Officers:  President,  Thomas  W.  Hall;  First  Vice-President,  Theo.  S.  Haight;  Secretary  and 
Treasurer,  George  A.  Hill.  Directors:  Thomas  W.  Hall,  Theo.  S.  Haight,  Aaron  Hecht,  F.  L. 
Roenitz,  Charles  P.  Hall,  Frederick  Strauss,  E.  L.  White,  M.  Robson,  C.  H.  Buswell,  Charles  W.  Tidd, 
Henry  Seligman,  James  Skinner,  George  A.  Hill,  Thomas  J.  Ryan  and  Carl  A.  de  Gersdorff. 

Fiscal  year  ends  June  30.  Annual  meeting,  first  Monday  in  September.  Directors  meet  on  call 
by  the  executive  committee.  Office,  92  Cliff  Street,  New  York.  Traded  in  on  the  New  York  Stock 
Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


American  Ice  Securities  Company 

A  holding  company,  incorporated  in  New  Jersey,  March  29,  1905,  to  take  over  The  American  ice 
Company,  and  was  practically  a  reorganization  of  that  concern  with  reduced  capital.  The  old  com- 
pany was  $2,461,833  in  arrears  of  dividend  on  its  preferred  stock,  equal  to  i6|  per  cent.,  and  could  not 
pay  the  $895,212  annual  dividend,  without  unduly  advancing  the  price  of  ice  and  thus  stimulating 
competition  and  awakening  public  hostility.  There  was  no  recourse  except  a  drastic  reorganization. 
The  plan,  which  was  accepted,  provided  for  the  issue  of  new  stock  ($14,920,200  )in  exchange  for  the 
old  preferred,  dollar  for  dollar;  the  issue  of  $4,774,220  of  new  stock,  in  exchange  for  $23,871,100  of  the 
former  common,  one  dollar  for  five;  and  for  payment  of  the  arrears  of  preferred  dividend  in  6  per 
cent.  20-year  debentures,  of  which  $3,000,000  were  issued.  The  assets  of  the  old  company  were 
declared  to  be,  over  all  obligations,  $5,987,441.  Some  of  the  old  preferred  stockholders  were  paid  70 
per  cent,  of  their  arrears  of  dividend  in  cash.  The  old  company  owned  all  of  the  stock  of  The 
Consolidated  Ice  Co.  and  The  Knickerbocker  Ice  Co.,  of  Maine,  $10,000,000  each.  The  company  car- 
ries on  the  sale  of  ice  in  Boston,  New  York,  Philadelphia,  Atlantic  City,  Cape  May,  Baltimore  and 
Washington. 

Bonds  of  subsidiary  companies.    Dec.  31,  1906 $3,610050 

Debentures 2,897,580 

Capital   stock,  one   class  only 19,029,400 


Total  capital $25,537,030 

EARNINGS. 

The  figures  below  represent  the  operations  of  The  American  Ice  Co.  as  far  as  reported. 

Year  ending  Dec.  31.     Gross  Receipts.  *Net  Profits.                      Surplus. 

1900 Not  published.  -Not  published.                    $965,895 

1901 658,870 

1902 def.  162,492 

1903 def.  170,924 

Year  ending  Oct.  31. 

1904,  10  months  . .  $6,298,844  $565.452  $374-797 

1905 7.3 1 1. 060  454,575  829,372 

1906 .    10,303,470  1,956,863  2,786,235 

1907 7,941,525  I5L333  1,587.568 

1908 8,118,592  550,624  2,137,592 

♦After    deducting    fixed    charges    and  maintenance. 

LATEST  REPORT. 

The  only  report  of  American  Ice  Securities,  so  far  published,  is  that  for  the  year  ending  Dec.  31, 
1906,  and  this  was  a  balance  sheet  showing  a  surplus  of  $1,185,311,  compared  with  $501,348  on  March  20, 
1906.  Accrued  dividends  on  American  Ice  preferred  carried  as  an  asset  $2,795,969,  compared  with 
$3,197,857  on  March  20,  1906. 

DIVIDENDS,    AMERICAN    ICE    CO. 

1900  1901  1902 
Preferred  .  .  6%  6%  3% 
Common  .   .   .     4%         4%         x% 

Dividends  of  i|  per  cent,  quarterly  were  paid  upon  American  Ice  Securities,  preferred,  from 
January  to  July,   1907.     None  since. 

LOW    AND    HIGH    PRICES,    BY   YEARS,  SINCE   1900. 


1903 

1904 

1905 

1906 

1907 

1908 

0% 

0% 

0% 

9% 

0% 

0% 

0 

0 

0 

0 

0 

0 

1900  1901  1902  1903  1904  1905  *1906  *1907  *1908 


Preferred      60J4  June  62      Oct. 

7854  Feb.  77V4  Mch. 

Common.     2754  June  25>4  Dec. 

4954  Apl.  41 H  Mch. 

*  American    Ice  Securities. 


32      July 

16J4  Oct. 

26     Jan. 

3554  Jan. 

67     Jan. 

42J4  Jan. 

42      Oct. 

41      Feb. 

954  July 

4     Oct. 

6      Dec. 

55-6  Mch. 

35J4  Jan. 

S'A  Oct. 

1254  Feb. 

31%  Jan. 

II34  Jan. 

9^4  Nov. 

754  Feb. 

97]/s  Dec. 

88     Jan. 

3V/S  Aug. 

GIBSON'S     MANUAL 


No\ 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,    1908. 


I  ,ow. 


3 

5 
6 

7 
9 

1 1 


Election 

. .     a 

..     2 
•     -7 


25 1 


261 

-7" 

-7' 

-•5! 


\e>\ 


12  . 

13  • 

•4  • 
[6  . 

'7  ■ 
[8  . 
rg  . 

20  . 

21  . 


I .'  IW. 


nigh. 


24S 

25 

264 

258 

-7r; 

.-  a 
25% 

-<•'; 

26H 

28 

27 

-7, 

26 

26} 

253 

26 

Low. 


High. 

Nov.  23 25!        26J 

"     -*4 25I         26 

"     25 26|         26g 

26 Thanksgiving  1  lay. 

27 25J        26 

"     _»8 25!         26 

"     30 


LOW    AND    HIGH    PRICES,    BY    DAYS,   DECEMBER,    1908. 


Dec.    1 

> 

"      3 

;;    4 

s 

-    7 

'■       8 

-      9 

••     10 


Low 


kV. 

nigh. 

25i 

27S 

26£ 

-V" 

2<d 

-•'■! 

263 

25S 

25J 

25i 

26 

25l 

251 

25l 

25J 

2Si 

253 

]  .<>\v 

II 25^ 

12 


'4 
15 
16 

>7 
18 

19 

21 


25* 

-m; 

24! 
24i 

23 ! 
23! 

231 


High. 

25i 
25* 

25I 

25 

24S 

25 

-I'-' 

241 

2  ?  \ 


High. 


24i 

24 
23i 


Low. 

Dec.  22 23J 

23 24 

24 22 

25 Christmas  Day. 

"     26 Extra  holiday. 

"     28 21  22J 

"     2g 21} 

"       30 2l|  22 

"       31 22\  23| 


REMARKS. 

The  business  of  this  company  is  subject  to  great    fluctuations.     A  cool  summer  usually  means  a 
poor  year  financially. 

There  has  been  marked  liberality  in  expenditures  upon  the  property  and  plants  of  the  company, 

and   it   is  expected    that    comparatively  little   will   be  required  to  maintain  them. 

Officers:     President,   Henry    II.    Mead:   Vice-President,  A.  S.  Alexander:  'Treasurer.  Walter  Lee; 
Secretary,  Edward  J.  Reilly,    Directors:     L.  C.  Ledyard,  \V.  A.  Tucker    Louis  G.  L.  Boissevain,  James 

MeCutcheon,  II.  II.  Head  and  A.  S.  Alexander. 

Fiscal   year  ends  Dec.   31.     Annual   meeting,  fourth  Thursday    in    March.       Directors    meet    on 
call.     Office.    17   West    28th    Street,   New   York.     Traded   in   on   the   Xew   York   Stock   Exchange    (Un- 
ci  1  H'partment). 


GIBSON'S     MANUAL 


29 


American  Linseed  Company 

[ncorporated  in  New  Jersey,  Dec.  5,  1898,  to  acquire  and  combine  a  number  of  properties,  in- 
cludrngthose  of  The  National  Linseed  Oil  Co.  This  became  a  Rockefeller  concern  in  June.  1901, 
through  purchase  of  a  controlling  interest  in  the  stock.  The  .shops,  factories  'and  warehouses  an 
located  in  several  States. 

When  The  United  Lead  Company  was  formed.  Jan.  20,  1903,  b\  Standard  Oil  and  other  interests, 
to  combine  various  lead  and  oil  properties,  the  organizers  contemplated  taking  in  American  Linseed, 
but  this  project  was  abandoned. 

Preferred  stock,  7  per  cent,  cumulative $16,750,000 

Common  stock 16,750,000 

Total  capital $33,500,000 

EARNINGS. 

No  reports  have  been  published  since  1901.  Net  loss  on  operation  to  Jul)  31,  1901,  was  shown 
to  have  been  $2,054,659,  the  bulk  of  which  grew  out  of  money  lost  on  seed  sales  and  the  payment  of  a 
few  dividends  on  the  preferred  stock. 

DIVIDENDS. 

The  company  paid  1  j:  per  cent,  quarterly  on  the  preferred  stock,  from  March.  [899,  to  Septem- 
ber, 1900,   toi  per  cent,  in  all,  and  nothing  since. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 
1900  1901  1902  190  J  1904  1905  1906  1907  1908 

Preferred..       34%  Dec.  31      Tan.  39'.-:.  Dec.  23%  Nov.  22%  June  36      Ian.  35      Doc.  16',  Oct.  17      Mch. 

60      Feb.  06      July  58      Mch.  48%  Jan.  42%    Nov.  48 '  ..  A|.l.  5.rs  Jan.  36      Jan.  36%  Dec. 

Common...        6      Nov.  5%  Jan.  14      Dec.  8%  Aug.  7      June  15%  Jan.  16\,  Dec.  6      Oct.  6      Mch. 

1654  Feb.  30^  July  27m  May  19-M  Jan.  20-^  Nov.  23      Dec.  29%  Jan.  19%  Jan.  17%  Dec. 


LOW 

AND    HIGH 

PRICES, 

BY    DAYS,    NOVEMBER, 

1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Nov 

O 

...... 

....... 

X.  iv. 

12    .    .    . 

.    ....... 

124-124 

Nov 

-. .  . 

....... 

" 

3  ■   ■ 

.    .   Election 

Day 

" 

13   .    .    . 

■      3°     ~3l!2 

12I-13I 

n 

23   • 

-. . . 

....... 

" 

4    •    ■ 

14   .    .    . 

■  304-30J 

I3i-M 

" 

24   • 

ti 

5   •    • 

-. . . 

ni-iii 

" 

16   .    .    . 

.    ....... 

13  -134 

25   • 



i34-i3i 

•  • 

6  .    . 

114-114 

17   .    .    . 

■   3°f-3»i 

125-13! 

26   . 

.    .    1  hanksgiving  Day 

>t 

7  ■    • 

-.  .  . 

12  -124 

18   .    .    . 

.    ....... 

I2f-I2f 

-7  • 

■    •    •   30  -32 

i3f-i5 

tt 

9  .    . 

I2}-I2f 

it 

19   .    .    . 

.    ....... 

I24-T2J 

" 

28   . 

■    •    •  3'.!-3i4~ 

I4s-'4:r 

a 

10  .    . 



....... 

" 

20   .    .    . 

.    ....... 

....... 

ti 

30   • 



144-15-j; 

ti 

11    .    . 

\2l-\2\ 

LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Dec. 


Pfd. 

Com. 

I 



14:1-14" 

2 

•     •     32  -34 

I4f-i53 

3 

•    •     334-341 

I44-I54 

4 

•    •     34i-36i 

I5I-I74 

5 

•    •     354-354 

[64-17 

7 

-. .  . 

i5i-i6§ 

8 



i5i-i5i 

9 

•    ■     354-354 

i5f-i6I 

10 



16  -16A 

Dec. 


Pfd. 

Com. 

II    .    . 

....... 

I5I-I64 

Dec. 

22 

12      .       . 

....... 

....... 

23 

14      .       . 

154-152 

a 

24 

15      .      . 

3°  "3° 

Mi->4; 

25 

II.     .       . 

30  -30 

144-147 

" 

26 

17      .       . 

.      ....... 

14  -144 

ti 

28 

18      .       . 

....... 

....... 

29 

19      .      . 

....... 

....... 

30 

21      .      . 

....... 

144-144 

tt 

31 

3> 

Cli 

Ex 


Pfd. 

-31 

ristmas 
tra  holi 


Com. 

14  -it1. 

Day- 
da  v. 
I44 

14  -I4l 


Officers:  President  and  Treasurer,  John  A.  McGean;  Vice-President  II.  L.  Cooper:  Secretary, 
W.  A.  Jones.  Directors:  In  addition  to  the  foregoing.  II.  M.  Francis,  F.  T.  Gates,  S.  J.  Murphy, 
G.  F.  Parker,  E.  P.  Prentice,  J.  D.  Rockefeller.  Jr..  R.  TI.  Adams,  E.  V.  Cary,  G  W.  Murray,  L.  M . 
Rowers  and  F.  J.  Lovatt. 

Fiscal  year  ends  July  31.  Annual  meeting,  second  Tuesday  in  September,  Jei  e]  City,  Nr.  I. 
Directors  meet  first  Wednesday  in  each  month.  Office,  too  William  Street,  New  York.  Traded 
in  on  the   Xew  York  Stock   Exchange    (Listed    Department). 


3o  GIBSON'S     MANUAL 


American    Locomotive   Company 

[ncorporated  in  New  York,  June  io,  19m.  as  a  combination  of  leading  concerns,  and  has  since 
acquii 

American  Loco.  Co..  New  Jersey.  Pittsburg  Loco.  &  Car  Works,  Allegheny,  Pa. 

Brooke  Loco.  Works,  Dunkirk,  X.  Y.  Rhode  Island  I.oeo.  Works.  Providence,  R.  I. 

Loco.  &  Machine  <  o.,  Ltd.,  Montreal,  Can.  Rogers  I.oeo.  Works,  I'aterson,  N.J. 

Manchester  I.oeo.  Works,  Manchester,  X.  II.  Richmond  Loco.  &  Much.  Works,  Richmond,  Va. 

Schenectady  Loco.  Works,  Schenectady,  N.  Y. 

The  company  manufactures  not  only  steam  and  electric  locomotives,  and  their  parts,  but  boilers. 
tanks,  shovels,  dredges,  rotary  snow  plows,  automobiles  and  trucks  for  electric  service.  The  plant  at 
Providence  was  permanently  closed  within  the  past  year,  with  the  exception  of  the  automobile  depart- 
ment, a  more  than  corresponding  increase  having  been  made  in  the  capacity  of  other  plants. 

Funded   debt    (subsidiar)    companies)    $2,967,500 

( iold  coupon  notes 4,000,000 

Preferred  stock,  J%  cumulative,  and  preferred  also  as  to  assets    ..  25,000,000 

Common  stock 25,000,000 

Total  capital $56,967,500 

Securities  owned $1,216,420 

EARNINGS. 

Net  P.  C.  Earned  on 

Year  ending  June  30.       Gross.  Net.  of  Gross.  Surplus.  Common 

1902 $26,398,394  $3,107,777  11.77  $-'-'4,235  0.9% 

1903 33.105.725  5,053.410  15-26  2,205,280  6.36% 

1904 33,068,751  5,663,766  17.12  4,880,820  10.7  % 

1005 24,150,201  4,353.668  18.  5,488,744  *2-43% 

1906 42.547,876  6,462,505  15.2  6,605.373  *5-72% 

1907 49,5iS486  6.771,105  13.67  7,963,580  *io.437<> 

1908 37,484,417  4,986,79°  13-3  8,469,212  9.1   % 

♦After   deducting   $1,883,557,   $3,001,564  and  $2,000,000  n^u-,  lively  in  those  three 
years    for   improvements    and    betterments. 


DIVIDENDS. 

1901      1902     1903  1904  1905  1906  1907     1908 

Preferred i|%      7%       7%  7%  7%  7%  7%      7% 

Common o  o  o  o  o  2$%  5%     2\% 


Note. —  The    dividend    on    the   common  stock  was  passed  in  September,  1908. 
LOW  AND   HIGH   PRICES,  BY  YEARS,   SINCE  1901. 


1901  1902.  1903  1904  190S  1906  1907  1908 


Preferred..      83^  Oct  89       Jan.  67'<  Oct.  7S#  Jan.  10.U;  Jan.  10854   Pec.  83       Oct.  85';.  Jan 

91J4    Nov.  10fl"i   Apr.  0?-;  Feb.  105        Nov.  122','  Apr.  120'.;   Jan.  111'.    Jan.  113     Dei 

Common..                  \.ug.  2.v      De<  10]  Oct  16^  Jan.  X^  Jan.  ?.l>i   May  32',    Nov.  31*$   Feb 

i  Nov.  .--.  s   Apr.  .3 1  ? s  Feb.  3<V-<  Nov.  76JA  Dec.  7&'A  Jan.       75*  J  Feb.  59§i  Aug 


GIBSON'S     MANUAL 

31 

LOW   AND    HIGH    PRICES,   BY   MONTHS,  SINCE   1901. 

Jan.                    Feb.                   Mch.                  April                  May 

June 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd. . 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

T908 Pfd. 

Com. 


89  -  94 
3°i-  34l 
93  "95 

28I-30*, 

7Sh  8oi 

i6i-  23 
i03i-m£ 

33  -  38 

11 64- 120} 

70I-  78I 

109^-1 1  1 4 
70  -  74f 
854-  92 

34f-  4i £ 


July 


85i-89 
25  -32* 
93  -  94 

3 1 1-  33i 

81^-904 

16  -24I 

82  -  88 

i9£-  23I 

IIO|-II2f 

46i-  5°i 
114  -114 

624-  72! 
1 04!- 1 06 i 

56  -  6o4 
ioi4-io6 

47h  56i 


92  -  93 
31  -  33i 

93^-95:1 
28J-31S 
77  -  80 
19I-  23 1 
no  -112I 

36}-  43£ 

116  -117I 

68f  771 

IlOi-IIof 

70"-  75£ 
86  -  92 

3if-  373 


_Aug. 

S34-88 

224-27 

93  -  96 

3*1-  34$ 

791-85 

iSi-201, 
88  -  90J 

20  -  22f 
III^-II9l 

47i-  56i 

II2f-II3| 

68  -  72! 
98  -106I 

49*-  57 
106  -109 

53f-  59l 


92I-  94l 
3i4-  32* 

93i-9Si 

27^-29! 

79  -  83 

21I-  23I 
ini-ii8i 

4i£-  52i 
iiSi-"6f 

64I-  71* 

101  -II04. 

55£-  72I 
90*-  95 
33  -  46J 


Sept. 


84!- 
23  " 
93  - 

2Qf- 
82  - 

i4f 
90  - 
20J- 

112}- 

471- 
in  - 

7oh 
99i 
49£- 

1004- 

44  - 


88} 
27 

97f 

34 
88} 
19I 

97$ 

284. 

n6| 

54£ 
114 

77 
■102 

55 
107 

57* 


92  -100} 
30?-  361 
92l-95i 
25i-28i 

80  -  82* 

i8i-  22I 
113I-122! 

47  -  61J 
ml-1154 

59  -  7ii 
105  -no 
6of-  66J 
9i}-ioo| 
42}-  48£ 


Oct. 


83f-87i 
24  -27£ 
92I-  95i 
264-  3 if 
67^-83 
io4-i6 
95I-100! 

25!-  3°f 
113  -117} 

53i-  71* 

III    -II2f 

7i£-  78 

83  -  992 

35  -  52 

104  -1 06 4 

45t"  5o| 


9i  "  95J 
29S-  34} 
90  -93-J 
20  -27! 
81  -  84 
i7i-  204 
1084-115} 

44  -  533 
noi-115 

53^-  70'i 
105I-110 


551 
100  - 

46f 


644 
103I 

52" 


Nov. 


84  -91} 
241-33! 
89}-  94f 
26  -  30} 
68I-79 

"!-i4£ 

97i-i05 
264-  36I 

II3f-I20| 

64-  731 


112} 


nof- 
7Il-  76 1, 

84  -  93* 

32i-  40 
io6t-no| 

5o  -  59 


92-95 
3i£-  33* 
88  -91J 

I9£"24 

82  -  83* 
i84-  i9f 


1 1  of 
451 

"5 
65! 

103 


114 

49i 
"5 
7ti 
-105 


54$-  60} 
1004-103 
40 h  51 1 


Dec. 


87l-9o£ 
29f-33i 

90I-  95£ 
23I-  29I 
73£-79* 

Hi-19! 
ioo|-i04f 

30  -  36? 
115  -n8 
67  -  7(A 
in! 
761 
89 
39£ 
113 
53-5-58* 


io84 
7o£ 

85I 

34  ■ 

looi 


LOW  AND  HIGH  PRICES,  BY  DAYS?  NOVEMBER,  1908. 


Nov.  2 
3 


4 

5 
6 
7 
9 
10 


Pfd.  Com. 

io64-io61     50  -51-i 
Election  Day. 
io7f-io8f    5if-54t 
1084-109! 
110  -no 
nof-no* 
iio4-nol 
no  -no 


53l-54£ 
55  -56I 
57-1-581 
57i-59 
561-571 


Nov.  n 
"  12 

"  13 

"  14 

"  16 

"  17 
"  18 

19 


Pfd. 
no  -in 
no  -no 
no  -no| 
109  -in 
no  -no 
1093-109! 
109I-109I 
109I-109I 


Com. 

55i-56! 
551-56* 
561-57i 
561-56! 
56  -56£ 
56  -57 
551-561 
55l-55f 


Nov 

.  20    . 

u 

21    . 

n 

23  • 

24  • 

n 

25  • 

26  . 

a 

27  • 

28  . 

a 

30- 

Pfd.  Com. 

T08I-108I  54i-55f 

109  -109  54i-55l 

54i-54* 

55i-55l 

.  .  55l-55f 

Thanksgiving  Day. 

io9f-no      55£-56f 

561-561 

56  -56! 


LOW 

AND   HIGH 

PRICES,   BY   DAYS,   DECEMBER,  1 

908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd.           Com. 

Dec.     1   .   .   .      no  -no 

551-561 

Dec. 

11 

55l-56i 

Dec.  22  . 

.      iioJ-iio}     54I-56 

2 

......... 

551-561 

(t 

12 

......... 

551-57* 

"     23  . 

.      in  -in       551-561 

'       3 

......... 

55l-55i 

11 

14 

......... 

551-571 

"     24  . 

.     inl-inJ     561-574 

'       4 

......... 

5SH61 

a 

15 

ic»9f-iioi 

55  -56 

"     25  . 

Christmas  Day. 

5 

109!- 1094 

551-56* 

" 

16 

no^-iioi 

551-561 

"     26  . 

Kxtra  holiday. 

'      7 

......... 

551-551 

it 

17 

......... 

541-56} 

"     28  . 

-..••      58-58£ 

'      8 

......... 

551-56 

(t 

18 

......... 

54  -54! 

"     29. 

-••••     571-581 

9 

1091-109! 

551-564 

it 

19 

......... 

541-54$ 

"     30  • 

112             571-58] 

10 

no  -no 

55l-56§ 

u 

21 

1091-1094 

53$-54$ 

"     31   • 

113         57s-57* 

32 


GIBSON'S     MANUAL 


MARKET   MOVEMENTS   OF   AMERICAN   LOCOMOTIVE,   COMMON,   FROM    igoi   TO    1908, 

INCLUSIVE. 


REMARKS. 

In  the  fiscal  year  of  iyoj  the  company  transacted  the  heaviest  business  in  its  history.  Its 
capacity  for  handling'  business  has  been  steadily  improved,  every  year,  by  liberal  appropriations  for 
new  buildings  and  equipment;  and  in  the  foregoing  tables  these  appropriations  are  deducted  before 
compiling  the  amount  earned  on  the  common  stock. 

The  structural  steel  department  of  the  Montreal  company  has  been  sold  to  the  Structural  Steel 
Co.,  Ltd.,  thus  enabling  the  .Montreal  shops  to  devote  their  attention  wholly  to  locomotives,  steam 
shovels  and  rotary  snow  plows. 

The  short-term  notes  were  reduced  $1,000,000  in  the  fiscal  year  of  1908,  and  $1,000,600  more 
(  Ictober  1,  1908. 

Officers:  President,  W.  II.  Marshall;  Vice-President,  R.  T.  Gross:  Secretary,  S.  T.  Callaway: 
Treasurer,  C.  B.  Denny.  Directors:  W.  M.  Barnum,  C.  A.  Coffin.  Pliny  Fisk,  J.  E.  French.  R.  J. 
Gross,  W.   II.   Marshall,   G.   R.  Sheldon,  Jos.   Bryan.  Chas.  Miller.  F.  II.  Stevens,  and  J.  W.  Griggs. 

Fiscal  vcar  ends  June  30.     Anneal  meeting,  third  Tuesday  in   October.     Directors  meet  on  call. 
General  office,  30  Church  street.  New  York.    Traded  in  on  the  New  York  Stock  Exchange  (Un- 
listed Department). 


GIBSON'SMANUAL  33 


American  Malt  Corporation 


Incorporated  under  a  charter,  taken  out  in  New  Jersey,  March  31.  1906.  as  successor  to  The 
American  Malting  Co.,  and  was  virtually  a  reorganization  of  that  concern  with  reduced  capitalization 
made  necessary  in  part  by  the  large  arrears  on  the  preferred  stock.  The  plan  involved  the  issue  ol 
$5,986,000  of  common  stock,  in  exchange  for  $13,400,000  of  the  old  common  stock  outstanding.  $44  E01 
$100,  and  $8,952,800  of  preferred  stock  in  exchange  for  $14,440,000  of  the  old  preferred,  $62  for  $100. 
Consent  was  slowly  given  and  the  reorganization  went  into  effect,  although  there  was  delay  in  the 
exchange  of  stock.  In  October,  1908,  President  Stadler  reported  that  all  of  the  old  common  stock  had 
assented  except  $753,000  and  all  of  the  preferred  except  $501,800. 

The  plants  owned  by  the  corporation,  more  than  20  in  number,  are  situated  in  New  York, 
Rondout,  Cayuga.  Syracuse,  Rochester  and  Buffalo,  N.  Y. ;  Erie.  Pa.;  Hamilton,  Ohio;  Detroit, 
Chicago  and  Milwaukee,  and  Watertown,  Wis.  Some  unused  real  estate  has  been  sold.  '1 'he  business 
is  the  manufacture  of  malt  and  its  by-products. 

The  American  Malting  Co.  remains  in  existence  and  the  earnings,  given  below  arc  those  of  the 
old  company. 

First   mortgage  bonds   of  old   American  Malting    Co.,    1908    .  .     .  .  $3,689,000 
Preferred  stock,  6  per  cent,  cumulative,  preferred  also  as  to  assets 

to  the  amount  of  par  value  of  the   stock 9,000,000 

Common  stock 6,000,000 

Total  capital $18,714,000 

EARNINGS,  AMERICAN  MALTING. 

Gross 
Year  ending  Aug.  31.  Profits.  Net  Profits.  Surplus. 

1901 $721,977  $338,715  def.  $1,012,42(1 

1902 751,470  427,716  def.       688.672 

1903 886,568  410.491  def.       278.181 

1904 498,360  116.515  def.       161,667 

1005 767.444  412,292  579.982 

1006 606,526  255,652  835,634 

1907 10,517           def.  357,603  478,031 

1908 i.3T9.993  (»52.704      .  1.439-735 

DIVIDENDS. 

The  preferred  stock  of  The  American  Malting  Co.,  received  at  the  rate  of  7  per  cent,  from 
January,  1898,  to  October,  1899,  both  inclusive.  Nothing  was  thereafter  paid  on  the  stock  of  either 
corporation,  until  November,  1908,  when  American  Malting  paid  $1.56  a  share  on  the  preferred  stock, 
and  American  Malt  Corporation  paid  2i  per  cent,  on  its  preferred.  There  remains  due  upon  the  Malt 
Corporation's  preferred  stock  n|  per  cent. 

LOW  AND  HIGH   PRICES,  BY  YEARS,   SINCE   1900. 

1900  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred      lS^g  June  22 }4  Dec.  21      Jan.  14'<  Sept.  1(5      June  20     June  25      Jan.  17      Nov.  21      Jan. 

31^  Jan.  30      June  29      Sept.  24J/S  Jan.  29      Dec.  28J4  Mch.  29-J4  Apl.  40      Feb.  51^  Feb. 

Common..      3      June  A'l-  Feb.  5      Jan.  2^  Aug.  2^4  June  4      Sept.  3J4  July  3^  Oct.  3      Mch. 

r-,Jan.  8      June  7^  May  5^  Feb.  9      Dec.  8^  Jan.  6*4  Jan.  7^  Apl.  8^  Sept. 


Note. — American   Malting  disappeared  from  the  New  York  Stock  Exchange  after  October,  1906,  and  Ameri- 
can  Malt  was   first   traded   in,  February,   1907, 


34 


GIBSON'S      MANUAL 


LOW  AND  HIGH  PRICES.  BY   DAYS.  NOVEMBER,   1908. 


Nov.  2 

"       3 

"       4 

5 
6 


9 

10 
1 1 


1  tec.  1 

2 

"  3 

"  4 

"  5 

"  7 

"  8 

"  9 

"  10 


Pfd. 


Com. 


Election  Day. 
46}-46i        7\-7\ 
4(5    v1 


7\-7\ 
7l-7i 


Nov.  i-> 

•'  C3 

"  14 

"  10 

"  17 

"  18 

"  iy 

"  20 

"  21 


Pfd. 


46  -46 


Com. 

7f-7i 

Nov 

-'3  •    ■  ■   • 

24  ...   . 

. .-. . 

25  ...   . 

7^7i 

ff 

26  ...   . 

7t-7l 

it 

27  ...  . 

a 

28  ...   . 

. .-. . 

30  ...   . 

LOW  AND  HIGH   PRICES,  BY  DAYS,  DECEMBER,   1908 
Pfd 


Pfd. 

Com. 

44 

-44 

.  .- . 

-. .  . 

/4    /    1 

Than 

ksgivii 

g  Day 

45  i 

-46 

7l-7? 

»<•' 

-461 

7  -7 

45 

-45i 

. .-. . 

45  -45 


Com. 


45  -45 

45  -45 


7h7i 
6.1-6.1. 

6f-7 


Dec.  11 

"  12 

"  14 

"  15 

"  16 

"  17 

"  18 

"  19 

"  21 


Pfd. 
44  -44 

4^  -4-'! 


Com. 

Pfd.           Com 

7-7l 

Dec. 

22    .     . 

.   .     41  -41 

6J-61 

a 

23    •     • 

.    .     44-44 

(l 

24    .    . 

- -. 

" 

2«i    .     . 

.    .      Christmas  Day. 

6  -6 

tC 

26    .     . 

.    .      Extra  holiday. 

5i-5i 

" 

28    .     . 

- -. 

5  -5 

tl 

29    .     . 

-.  . .          .  .-. 

it 

30    .     . 

-  •  •  •             5l 

" 

31     •     • 

-.  .  .            .  .-. 

REMARKS. 

The  bad  showing  ma'de  in  1907  grew  out  of  the  fact  that  the  business  of  the  company  is  con- 
ducted on  the  basis  of  the  Government  estimates  of  the  barley  crop,  and  the  preliminary  reports  in 
1906  indicated  a  crop  40.000,000  bushels  in  excess  of  any  previous  harvest.  This  estimate  failed  of 
realization,  and  the  entire  malting  trade  of  the  country  suffered  losses  in  consequence. 

American  Malting  begins  the  present  fiscal  year  with  $5,636,297  of  working  capital  (including 
inventories). 

Profits  for  the  fiscal  year  1908  are  equal  to  6.6  per  cent,  on  the  old  preferred  stock. 

After  the  merger  of  the  two  companies  is  finally  completed,  it  is  confidently  expected  that  tin 
new  concern  will  be  able  to  maintain  payment  of  6  per  cent  on  its  preferred  stock  and  gradually  I" 
clean  off  all  arrears. 

Officers:  President,  Charles  A.  Stadler;  Vice-President.  Wilberforce  Sully;  Treasurer,  Louis  L. 
Stanton;  Secretary.  J.  C.  M^Cune.  Directors:  Michael  Coleman,  Marshall  S.  Driggs,  John  G.  Jen- 
kins, jr.,  Albert  N.  Parlin,  Wilberforce  Sully,  Charles  A.  Stadler,  Louis  L.  Stanton.  Benjamin  Treacy 
and  A.  Murray  Young. 

Fiscal  year  ends  Aug.  31.  Annual  meeting,  second  Thursday  in  November,  Jersey  City.  .  X.  J. 
Directors  meet  on  call.  Office.  63d  Street  and  East  River,  New  York.  Traded  in  mi  the  New  York 
Stock   Exchange    (Listed    Department). 


GIBSON'S     MANUAL 


35 


American  Smelters  Securities  Company 

Chartered  in  New  Jersey,  March  31,  1905,  to  acquire,  from  The  Guggenheim  Exploration  Co. 
and  oilier  proprietors,  various  mines  and  interests  in  Mexico,  Missouri,  Colorado,  Utah,  California  and 
Washington  and  control  of  The  Federal   Alining  &  Smelling  Co. 

1 

Preferred  stock,  A,  6  per  cent,  cumulative ' $17,000,000 

"  "       B,  5  per  cent,  cumulative 30,000,000 

Common  stock 30,000,000 

Total   capital $77,000,000 

Note.  —  The  common  stock  carries    control.     The  preferred  stocks  have  no  vol 
intj  [lower,  unless  their  dividends  shall  remain  unpaid   for  one  year. 

EARNINGS. 

No   reports  arc  published. 

DIVIDENDS. 

Six  per  cent,  is  being  regularly  paid  upon  the  A  preferred,  and  5  per  cent,  on  the  B  preferred. 


LOW   AND   HIGH   PRICES,  BY  YEARS,  SINCE  1905. 
1905  1906  1907 


Preferred  B . 


97i  Sept. 
102     Nov. 


92-}  Dec. 
ioif  Jan. 


60     Oct. 
93*  Jan. 


1 1 11  iS 

70     Jan. 
84 i  Aug. 


Note.  —  None  of  the  various  classes  of  shares  of  this  company  are  trailed  in  on 
the  New  York  Stock  Exchange,  except  the  preferred  B.  Nor  are  the  others  dealt  in 
on   the  curb  market. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.  2 


Low.        High. 


3 Election  Day 

4 82] 

5 82| 

6 83 


/ 

9 

10 

T  I 


83 
83 
83 


82f 

83 

83* 
83* 
83I 


Low.        High. 
Nov.  23 82f  82$ 


24 
25 
26 
27 
28 
30 


82$  83 

82J  83 

.   Thafiksgiving  Day 
8"2|  83 

83  83* 

83  83} 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dee.    I 

"     3 

■'     4 


/ 
8 

9 

TO 


Low. 

•  83I 

■  83| 

•  833 

■  83I 

■  833 
.  833 

■  83 

•  *3l 

.  83 


High. 


83! 
83* 

83! 


Dee.  22 
'■  23 
"    24 


Low. 

.  So 

.  80? 

791 


High. 
80$ 
8o| 

Day 


.  .    .  .    Christmas 

26 Extra  holiday 

28 80  80J 

29 So 

30 80  So} 

3] 8oi  8o| 


36  GIBSON'SMANUAL 


REMARKS. 

By  ownership  of  $17,751,000  of  the  common  stock,  actual  control  of  this  company  is  vested 
in  American  Smelting  &  Refining. 

A  syndicate  headed  by  Kuhn,  Loeb  &  Co.  took  over  in  October,  1906,  the  $10,000,000  of  un- 
sold preferred  B.  stock.  It  dissolved  in  January,  1908.  Only  5 J  per  cent,  of  the  block  of  stock  was 
sold,  the  rest   going  to   the   members  of  the  syndicate. 

Officers:  President,  Daniel  Guggenheim;  Vice-President,  Barton  Sewell ;  Treasurer,  Morris 
Guggenheim;  Secretary,  W.  E.  Merriss.  Directors:  Edward  Brush,  Joseph  Clendenin,  Silas  \Y.  Eccles, 
Anton  Eilers,  Karl  Eilers,  Daniel  Guggenheim,  M.  B.  Guggenheim,  Morris  Guggenheim.  J.  K.  Mac- 
Gowan,  W.  S.  Morse,  E.  L.  Newhouse,  Barton  Sewell,  J.  N.  Steele,  J.  B.  Grant,  Franklin  Guiterman, 
Dennis  Sheedy,  Solomon  R.  Guggenheim  and  W.  H.  Price. 

Annual  meeting,  first  Wednesday  in  September,  Jersey  City.  Office,  165  Broadway,  New  York. 
Traded   in  on   the   New  York   Stock    Exchange    (Unlisted  Department). 


GIBSON'S     MANUAL 


37 


American   Smelting   CS,   Refining   Company 

Incorporated  in  New  Jersey,  April  4,  1899,  as  a  combination  of  leading  smelters  and  refiners  of 
gold,  silver,  lead  and  copper. 

Through  its  own  properties  and  those  of  controlled  concerns,  the  company's  output  of  silver  and 
lead  amounts  to  about  85  per  cent,  of  the  total  production  in  the  United  States,  while  gold,  copper  and 
blue  vitriol  are  also  turned  out  to  some  extent.  The  plants  are  located  mainly  in  Colorado,  Montana, 
Utah,  Nebraska,  Illinois,  New  Jersey  and  Mexico.  The  company  controls  The  American  Smelters' 
Securities  Co.  through  ownership  of  a  majority  of  the   common   stock. 

Bonded  indebtedness   (Omaha  &  Grant,  6s)   April  30,  1908..    ..  $349,000 

Preferred  stock, ,7%  cumulative,  and  preferred  as  to  assets,  also       50,000,000 
Common  stock 50,000,000 


Total  capital -. $100,349,000 


EARNINGS. 

Net  P.  C.  of  Earned  on 

Year  ending  April  30.             Gross.                 Net.             Gross.  Surplus.  Common. 

1900 $4,634,027         $3,524,961  76.  $1,979,908  7.22% 

1901 5,988,049           3.838,441  64.  2,890,350  3.84% 

1902 7,038,681           4,861,619  69.  2,951,969  o. 

1903 9,403,710           7,576,785  80.57  4,873,071  3-84% 

1904 •  •  •    •  •       9,425,442           7,905,573  83.87  6,839,808  6.62% 

1905 10,506,683           8,681,996  82.62  8,458,720  8.24% 

1906 11,665,885           9,712,154  83.26  10,482,775  10.55% 

1907 13,250,058         10,969,250  82.78  13,397,029  12.83% 

1908 9,403,282           7,633,287  81.18  13,408,218  7.02% 

Note. — Good    appropriations   are   made    every   year    for    betterments    and   are  de- 
ducted above  before   net  earnings  are  shown. 


DIVIDENDS. 


IQOO 


Preferred 7% 

Common o 


1901  1902  1903  1904  1905  1906  1907  1908 

7%       7%       7%       7%       7%       7%       7%       7% 
0005%       5i%     7%      7\%     5% 


1900. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1904. 


1901. 


1902. 


1903. 


1905. 


1906. 


1907. 


Preferred...  85      June     88      Feb.      87^  Nov.     80J4  Oct. 
99      Nov.    104^  June    100/s  June     99J^  Feb. 


1908 


88^Jan.     111J4  Jan.     112     Dec.      81J4  Oct.      &7M  Feb. 
115      Oct.     137      Dec.     130     Jan.     USM  Jan.      110^  Aug. 


Common...   34]/2  June      38^<  Oct.      37      Nov.     3654  Oct.      46      Feb. 
56y2  Dec.      69     Apr.     49^  May      52^  Feb.      82J4  Dec. 


79}i  Jan.     n8'/z  May      58^  Nov.     55y2  Feb. 
170^  Dec.    174    "Jan.     155      Jan.      107     Aug. 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


[900 


1 1  K  \2 


I903 


1.104 
I905 

[907 
[908 


I9OO 
190I 


1  (  H  )_' 


I.  |.  .3 


1904 


[90S 

HJO6 
1907 

1 1  h  18 


Pfd.. 

I  I  .111. 

Pfd.. 

1 
Pfd.. 

Pfd.. 

( '1  'in. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
.Pfd.. 
Com. 


.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.  Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 


Jan. 
86  - 
354- 
95  - 
53^" 
96- 

443- 
93  - 
1-', 
881 

474- 
iili- 

793- 
125^- 
i6ii- 
1 13 '•- 
141 1- 

89*- 

62f- 


90 

393 
100 

98 

49i 

.,, 

47*. 

94* 

5ii 

"9* 
86| 

130 

174 

"71 

155 
96 

794 


89I-  92 

384-  43* 
88  -  994 

45§-  63i 
97  -  99 
453"  48i- 
95i-  99* 

46  -  52* 

89-I-  93* 

46  -  50 

Ii6f-ii9f 

85  -  92 

122  -128I 

153J-169 

II2f-IIS§ 
[38|-I46i 

88|-  mi  !, 
55-i-  685 


July. 

86.- 

35* 

99* 

5i 

97 

46 

89 


Aug. 


37* 
96f 

53*- 
119  ■ 

"5  - 
114] 
141 


SSJ 
38.V 
I04i 
58 
98 

47* 
93 

46! 

99* 

583 

I-'.V' 
I24| 

n8| 

-1 53  J 


104A-10S-! 
11 2!- 1224 
100  -108 
76  -  904 


88  -  89! 

36  -  38 
995-102 

50  -  55* 
97  -  98 
46  -  483 
86!-  91  § 
39*-  46* 
99  -1073 
56*-  65 
1214-128 

1233-131* 
1164-119 

151  -i653 
92J-I05-J 

9°  -"3* 

106  -nof 

88§-io7 


Mch. 

90  -  93 
38*-  423 
91*-  97 
5^  -   59l 
97»-  99* 
46  -  47* 
93  -  97 
47.-  5i5 
90  -  93 
46  -  49S 
118  -123J 

893-103* 
1204-124;; 
1504-162^ 
100  -1144 
1044-140! 
90-98 
58  -  74f 


Sept. 


S64--  90 

35*-  37* 
96  -101 

43i-  52* 
943-  97* 
44  -  48| 
S6-4-  90J 

39*-  45* 
106  -no 

633-  68 
12O4-123I 
122J-128I 

150  -1584, 

95^-101 
844-103! 

100  -109-4- 

79  -  99* 


Apr. 

885-  90$ 
36*-  42i 
93*-  99 
53J-  69 
95  -  98 
43*-  4«4 
91!"  95§ 
463-  51* 
92i-  953 
48  -  493 
121^-127 

103  -123J 
"5  -123* 
1444-163-i 

104  -109! 
1 1 94-1384- 

97 

723 


i_ 


94s 

66 


-May. 
87T  89I 
36f-  41  s 
90-98 

393-  6i3 

95  -  98 

434-  49b 

93f-  953 

474-  5i 

94*"  97* 

48f-  53* 

1163-122 

io6|-ii8| 

nSi-122 

I384-I57I 
1044-109! 

1 1 13-136* 
953-101 


69d" 


78f 


Oct. 


Nov. 


88  -  92 
36*-  434 
944-  98 
384-  45 
94  -  964 
43l-  484 
8os-  89! 

363-  44* 
106  -115 

65  -  73* 
120I-125I- 

i25*-i393 

II5§-I20 

I52f-i6if 

8i3-  97 

6iJ-  89i 

1023-105$ 

834-  943 


90*-  99 
4o4-  544 
954-  99 
4o3-  473 
874-  954 
37  -  46 
85  -  881 

4i*-  44* 
no  -115 

693-  82f 
122I-136 

137  -1574 
115-4--119 

I5i*-i573 
83*-  90 
581-  73 

1054-109!- 

913-  99S 


June. 

85  -  9o3 
344-  38* 
974- 1 04 1 
554-  593 
iooj 

4'»4-  49i 
91  -  94l 
43  -  48 
96I-  98S 

514-  55 
117  -122 
io8f-ii9f 
114  -120 
140I-1595 
103I-107J 

II2i-I20^ 

97l-roo5 

73  -  77 i 


Dec. 


95  -  984 
5o3-  564 
95  -  97* 
4i3-  46! 
894-  944 
37  -  434 
86  -  934 

44  -  5i 
no  -114 

753-  82* 
126!- 137 

1504-1705 
112  -117 

i47  -1554 
894-  92f 
66f-  79I 
98  -107:,' 
763-  94i 


LOW  AND  HIGH  PRICES,  BY  DAYS 

,  NOVEMBER,  1908. 

Nov.  2 

"      3 

4 

5 

••     6 

Pfd.            Com. 
•  •    •  •    105-I-1053    9i3-93* 
.    .  .    Election  Day. 
.    .  .    1063-107^    93*"95* 
■    •■    107I-107I     943-953 
.    .  .   ioSf-109      95*-97t 
.    .  .   108I-109J    98§-98f 
.    .  .   108  -io8|    97  -98J 
.    .  .   io7|-io8f    961-98 
.    . .   ioyl  \<~\    934-97* 

Nov.  12  . .    . 
"    13   ••    ■ 

16 . . . 
"  17  ..  . 
"  is  ..  . 
"  i9  ..  . 
"  20  ..  . 
"  21  ..  . 

Pfd. 
.  107  -1073 

.   107:107; 
.   107  -107I 
■  ■  107-3-107! 

•   1074-1073 
.   1065-107 
.   107  -107^ 
.    106^-106! 
.   io6!-io6! 

Com. 
944-964 
953-96* 
95l-96i 
954-963 
951-961 
941-97 
94s-96 
92*-95* 

92  -u4:; 

Nov 
a 

a 
tt 

tt 
a 

.    23     . .      . 

24  ..      . 

25  .  .      . 

26  ..      .. 

27  .  .      .  . 

28  .  . 

Pfd.           Com. 
.......     924-934 

.......      94^96 

1071-107!     944-964 
Thanksgiving  Day. 
1    i>l -107!     944-96 
.........     oiA-oc 

9 

"     10 

"    11 

30     ..      . 

106J-1063 

923-94* 

LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 

■ 

Pfd. 

Com. 

Pfd.           Com. 

Pfd.            Com. 

1 

io6J-io6;i; 

92a-94* 

Dec.  11    . 

90  -92J 

Dec.  22    .     .' 

I00.',-I02         78   -8l! 

" 

2 

106  -io6| 

or: -94 

12    . 

1044-105       87J-90 

"     23    .     . 

iooi-ioi|    80  -83! 

•  • 

3 

io6i;-io6:^ 

■0  |  o_'; 

■'     14    ■ 

1024-103!     844-88 

-     24    .     . 

100J-101!     8if-83 

.. 

4 

-.  . . . 

1 

•'     15    . 

ioii-1024     83  -851 

"     25    .    . 

Christmas   Dav 

.. 

5 

[06     [06 

90  -92I 

•'     11.    . 

102J-103      S4::-So; 

"     26    .     . 

Extra  holidav 

It 

7 

[06 

8,  1  '  1  1    | 

"     17    ■ 

101  -102!    8i|-86 

"     28    .     . 

101J-102       8i!-84.1 

it 

8 



90  -<nl 

-     18    . 

98  -100!    765-81'; 

"     29    .     . 

io2f-io3      823-85! 

.  > 

9 

ion    -I064 

- 

"     [9    . 

TOO    -IOI          79§-8l 

"     30    ■      • 

ioi!-io2§    814-83! 

tt 

■      to7<    H'-'i 

Mi    : 

'•     21     . 

too  -ioi       79    8o| 

"     31     ■     ■ 

101  -ioif    814-834 

GIBSON'S     MANUAL 


39 


MARKET  MOVEMENTS  OF  AMERICAN  SMELTING   &    REFINING    COMMON,    FROM    1899 

TO  1908,  INCLUSIVE. 


175 

i?n 

ISOO 

noi 

1901 

IS03 

I90V-    1105     I90&    1907     1908 

170 

J 

165 

IfeO 

-r 
-ll-. 

155 

4-1-1  r— 

ISO 

-Pit 

IYS 

--          ' 

m 

-      I 

\vs 

1 

|3q 

J 

l?5 

J 

I2cj 

fl 

\\£ 

| 

110 

- 

1 

105 

r 

1 

100 

■  I 

J- 

85 

T 

~       T 

<\o 

IS 

'     \[ 

80 

III 

I 

75 

J 

EP 

lo 

± 

t 

65 

T 

1 ' 

60 

1 

_L 

5S 

hi 

r 

50 

f 

U 

t 

<+5 

-_j 

A 

(TO 

fv 

A   1 

r^ 

to 

J 

hh- 

u 

1 

A/ 

35 

if 

A,W 

1 

'V 

3o 

REMARKS. 

Curtailment  of  business  in  the  Fall  of  1907,  and  the  necessary  reduction  of  product,  was  fol- 
lowed by  a  retrenchment  in  expenses,  and  in  the  Spring  of  1908,  Daniel  Guggenheim  and  his  brothers 
voluntarily  reduced  their  own  salaries  and  effected,  in  all,  a  total  saving  of  $750,000  a  year  in  the 
general  salary  list. 


40  GIBSON'S     MANUAL 


A  lead  and  copper  smelting  plant  at  Chihuahua,  Mexico,  went  into  operation  in  July,  1908,  and 
u.i>  paid   for  entirely  from  profit  and  loss  account,  as  is  the  custom  "i  the  company. 

The  Omaha  &  Grant  1 ds,  which  arc  the  only  funded  debl  of  American  Smelting  &  Refining, 

•  tint,'  retired  gradually  by  the  sinking  fund. 

Investments  in  securities,  $3,950,087,  not  including  177.510  shares  of  American  Securities 
common   stock. 

Officers:    I 'resident,  Daniel  Guggenheim;    Vice-President,    Barton   Sewell;    Secretary,   W.   K.   Mer- 
tiss;    Treasurer.    Isaac  Guggenheim.     Directors:    Edward    Brush,   Joseph    Gendenin,    Silas     \V.     Eccles, 
Anton   Eilers,   Karl   Eilers,  Janus   B.   Grant,   Daniel   Guggenheim,   Isaac  Guggenheim,    Morris    1 
heim.  M.  Robert  Guggenheim,  S.  R.  Guggenheim,  Frank  Guiterman,  Frank  W.  Hills,  W.  S.  Mel 
mick.  I.  K.  MacGowan,  Willard  S.  Morse,  Edgar  L.  Newhouse,  Grant  P..  Schley,  Barton  Sewell,  Dennis 
Sheedy,  Wm.  Sproule,  John  N.  Steele,  Judd  Stewart.  Mahlon  D.  Thatcher,  and  Walter  T.  Page. 

Fiscal  year  ends  April  30.  Annual  meeting,  second  Wednesday  in  September,  Jersey  City,  X.  J. 
Directors  meet  quarterly,  on  the  first  Wednesday  in  March,  June,  September  and  December.  Office, 
165    Broadway,   Xew    York.      Traded    in   on    Xew   York    Stock    Exchange    (Unlisted    Department). 


GIBSON'S     MANUAL 


4i 


American   Snuff  Company 


Incorporated  in  New  Jersey,  March  12,  1900,  as  a  merger  of  the  snuff  factories  of  The  American 
Tobacco  Co.  and  The  Continental  Tobacco  Co.,  with  other  properties,  engaged  in  the  same  industry, 
control  being  lodged  with  the  American  Tobacco  Co. 

Preferred  stock,  6  per  cent,  non-cumulative $12,000,000 

Common  stock : 11,001,700 

Total  capital $23,001,700 

EARNINGS. 

Net  Earned  on 

Year  ending  Dec.  31.                                         Profits.                    Surplus.  Common. 

1900,  9  months $531,668                  $171,668  .... 

1901 1.066,605                   698,273  3-T5% 

1902 1,739,616                1,442,847  9-27% 

1903 2,177,827                1,800,505  i3-25% 

i9°4 '••     2,458,419                2,438,755  1.58% 

1905 2,633,550                3,252,135  174% 

1906 2,781,867                4,213,832  18.7% 

190/ • 2,890,586               5.I74,23Q  197% 

Note:     This    statement    does    not    include    undivided    net    earnings  of    subsidiary 
companies,   which   they   have   deemed   advisable   not  to  declare  as  dividends. 

DIVIDENDS. 


Preferred 
Common 


1901 
6% 
o 


1902 
6% 
o 


1903 

6% 

10% 


1904 

6% 

10% 


1905 

6% 

10% 


1906 
10% 


1907      1908 

6%        6% 

ioi%     13% 


Preferred   . . . 
Common    . . . 


1901 

73  Apl. 
90  June 
30  May 
49ji  June 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1901. 


1902 


85      Jan. 

101      Oct. 

40yi  Jan. 

135      Oct. 


1'iiU 


l"i  14 


80      Sept. 

98H  Jan. 

90     Aug. 

126      Mch. 


85      Jan. 
99fS  Nov. 
110     Jan. 

170      Nov. 


1905 


99      Jan. 
110      Dec. 
169j/>  Jan. 
250      Nov. 


I'm,, 


100  Dec. 

107  Jan. 

200  July 

220  Jan. 


1907 


1908 


70  Nov.  80      Mch. 

102  June  97]/2  Sept. 

150  Oct.  180     Aug. 

205  Jan.  200      Apl. 


This  stock  first  appeared  on  the  New  York  Stock  Exchange  in  March,  1901. 


LOW    AND    HIGH    PRICES,  BY    DAYS,    NOVEMBER,    1908. 


Nov. 


3 

4 
5 
6 

7 

9 

10 

11 


Pfd. 

Com. 

.   .   .   .     Election 

Day. 

•   •   •        95  -95 

. .   -. . 

_ 

_ 

93*-93i 


Pfd. 

Com. 

1 

13  •  • 

14  .  . 
16  .  . 

_ 

_ 

17 .  . 
18  .  . 

•     97  -97 

19  .  . 

....... 

....... 

21     .     . 



....... 

Nov.  23 
24 

25 
26 

27 
28 

30 


Pfd. 


Com. 


.Thanksgiving  Day 


4-' 


GIBSON'S     MANUAL 


I  )ec. 


3 

4 
5 
7 
8 

9 

10 


LOW    AND    HIGH    PRICES,    BY    DAYS,    DECEMBER,    igo8. 


Pfd. 


96  -96 
97.-971 


Com. 


Dec 


1 1 
12 
14 
15 
16 

i/ 
iS 

19 
21 


Pfd. 


'<;'  973 


I  mil. 


De 


C.  22  . 

23  • 

24  . 

25  • 

26  . 

28  . 

29  • 

30  ■ 

31  • 


Pfd; 


Com. 


Christmas  Day. 
Extra  holiday. 


REMARKS. 

In  the  annual  report  for  1907,  securities  owned  are  reported  as  $2,901,224,  compared  with  $9,595,- 
040  the  year  before.  The  treasurer  explains  that  this  is  due  to  transfer  to  this  company  of  the  assets 
and  winding  up  of  the  affairs  of  two  companies,  in  which  American  Snuff"  owned  stock. 

Officers:  President.  Martin  J.  Condon;  First  Vice-President,  Jonathan  Peterson ;  Secretary  and 
(Treasurer,  E.  D.  Christian.  Directors:  In  addition  to  the  foregoing,  John  H.  Bowers,  John  W.  Her- 
bert, Thomas  J.  Maloney,  Charles  W.  Bumstead,  John  B.  Cobb,  James  B.  Duke,  Augustus  A.  De  Vbe, 
George  A.  Helme,  Henry  D.  Moore,  Elmont  W.  Somers.  Caleb  C.  Dula,  Percival  S.  Hill,  Ernst 
Schmeisser  and  Otis  Smith. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  first  Tuesday  in  March,  Jersey  City,  N.  J.  Directors 
meet  eyery  Wednesday.  Office,  11 1  Fifth  Avenue,  New  York.  Traded  in  on  the  New  York  Stock  Ex- 
change (Listed  Department). 


GIBSON'S     MANUAL 


43 


American  Steel  Foundries 

Formed  under  the  laws  of  New  Jersey,  June  26,  [902,  as  a  merger  of  concerns,  engaged  in  the 
manufacture  of  steel,  iron,  coke  and  other  products,  and  has  since  acquired  additional  properties.  The 
constituent  companies  include  the  following: 

American  Steel  Bolster  Co.  Leighton  &  Howard  Steel  Co. 

American  Steel  Casting  Co.  Sargent   Co.    (Chicago) 

American  Steel  Foundry  Co.  Simplex   Railway  Appliance  Co. 
Franklin  Steel  Casting  Co. 

The  Commonwealth  Steel  Co.  was  purchased  in  1904,  but  sold  at  a  profit  November  1,  1906.  The 
plants  arc  located  in  Pittsburgh,  Chester,  Franklin,  Thurlow  Station  and  Sharon,  Pa.; -East  St.  Louis 
and  Chicago,  Ills.;  Indiana  Harbor,  Ind.,  and  Alliance,  Ohio.  The  company  produces  steel  and  iron 
castings,  car  and  locomotive   springs  and  brake  beams,  and  is  the  owner  of  many  valuable  patents. 

June  12,  1908,  the  stockholders  voted  to  exchange  the  $17,240,000  of  outstanding  preferred  stock 
and  $15,810,000  of  common,  for  stock  of  one  class.  The  old  preferred  receives  77  per  cent,  in  new 
stock.  3  per  cent,  in  cash,  and  20  per  cent,  in  4  per  cent.,  15  year  debentures.  The  common  stock  re- 
ceived 25  per  cent,  in  new    stock.     More  than  90  per  cent,  of  each  class  of  stock  has  now  assented. 

Bonded  debt,  1908 $8,695,800 

Common  stock  .("See  Remarks") 17,184,000 

Total  capital $23,879,800 

EARNINGS. 
Year  ending  Earned  on 

July  31.  Gross  'sales.  Net  profits.  Surplus.       common. 

190.5 Not  reported.  $i,533>403  $835,203            5.4% 

1904 330479                    401,018 

1905 def.  329,000                     214,361 

1906 $15,297,096  1,009,521                     895,160 

190/ 19,463,521  3,100,606  3,724,257 

1908 8,964,169  768.814                       58,445 

No    report   was   published   in   190S,   but  it  was  officially  stated  that  the  company 
had   lost  $329,000,   having   expended  $317,000  for  improvements. 

LATEST   REPORT. 

# 

For  the  quarter  ending  Oct.  31,  1908,  net  earnings  were  $645,985  less   than   in   the   corresponding 
quarter  in  1907. 

DIVIDENDS. 


1902 
Preferred  ....   \\% 
Common    .  .    . .   o 


1903  1904  1005  [906  1907  1908 

6%  j\'/<  o  o  o  No  pfd.  stock. 

00000  o 


Preferred    . . 
Common  .. . 


1902 

50J4  Dec. 
70  Dec. 
12  Dec. 
15      Dec. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1902. 


1903 


36      Dec. 

69J4  Feb. 

3V>  Dec. 

20      Jan. 


1904 

26        I.,U 
S7%  Dec. 
3'A  June 
1SJ4  Dec. 


1905 

35H  Tune 
67y,  Apl. 

eys  juiy 

ISM  Mch. 


1906 


1907 


40      May 
53J4  Jan. 
954  Nov. 
15^Jan 


20      Nov. 
47^  Jan. 
)    i  Mov. 
10^  Jan. 


1"D.S 


26^  Feb. 
43      July 

4l/2  Feb. 

8'A  Aug. 


11 1908 


Retired 


28 
41 


Sept. 
Nov. 


*  New  stock. 
This  stock  appeared  on  the   New-  York  Stock   Exchange,  for  the  first  time,  in  December,  1902. 


44 


GIBSON'S     MANUAL 


LOW    AND    HIGH    PRICES,  BY    DAYS,    NOVEMBER,   1908. 


Nov.    _• 


1  "-. 

•'       4 

5 

-       0 

7 

9 

'■     10 

1 1 

Dec. 


3 

4 
5 
7 
8 

9 
10 


Pfd. 


Election 


Com. 
3C4-30I 

Day 
31  -Z2l 
32^-35 
36^-38 
38  -38 
37*-38 
37h39l 
394-40 


Pfd. 


Com. 

39  -39i 

394-40 

39i-4Q 

39  "392 

40  -40  i 
•401-41 

40  -40 

39  -40 

40  -40 


No\ 


23 
24 

25 
26 

27 
28 

30 


Pfd.         Com. 

••■-•■•  39i-39i 
47h47l     -..-•■• 


39  "39 


39  -39 

39«"40 


Pfd. 


Com. 


Dec.  11 
12 

"  14 

"  15 
"  16 

"  17 
"     18 

"  19 
"  21 


39  -40 

40  -40J 

39h39i 

39  -39^ 

39  "39 

40  -40 

Dec.  22 

"  23 

"  24 

"  26 

"  25 

"  28 

"  29 

"  30 

"  3i 


Pfd. 


Com. 

38  -39 

384-384- 


anksgiving  Day 

•-■•■     39l-39i 
....     40  -40 

.-...     40-40 


LOW    AND    HIGH    PRICES,    BY    DAYS,    DECEMBER,    1908. 


Pfd. 


Com. 


.......     38§-38§ 

Christmas  Day 
Extra  holiday 
••-•••     39  -39i 


REMARKS. 

The  business  depression  of  1907  caused  a  violent  falling  off  in  business  for  a  while,  and  the  plants 
could  not  be  operated  to  more  than  15  or  20  per  cent,  of  their  capacity  for  many  months. 

Since  July  31,  1907,  the  company  has  issued  reports  of  earnings,  quarterly,  in  view  of  the  adop- 
tion of  a  new  system  of  accounts,  which  had  proved  accurate  and  dependable. 

Securities  owned,  June  30.  1908,  were  reported  at  $448,446,  not  including  $687,000  of  the  com- 
pany's first  mortgage  6s,  redeemed  and  held  in  the  sinking  fund  and  $223,373  of  the  company's  bonds, 
held  in  anticipation  of  sinking  fund  requirements.  ,  ■*»,*<-< 

The  company  has  no  debts  aside  from  current  bills  and  the  bonds  referred  to  above,  and  the  latter 
are  being  gradually  retired. 

Jan.  3,  1908,  a  plan  was  adopted  for  cancellation  of  all  the  present  capital  stock  and  the  issue 
in  its  place  of  $17,184,000  of  stock  of  one  class,  and  of  $3,436,800  of  6  per  cent,  debentures  and  the  pay- 
ment of  $515,520  in  cash,  as  follows:  To  the  old  preferred  stock,  yy  per  cent,  of  new  stock,  20  per  cent. 
in  debentures,  and  3  per  cent,  in  cash,  and  to  the  old  common  25  p*er  cent,  in  new  stock. 

Officers:  President,  William  V.  Kelley;  Treasurer  and  Secretary,  F.  E.  Patterson.  Directors: 
Charles  Miller  (Chairman),  Wm.  V.  Kelley,  E.  H.  Gary,  Thos.  K.  Niedringhaus,  John  M.  Harrison, 
W.  W.  Butler,  Morris  Bachman,  E.  F.  Goltra,  W.  D.  Sargent,  Arthur  J.  Eddy,  Geo.  B.  Leighton,  J.  A. 
Middleton,  Max  Pam,  Rolla  Wells,  and  Edward  Shearson. 

Fiscal  year  ends  July  31st.  Annual  meeting,  first  Thursday  before  first  Friday  in  December. 
Directors  meet  monthly.  Main  office,  Chicago,  Ills.  Xew  York  office,  30  Church  Street.  Traded  in  on 
the   New    York   Stock    Exchange    (Listed   Department). 


GIBSON'S     MANUAL  45 


American    Sugar    Refining   Company 

Incorporated  in  New  Jersey,  Jan.  to,  1S91,  to  succeed  The  Sugar  Refineries  Co..  formed  in  1877 
to  unite  in  one  control  a  number  of  the  Havemcycr  and  other  establishments.  Four  refineries  in 
Philadelphia  and  one  in  Baltimore  were  acquired  in  1892.  Beet  sugar  and  Cuban  interests  and  pari 
ownership  in   various  independent   refining  companies  have  since  been  added. 

Preferred  stock,   7   per  cent,   cumulative $45,000,000 

Common  stock 45,000,000 

Total   capital $90,000,000 

EARNINGS. 

The  company  had  never  issued  reports  of  earnings,  and  no  other  financial  statements  (except  an  in- 
complete one,  filed  in  Massachusetts  annually,  in  compliance  with  the  laws  of  that  State)  until  in 
March,  190s,  a  statement  was  issued  for  the  calendar  year  of  1907.  An  estimate  of  earnings  in 
past  years  might,  perhaps,  be  compiled  from  the  amount  of  the  dividends  and  the  amount  of  surplus 
profits  at  the  end  of  each  year,  but  this  would  be  incomplete  and  is  omitted.  The  report  for  1907 
referred  to  shows : 

ASSETS. 

Lands,   building,   machinery,   etc.,  at  cost,  in  stock  or«cash.  and 

less  reduction  for  diminished  value $55,693,781 

Sugar  and  stock,  in  process  of  manufacture 17,532,226 

Refiners'  supplies,  including  bone  black 1,764,584 

Cash 5,016,986 

Accounts  and   bills  receivable 5,934,482 

Loans 17,666,550 

Bonds  and  stocks,  held  for  use  as  reserve 6,933,870 

Investments  in  other  corporations,  at  cost  in  cash  or  less 22,907,052 

Total  assets $133,449,531 

LIABILITIES. 

Preferred  slock •     $45,000,000 

Common  stock 45,000,000 

Accounts  and  bills  payable,  including  acceptances    on     letters    of 

credit  for  raw  sugar  to  arrive " 9,327,269 

Unpaid  dividends 1,585,418 

Reserve  for  rebuilding 1,500,000 

Fire  insurance  reserve  fund 5,459,908 

Surplus,    as    a    contingent    reserve    under  action   of  the  stock- 
holders'  meeting 25,576,936 

Total   liabilities $133,449,531 

DIVIDENDS. 

1 000  1 90 1  1902  1903  1904  1905  1906  1907  1908 
Preferred...  7%  7%  7%  7  jo  7%  7%  7%  7%  7% 
Common  .   .   .     7f%       7%         7%         7%         7%        7%         :<:  7%         7% 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 
1900  1901  1902  1903  1904  1905  1906  1907  1908 

Preferred...  107      Mch.   Ill      Dec.  115     Jan.     116     Aug.  123      Tan.  133      May  128^  Dec,  106      Nov  105      Feb 

US      July     130      July  122      Aug.    123      Dec.    141       Nov.  141       Aug.  140       l.m.  131       Tan.  131       V,,v 

Common...  95ji  Mch.    103J6  Dec.  113      Nov.  107j^  Oct.    122',Mcli.  130      May  127'  '.  Mav  92$4  Dec  98&  Jan 

149-     Dec.     153      June  13Sj>g  Mch.  134-^  Jan.    153      Nov.  154^  Dec.  157      Ian.  137'/.  Feb  137&  Aug 


46 


GIBSON'S     MANUAL 


LOW  AND 

Jan. 

HIGH  PRICES.  BY  MONTHS,  SINCE 

igOO. 

Feb. 

Mch. 

107  -mi 

Apl. 
["08J-113 

.May 
no  -113! 

June 

1900  ....   Pfd.. 

111  -115 

108  -115 

114  -n65 

.    Com. 

H2j-i37i 

ioii-n8i 

954-)M! 

[01J-121! 

[05^-120 

uoi-im:; 

1901 

.   Pfd.. 

117I-119J 

1191-122 

120 J- 124 

1 203-1 24 

[20I-128! 

120  -122] 

.  Com. 

1312-M74 

1334-144! 

1382-144' 

[393-152 

i.v    151I 

140  -153 

1902 

.  Pfd.. 

115  -n/' 

II7I-II9I 

1 16J-119I 

n8i-i2o 

118  -120I" 

118-J-1193 

.   Com. 

1 1 6]  -1 28I 

I25i-i32i 

t23§-i35|         1 

22i-I33| 

1245-130? 

1245-129! 

1903 

.   Pfd.. 

120   -I2l| 

121  -122 

I20*-I22 

[19  -120I 

I20l-I2I^ 

118  -120 

.  Com. 

1  -T  l-i.; 

I27f-i33 

I22J-I3I5 

[19  -1273 

121    -I27! 

1 152-1234 

[904 

.  Pfd.. 

123  -126-4 

[23I-126I 

124    -125! 

I25l-I26i 

125    -127 

125  -130 

.   Com. 

123J-131I 

1 222-128 

I22|-I28J 

[26  -129 

I24f-I28! 

125  -128! 

IO°5 

.  Pfd.. 

i37i-i39i 

139  -1393 

1371-140 

[37f-i39i 

133    -I37l 

1 34 1-136 

.   Com. 

I38I-I444 

142  -145: 

1394-149^ 

[36  -145! 

130  -i38i 

[32  -140 

1906 

.   Pfd.. 

138-J-140 

139  -1395 

139  -140 

[32i-i37i 

134  -137 

133  -136 

.   Com. 

I44I-IS7 

139  -I48| 

136  -1413 

[303-142J 

1274-138! 

[28H373 

1907 

.  Pfd.. 

130-1-131 

129I-131 

122  -128! 

[24  -125 

124  -125 

.   Com. 

1291-136! 

129H37! 

1 1 4 ;  - 1 3 !  - 

[22   -I27I 

1 194-127 

119   -I22| 

1908 

.  Pfd.. 

108  -114I 

105  -113 

114  -1 193 

[  20-] :-1 23 

I23   -I2v] 

1241-125 

.   Com. 

98J-115 

10-  i- 1 1 1| 

112  -128 

[24  -129 

1 26!-I32! 

121*-]  30! 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1900  ....  Pfd.. 

U4i-n8 

116  -117 

1  M2-115' 

[IS  -1174 

n5;-ur! 

114I-118 

.   Com. 

1135-129! 

1  173-126 

II21-I23' 

144-126! 

122  -137 

122I-149 

1901 

.  Pfd.. 

120J-130 

124  -128* 

114  -125 

[ 14  -116} 

"5  -n7i 

ITT     -I  172 

.   Com. 

I33i-i45l 

129  -141 1 

120   -I364-             ] 

122-122 

116  -127 1 

I03  1- I  265 

[902 

.   Pfd.. 

118I-120 

iigf-122 

Il8|-I22 

[  18   -121 

115  -119I 

Il6!-I2oi 

.   Com. 

124I-134! 

I3II"I34 

123    -133} 

[i7l-i27i 

113  -1231 

IT7I-I30I 

1903 

.   Pfd.. 

117  -119J 

116  -119 

II74-II9I 

[16  -118I 

118  -120J 

120.1-12} 

.   Com. 

112  -122! 

[o8f-n8 

I08   -II7f 

[074-116I 

1 14I-1  -- 1 

I2l"-I28! 

1904 

.   Pfd.. 

127^-1295 

130  -136 

I.vV2-I34 

[32  -137 

[36I-141 

137  -MO 

.   Com. 

127  -1305 

128I-134! 

1293-133 

[31  -146 

141' -153 

I345-I5I4 

1905 

.   Pfd.. 

i363-i38i 

1392- Mi 

I37I-I39 

1381-140 

138  -140 

138 1-140 

.   Com. 

137  -M.^ 

141I-146 

I37    -141                 ] 

38J-I44! 

I364-I441 

139  -154^ 

1906 

.    Pfd.. 

133  -136 

136  -138 

I30   -135 

[32  -i32! 

1 304-131 

I28J-I3O 

.   Cmii. 

1271-138* 

i.Ui-1442 

134  -138* 

^32  -i.v"3 

1313-136! 

1 303- 1 37, 

1907 

.  Pfd.. 

125  -126 

Il8    -I20* 

1  15Z-11S 

to8  -117 

IO6     -IIOo 

106  -no 

.   Com. 

121  -1245 

107^-123 

109  -1153 

97  -112I 

995-107 

92-3-10.) 

190S 

.   Pfd.. 

123  -1285 

126  -130 

125  -127 

[26   -I2Q 

T28C-131 

129  -131 

.   Com. 

I2.=5i-i33i 

r3ii-i373 

I26J-I37                  ! 

20-'- 1 34-1 

r3if-i37! 

1255-1333 

LOW   AND    HIGH    PRICES.   BY   DAYS,   NOVEMBER, 

1908. 

Pfd.              Com. 

Pfd. 

Com. 

Pfd.             Com. 

ov.  2   . 

.........      1321-133! 

Nov  12 -.  . . . 

1343-1354 

Nov.  23  . 

.........     1321-133! 

3   • 

Election  Day. 

"  13 

......... 

1344-136 

"  24  . 

131  -131       [33  -1343 

4   • 

.........     133  -i34>L 

"  [4 

......... 

1352-1361 

"  25   . 

.........     1334-1344 

"     5  • 

t28f-I28|      1345-1353 

"  16 

......... 

I3if-I354 

"  26  . 

Thanksgiving  Day. 

"     6  . 

130  -130     135  -135* 

"  17 

......... 

1324-133? 

"  27  ■ 

131  -I31       1334-1344 

7  • 

.........    135  -136 

"  18 

I30    -I30 

I324-I334 

"  28   . 

.........      1323-133I 

9  • 

.........    1354-137! 

I3O   -I30 

I3I3-I334 

•  30  • 

.........      1321,-133! 

"  10  . 

130  -130     I35J-I36S 

"  20 

I3O    -I30 

I32§-I33l 

"  11   . 

.........    1341-1361 

"    2T 

......... 

[33I-1334 

LOW   AND    HIGH    PRICES.    BY    DAYS,    DECEMBER.    1908. 


Dec.   1 


8 

9 
10 


Pfd. 
131  -[31 


1 30  J  -130I 


1 291-129! 


Com. 


[323  133; 

Dec 

.   T  T 

......... 

12 

1 30-5-131 , 

a 

M 

132  -132! 

IJ 

......... 

tt 

16 

1314-132 

a 

17 

132  -1324 

a 

l8 

132  -132 

!w 

132!  [323 

tt 

21 

Pfd. 

Com. 

131  -131 

1.S15-132} 

D. 

130  -130 

131   -132 

130  -130 

132  -132! 

120  -129 

1 3C4-131! 

......... 

1 303-l3l3 

129  -129 

1271-130! 

......... 

126.V-1283 

......... 

128  -1285 

......... 

125JI-128 

Pfd. 


Com. 


22 

-.  . .  . 

127  -129 

2?.  ■ 

-. .  .  . 

128', -1 20', 

24  • 

'    Chr 

1293-129I 
stmas  Daw 

26  .    . 

Extra  holiday. 

28  . 

29  . 

129  -130 
130I 

[293-132! 
132! 

30    ■ 

......... 

[31  -132 

31    • 

- .  .  .  . 

131   -132 

GIBSON'S     MANUAL 


47 


MARKET  MOVEMENTS  OF  AMERICAN  SUGAR  REFINING,  COMMON,  FROM  1899  TO  1908 

INCLUSIVE. 


REMARKS. 

The  death  of  H.  O.  Havemcver.  who  had  been  president  of  the  company  since  its  organization, 
on  Dec.  4.  1907,  led  to  a  complete  abandonment  of  the  policy  of  secrecy,  which  had  been  followed  for 
twenty-one  years.  The  financial  statement,  referred  to  above,  was  significant  as  a  recognition  of  the 
spirit  of  the  times,  and  was  issued  in  compliance  with  a  resolution  adopted  by  the  stockholders  at  the 
annual  meeting,  Jan.  8.  1908. 

Securities  owned,  Dec.  31,  kjoj,  were  $29,840,922. 

At  the  beginning  of  the  year  1908  there  were  9.244  preferred  stockholders  and  8,933  common 
stockholders  in  the  company. 

The  large  surplus  profits  account  of  this  company,  and  its  excellent  earnings  have  given  rise 
to  a  rumor  of  an  extra  distribution  t < .  stockholders. 

\  mammoth  new  refinery  in  New  Orleans  is  the  latest  enterprise  of  American  Sugar  Refining. 
The  buildings  are  215  feet  high  and  will  have  a  capacity  of  12.000  to  15,000  barrels  of  refined  sugar 
a  day. 

Sept.  15,  1908.  the  suit  of  The  Pennsylvania  Sugar  Refining  Co.  againsl  this  company  for 
$10,000,000  damages  was  dismissed  by  Vice-Chancellor  Walker  of  New  Jersey. 

In  November.  1908,  the  Federal  government  began  seven  suit-  againsl  tin-  corporation  to  re- 
cover $3,624,121,  alleged  to  be  due  for  duties  on  sugar  importations  since  1901. 

Officers:  President,  W.  P.  Thomas;  Vice-President  and  Treasurer.  Arthur  Dooner;  Secretary. 
(  '.  R.  Heike.  Directors:  In  addition  to  the  foregoing,  Horace  Havemeyer,  Charles  II.  Scuff,  ( "ieorgc  II. 
Frazier,  John  Mayer,  John  E.  Parsons,  Henry  E.  Weise  and  Henry  C.  Mott. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  second  Wednesday  of  January,  Jersey  City,  N.  J. 
Directors  meet,  on  call.  Office,  1 1 7  Wall  Street,  New  York.  Traded  in  on  the  New  York  Stock  Ex- 
change.   (Unlisted  Department). 


)S  GIBSON'S     MANUAL 


American  Telephone  CS,  Telegraph  Company 

This  is  ;i  New  York  corporation,  organized  in  1885  by  The  American  Bell  Telephone  Co.,  with 
a  view  originally  to  own  and  operate  the  latter's  long  distance  telephone  system,  bul  the  plan  was 
extended  in  March,  1900,  at  which  time  the  parent  company  turned  over  all  its  business,  contracts,  prop 
city  and  assets  to  American  Telephone  &  Telegraph.  The  holders  of  the  $25,886,300  of  the  parent 
company's  stock  exchanged  it  for  stock  in  the  new  company,  receiving  two  shares  for  one,  and  having 
also  the  righl  to  subscribe  For  one  share  of  the  new   stock  for  ever)   five  of  their  old  shares. 

American  Telephone  ci:  Telegraph  now  owns  a  large  interest  (in  a  majority  of  cases,  control)  in 
the  leading  local  companies,  which  operate  under  the  Bell  patents,  excepting  perhaps  The  Michigan 
Mate  Telephone  Co.  In  the  aggregate,  it  owns  54.3  per  cent,  of  the  stock  of  the  operating  com- 
panies.    It  .also  is  proprietor  of  the  long  distance  lines  which  connect  the  local  companies. 

June  3,   19OI,  the  capital  stock  was  increased  to  $150,000,000  and  on  March   1,  1903,  to  Sj50.ooo.OOO. 

Bonded  indebtedness,  Dec  31,  1907 $153,000,000 

Coupon   notes 25,010,000 

Capital  stock  1  £250,000,000  authorized) I79>595.255 


Total  capital $357>6o5,255 

Note:  Of  the  outstanding  capital  stock  above,  $27,110,400  is  held  by  The 
American  Bell  Telephone  Co.,  whose  capital  stock  in  turn  is  owned  by  American  Tele- 
phone   &   Telegraph. 

EARNINGS. 

Year  ending  Net,  less  exp. 

Dec.  31.  I  Iross.  and  int. 

iqoi $11,606,816  $7,398,286 

1902 13,277,457  7.835,272 

1903 ifi.545.632  10,564,665 

1904 18,546,650  1 1.275.702 

1905 21,712.831  13,034.038 

1906 24,526,0)7  12,970,936 

1907 25.609,671  16,269,387 

*  For  several  years,  the  company  has  carried  in  its  statement  of  liabilities  the 
sum  of  $18/>45.210.  under  the  head  of  "Contingent."  This  item  disappeared  in  1907, 
and    was   replaced   by   the  large   surplus   and  reserve   item   stated. 

^♦Calculated  on  amount  of  stock  in  hands  of  the  public.  $27,110,400  being  held  as 
a    reserve    against    certain    indebtedness    and   receiving  no  dividends. 

LATEST   REPORT. 

For  the  eleven  months,  ending  Nov.  30,  1908,  the  company  reported  as  follows,  compared  with  the 
corresponding  period  in  1907: 


Surplus 

Earned  on 

and  reserve. 

common. 

S0.S12.146 

9-54% 

9.572.552 

S.92% 

12,652,740 

S.3 1  % 

13.327.715 

8-57% 

16,234.323 

9.91% 

17.135.594 

12.21% 

30,738,418 

■  13.0270 

Telepht  me 

Xi-t  income. 

Interest 

Balance  for 

revenues. 

less  taxes. 

charges. 

dividends. 

[908 

$109,492,200 

S34.410.400 

S7.01 2,000 

$27,398,400 

1907 

103,773.200 

31,502,700 
DIVIDENDS. 

6.581.500 

24,921.200 

1900 

1901          1902 

1903          1904 

1905       1906 

1907         1908 

.c; 

7i%         7\% 

:'■■       7\°fc 

7l%-    '  8% 

8%         8% 

LOW  AND    HIGH    PRICES,  BY    YEARS,    SINCE  1901. 

1901                                             1903                    1904                   1905                    1906  1907                    1908 

\,,v.                 ,  Ian.                   Oct.         121      Feb.  131      Dec.          130     July  88     Oct.  101      Jan. 

186      Apl.  169      1.              14°      Nov.  1  is   .  Jan.           ill    .Jan.  133      Jan.  132^  Nov. 


This  stock  is  not  active  in  the  trading  on  the   New  York  Stock  Exchange.    It  was  listed  in  Sep- 
tember, 1901. 


GIBSON'S     MANUAL 


49 


LOW 

AND    HIGH 

PRICES, 

BY    DAYS, 

NOVEMBER. 

908. 

Low. 

High. 

Low. 

High. 

Low. 

High. 

NOV,       2     . 

.        I26| 

127 

\o\ 

.12    .    . 

12S1, 

129 

Nov 

2,3 

•     •     ■      1302 

131 

"       3    ■    ■ 

Election   Dav 

*  ' 

•3    ■     • 

129 

131 

tt 

24 

•     •     •      I303 

132.1 

4    ■     • 

\2~\ 

I28| 

14    .     . 

UK 

'3-'.' 

25 

•     •     •      131 

132? 

5 

.        128 

1284 

" 

16    .     . 

131! 

I32S 

,. 

2b 

.     .      Thanksgivin 

g  Day 

-      6    .    . 

.        1284 

129J 

** 

17    .     . 

>3K 

I32i 

" 

27 

•     ■     ■      i.V  J 

'32 

7    ■     ■ 

1 29  i 

1 29  J 

" 

18    .     . 

131 

'3-'! 

tt 

28 

•     •     ■      130I 

131 

9    •    ■ 

•     129.I 

1 20  J 

tt 

[9    .     . 

131 

I3lS 

30 

.     .     .      I28| 

[30$ 

•     10    .     . 

.      I28f 

TJW.l 

20    .     . 

i3oi 

I3lJ 

"     ii    .    . 

.       1 28+, 

1283 

21       .        . 

1305 

131 

LOW 

AND    HIGH 

PRICES, 

BY    DAYS 

DECEMBER, 

igo8. 

Low. 

High. 

Low. 

High. 

Low. 

High. 

Dec.     i     .     . 

.      128J 

1294 

I  )ec 

11.. 

C29 

129J 

Dec 

■>    > 

.     .     .      I26| 

128 

) 

.      129 

129J 

a 

12    .     . 

I2S:; 

129 

'* 

23 

■     •     •      127; 

128J 

3    •     • 

129 

I29i 

" 

14    .     . 

128:; 

129 

24 

.     .     .      12S', 

129 

"        4     ■     ■ 

.      129 1 

129I 

" 

15    .     . 

1284 

129 

" 

2$ 

.    .    .    Christmas 

Day 

5    •    • 

.     i:s; 

129I 

a 

16    .     . 

1284, 

129 

" 

26 

.    .    .      Extra  holiday 

it            _ 

/    ■    ■ 

.    1281 

129! 

" 

17    .     . 

1273 

128-J 

" 

28 

.     .     .      129 

129J 

"      8    . 

.    128: 

129 

'* 

i8    .     . 

127* 

128 

tt 

29 

.      .      .       I29i 

129} 

9    •    • 

.   I28J 

129$ 

■• 

19    .     . 

127* 

128* 

*' 

3D 

.     .     .      128I 

129 

"      in     .      . 

129 

I2<)1 

" 

21    .    . 

I26f 

127! 

31 

•     •     •               127I 

REMARKS. 

The  gross  earnings  of  the  operating  companies,  including  the  long  distance  lines,  have  not 
always   been    published.      In    1906.   they   amounted   to  $105,441,600.  and  in   1907,  to  $120,753,200. 

Securities  owned,  Dec.  31,  1007.  were:  Bond-;  of  associated  companies,  S7  r  .066,696 ;  stocks  of 
those  companies.  $202,338,100:   total.  $273,404,796. 

The  number  of  telephone  stations  of  all  kinds,  operated  by  this  company  and  its  subsidiaries, 
Dec.  31,   i<P7.  was  3. 831;. 000.  compared  with  3.070.660  the  year  before. 

The  San  Francisco  earthquake  in  1906  inflicted  upon  this  company's  subsidiary  in  that  city  a 
greater  injury  than  any  telephone  plant  had  ever  before  suffered  in  history.  The  plant  has  been  rebuilt 
and  service  restored. 

Construction  expenses  were  largely  reduced  in  1907.  owing  to  the  change  in  business  conditions. 

In  February,  1908,  The  Mackay  Companies  owned  about  $10,000,000  of  American  Telephone  & 
Telegraph  stock. 

Early  in  December,  1908.  a  syndicate,  composed  of  J.  P.  Morgan  &  Co.,  Kuhn,  Loeb  &  Co.. 
Kidder,  Peabody  &  Co.  and  Baring  Bros.  &  Co.,  bought  from  this  company  $50,000,000  of  4  per 
cent,  convertible  bond;,  completing  the  authorized  issue  of  $150,000,000.  This  provides  all  the  financing 
the  company  will  need  until  1911. 

Officers:  President,  Theodore  N.  Vail;  Vice-President.  E.  J.  Hall:  Treasurer,  William  R.  Driver: 
Secretary,  Charles  Eustis  Hubbard.  Directors:  Theodore  N.  Vail.  Charles  W.  Amory,  Geo. 
F.  Baker.  Francis  Blake,  Sylvanus  L.  Schoonmaker,  Alexander  Cochrane,  T.  Jefferson  Coolidge,  Jr.. 
\V.  Murray  Crane,  Henry  S.  Howe,  Charles  E.  Hubbard.  William  Loiwell  Putnam,  Thomas  Sanders. 
Nathaniel  Thayer.  John  I.  Waterbury,  Harry  11.  Brigham,  George  L.  Green.  Moses  Williams,  and 
Thomas   1',.  Bailey. 

Fiscal  year  ends  Dec.  31st.     Annual  meeting.  \aA    Tuesday  in  .March,  New    York.  Directors  meet 

Third   Tuesday   of   each    month.       Main   office.    125    Milk  Street,   Boston,  Mass.     Xew  York  office,   15 

Dey  Street.     Traded  in  on  the  New  York  Stock  Exchange      (Listed    Department)    and  on   the   Boston 
Stock   Exchange. 


GIBSON'S     MANUAL 


American  Tobacco  Company 

Incorporated   in    New   Jersey,   Oct.   19.    [904,  as  a  merger  of  three  tobacco  companies,  the  former 

American,  the  Consolidated  and  the  Continental,  pursuant  to  an  agreement  entered  into  on  Sept.  9  of 
that  year.  The  plan  adopted  provided  for  the  issue  of  four  classes  of  securities,  ranking  in  the  order 
named  .1-  to  interest,  dividends,  and  payment  of  principal  in  case  of  liquidation: 

t  1)  $56,090,416  of  6  per  cent,  gold  bonds,  to  be  retired  at  the  rate  of  $500,000  a  year  if  they 
can  be  bought  at  or  under  t20  in  the  open  market,  all  issuable  in  exchange  for  the  preferred  shares 
of  the  American  and  Continental  companies,  held  by  the  public,  on  this  basis:  Each  share  of  American 
preferred  stock  to  receive  $2  in  cash  and  $133  1-3  in  bonds;  each  share  of  Continental  preferred  to  re- 
ceive Si. 75  in  cash  and  $1162-3  in  the  bonds. 

(2)  Four  per  cent,  gold  bonds,  $78,689,100,  to  be  exchanged  for  an  equal  amount  of  Consoli- 
dated 4s,  the  other  half  of  the  $157,378,200  of  Consolidated  4s  to  he  exchanged  for  the  new  preferred 
stock. 

i.O      Preferred    stock,   f>   per   cent,    cumulative,  $80,000,000,  the  hulk  of  this  to  retire  $78,689,100 

tnsolidated  4s,  voting  power  to  be  limited  Strictly    to    meetings    for    increasing   or    decreasing    the 

capital  stock  or  for  dissolving  the  corporation,  or  to  other  rights  set  forth  in  the  statutes. 

(4)  Common  stock,  $100,000,000,  a  part  of  it  to  retire,  dollar  for  dollar,  the  common  shares  of 
the  three  companies,  $40,242,450,  then  held  by  the  public,  the  balance  to  be  reserved,  with  the  inten- 
tion, at  the  time,  of  never  issuing  any  of  it. 

While  the  merger  was  contested  in  the  courts,  it  went  into  operation  in  October,  1904.  and 
the  new  company  became  the  owner  of  all  plants,  assets,  trade  marks,  etc..  of  the  three  merged  com- 
panies, and  later  controlling  owner  of  The  American  Cigar  Co.,  The  American  Snuff  Co.,  The  Havana 
Tobacco  Co.,  The  P.  Lorillard  Co.  and  The  British-American  Tobacco  Co.,  Ltd. 

Bonded  indebtedness,  Dec.  31,   1907 $108,306,300 

Preferred  stock.  6  per  cent,  cumulative 78,689,100 

Common  stock 40,242,400 

Total   capital $227,237,800 

EARNINGS. 

Net  *  Earned  on 

Year  endingDec.  31.  Earnings.  Surplus.  Common. 

1005 $25,152,541  $25,685,961  35.3% 

[906 26.348,193  3°>553>888  39-37% 

190/ 27,329,213  32,554.708  4-'-48% 

Before  deducting  cost  of  purchase  and  cancellation  of  the  4  per  cent,  gold 
bonds  of  the  company,  in  those  years,  successively,  to  the  amount  of  $0,988,990; 
$l,88(i, 31 it,  anil  $5.(l.U.237.  The  figures  do  not  take  into  account  the  undivided  net  earn- 
ings of  subsidiary  companii 

DIVIDENDS. 

I9O5  I  Ml  II.  I  1  ((.J  I'K'S 

Preferred 6%  6%  6%  6% 

Common 20%  22!%  25%  25% 

LOW  AND  HIGH  PRICES.  BY  YEARS,    SINCE  1900. 

I9O0      1901      1902      1903      1904     *1904     1905      1"""      1907      1908 

Preferred — 

128      May    U7  Ian.  140      inn.     130  net.     130&  Feb.  S3   5  Nov.  "K,sJan.  96  Dec.     60     Oct.      72*6  Jan. 

Tan.      ISO  Tidy  151J4  Mch.    146  Jan.     149      N'nv.  96      Dec.  109^  Dec.  109  Jan.       98} ,'  Jan.       "7'.'.  July 
!  mon — 

rune     99  May    140      Tan ....  ....  209  290                396 

114    [Dec.    ill  Tune  300      fan      250                 ....  ....  476  513                174''.             ■■■■ 

Note:  Until  lr'U4.  inclusive,  the  quotations  above  are  those  "i  the"  old  American  Tobacco  stock.  Thereafter 
present  the  new  preferred  stock.  The  commori  stock  of  the  old  company  ceased  to  be  traded  in 
after  Jan..  1902,  and  the  new  common  has  never  been  traded  in  Figures  for  the  common  stock,  not  complete, 
after    1902.   are   prices   in   the  curb   market. 

*  New    preferred    stock, 


GIBSON'S     MANUAL 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,    1908. 


X..\ 


Low.       High. 

23 

24 93  93 

25 93  93 

26 Thanksgiving  Da\ 

27 924  93i 

28 

30 


LOW    AND    HIGH    PRICES,   BY    DAYS,    DECEMBER,    1908. 


1) 


c. 


3 

4 
S 
7 
8 

9 

10 


Low.       High. 

1 )-  jj  92  i 

92! 

92I 

92-I 

94 


94* 
94£ 
941 


923 

925 
94? 
95 

95t 

95 
95 


Dec 


1 1 
12 
14 
15 
16 

17 

18 

19 

21 


Low.       IliHi. 


92! 

';-■'• 
9i| 
90I 


9lj 


9 1  -• 


■>- , 
92I 
92I 

91$ 


01  '• 
92 


Dec.  22 

"  23 

"  24 

"  25 

"  26 

'•  28 

"  29 

•'  30 

"  3i 


Lc\ 


93 
933 


in 


93 

933 


Christmas  Day. 
Extra  holiday. 

•  93$  94f 

•  '4!  94l 

94i 
94 


REMARKS. 

Securities  owned,  Dec.  31,  1907  were:  Stocks  in  foreign  companies.  $20,748,682;  stocks  in 
other  companies,  $73,142,527;  total,  $93,891,209. 

Fixed   charges   in    1907  were  20.17   per  .cent,  of  net  income. 

Nov.  7,  1908,  the  United  States  Circuit  Court  at  New  York  handed  down  a  decision  in  the 
Government  suit  against  American  Tobacco,  pronouncing  the  company  a  combination  in  restraint 
of  trade,  but  refusing  to  appoint  receivers  to  wind  up  the  company,  and  suspending  the  operation  of  the 
decree,  pending  appeal  to  the  Supreme  Court  of  the  United  Stales.  The  decree  was  formally  filed 
Dec.  15.     Both  parties  appealed. 

Officers:  President,  James  B.  Duke;  First  Vice-President,  John  B.  Cobb;  Treasurer.  John  M. 
W.  Hicks;  Secretary,  Josiah  T.  Wilcox.  Directors:  George  Arents,  Anthony  N.  Brady,  Paul  Brown, 
John  B.  Cobb,  Howard  M.  Hanna,  James  B.  Duke.  Caleb  C.  Dula,  Robert  B.  Dula,  William  R.  Harris, 
George  A.  Helme,  Percival  S.  Hill,  Herbert  I).  Kingsbury,  Thos.  P..  Yuille,  Pierre  Lorillard.  Thomas 
J.  Maloney,  Rufus  L.  Patterson,  Oliver  11.  Payne,  Frank  H.  Ray,  Thomas  F.  Ryan,  Grant  B.  Schley, 
Robert  A.  C.  Smith.  Robert  K.  Smith.  Geo.  W.  Elkins,  Robert  D.  Lewis,  Peter  A.  P..  Widener,  and 
Geo.  D.  Widener. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  second  Wednesday  in  March,  Jersey  City,  N.  J. 
Directors  meet,  every  Wednesday.  Main  office.  11 1  Fifth  Avenue,  New  York.  Preferred  slock  traded 
in   on   the   New  York   Stock   Exchange    (Listed    Department). 


52  GIBSON'S     MANUAL 


American  Woolen  Company 

This  company  was  incorporated  in  New  Jersey,  March  29,  [899,  as  a  merger  of  a  number  of  the 
foremosl  fact. Tics  of  woolen  and  worsted  goods  in  New  England.  The  properties,  30  in  number,  are 
located  in  Lawrence.  Lowell,  Fitchburg,  Blackstone,  Maynard,  Plymouth,  Webster  and  Franklin, 
Mass.;  Providence,  P  g  and  Manton,  R.  [.;  Dover,  Lebanon  and  Enfield,  \.  li.:  Skowhegan,  Fair- 

field, Dover  and  North  Vassalboro,  Me.;  Moosup,  Conn.,  and  Fulton,  X.  Y. 

Preferred  stock,  7  per  cent,  cumulative $35,000,000 

Ton  11 11011  stuck 29,50) 


total  capital $64,501,100 


ending 

Dec.  .;i .  Gross. 

0 $29,758,449 

[901 34.960.309 

CSX*2 35.522,977 

1903 38,276,71 4 

[904 39,632,916 

[905 48,660,449 

1906 51,42' 

[907 47,377,846 


EARNINGS. 

Net  [ncome, 
$2,839,052 

3,227,667 
3,343,520 

3.042.330 

4,78i,i57 
4,809,397 

3,  |_'!i.!><    '  i 


Sulpliis. 
$2,105,650 

2,783409 

l.i'i  1.076 

6,554,595 

8,196,925 

10.041 

1 1 ,109,225 

[0,1 14,998 


Earm 

nion. 

^88< ! 
2.299 
6.19 
6.589 

*5-57'- 
6.289? 

3  ' ! ' 


After  charging  off  for  depreciation  $1,528,254, 
(hki  in  tlmse  Four  years,  in  the  order  named. 


$1,367,838,   £2,000,000  and  $2,000, 


I9OO  I'KiI 

Preferred 7% 

Common o  o 


DIVIDENDS. 


7% 
o 


1903 

o 


[904 

7'< 
o 


[90= 

,-< 
o 


[906 

7% 
o 


1907 

7'< 
o 


7'. 
o 


1900 

Preferred  . .  77       Dei 
76     Dec. 
Common. . .  22'  2  Dec. 
Dec. 


LOW  AND  HIGH  PRICES.  BY  YEARS.  SINCE   1900. 
1901  1O02  1903  1W  1905  1906 


J11I3 
7(1  Meli. 
21%  Jan. 

Mch. 


80       Sept. 

73      Apl. 

Tan. 

12     Dec. 


80      Tan. 
65      Oct. 

14%  Fi  1, 
7)     1  let 


"4  m  Dec.  108*4  Mch.  110%  Tan. 

69      ran.  93      (an.    101      July 

2S      Nov.  47",  Nov.     48      Tan. 

10        Ian.  20%   Ian.        28       Nov. 


1007 


102   i  l.ni 

68 

Nov. 

16 

Jan. 

11 

Oct. 

L908 

97      Nov. 

:s      Feb. 
32%  Dec. 

Feb 


LOW  AND  HIGH  PRICES,  BY  DAYS.  NOVEMBER.  1908 


Nov. 


9 

10 
1 1 


C  0111. 


....... 

24  -24 

\.i\ 

lj 

1 

Day 

.. 

13 

92  -92 

2  5 

a 

14 

26  -26 

a 

[6 

91^-92 

264-27 

'7 

27i-27i 

[8 

....... 

-'7' 

i< 

[9 

28! 

.. 

JO 

-20 

ji 

I'lM. 

954-963 
96    97 

95 
954-95-! 

953     • 

94! 

941-95 

04 1-04 1 


( ;<  nn. 
29i-3ii 
3I4-31  I 
3i4-3ii 
31^-31^ 

3II-31! 

.^i-3's 
29  -31! 
29J-30 


Nov. 


-.1 
26 

27 
28 

30 


1  ,1  nn. 


Thanksgiving  Day 
29^-29'. 


96  -96 

n;l  95I 


291-291 
29^-30 


LOW  AND  HIGH  PRICES,  BY  DAYS.  DECEMBER.  1908 


Dec.      1 


Pfd. 


2 

•     953  95i 

3  ■ 

'  »5 ' 

t 

■     953 

s 

■< 

1 

• 

R    . 

....... 

0    ■ 

....... 

IO    . 

•     ■  >- 

Com. 

11.. 

....... 

i_' 

303-30^ 

'  \ 

3of-3i  \ 

"     1  "5 

31   -31 

-     r6 

3 J   -3^ 

"     >7 

3iJ-3i3 

■•     18 

I'l 

_'I 

Pfd. 
95l 
95i-953 

943  95 
95 

94l 


I    im 
3'i-3iJ 
3^-3*3 

3i*-3ii 
3iJ-3ii 

20I-31! 


Dec.  22 

"  23 

"  24 

-  25 
••  26 

-  28 
"  29 
"  30 

-  31 


Pfd. 
95  -95 
95 


Christmas  Day. 
Extra  holiday. 
95i-95l     30 

94!  mi',     jo:-jo: 
95  -05       28I-30 
041-95       29.1-30 


GIBSON'S     MANUAL  53 


REMARKS. 

The  depression  of  [907  bore  heai  ilj  upon  the  woolen  goods  industry,  particularly  as  the  demand 
was    rather     for    worsted    goods    than    woolens.     The    panic    led    mam     merchants,     who     had     orders 

upon  their  books,  to  decline  to  accept  g Is  and  the  credit  of  others  had  been  extended  as  far  as  safetj 

permitted.  To  avoid  an  accumulation  of  cloths,  The  American  Woolen  Co.  curtailed  production  to  the 
extent  of  68  per  cent.,  and  followed  this  policy  until  well  along-  in  rao8.  Price  reductions  were  initiated 
and  the  decline  continued  until  a  final  drastic  cut  in   the  summer  of   1908. 

Securities  owned,  Dec.  31,  1907,  $3,499,400,  composed  entirely  of  stock  in  the  Wood  Worsted 
.Mills,  South  Lawrence,  Mass. 

The  American  Woolen  Co.  has  doubled  its  capacity  since  organization  through  new  building-, 
machinery  and  improvements,  and  all  from  earnings.  In  other  words,  its  capacity  has  been  increased 
from  $25,000,000  to  more  than  $50,000,000  annually. 

The  preferred  stock  was  increased  in  1907  from  $25,000,000  to  $35,000,000,  and  this,  combined 
with  the  business  depression,  effectively  ended  the  expectation  of  an  earlj  dividend  on  the  common 
stock. 

Officers:  President,  William  M.  Wood;  Vice-President,  Frederick  Aver;  Secretary  and  Treasurer. 
William  11.  Dwelly,  Jr.  Directors:  Wm.  M.  Wood,  Frederick  Aver,  Francis  W.  Kittredge,  J.  Clif- 
ford Woodhull,  John  Hogg.  George  E.  Bullard,  Samuel  P.  Colt,  Andrew  G.  Pierce,  Jr.,  George  I.. 
Shepley,  and  Charles  H.  Tenney. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Tuesday  in  March.  Jersej  City.  Alain  Office, 
Boston,  Mass.  New  York  office,  126  Fifth  Avenue.  Traded  in  on  the  New  York  Stock  Exchange 
(Unlisted  Department). 


54 


GIBSON'S     MANUAL 


Anaconda  Copper  Mining  Company 

Incorporated  in  Montana.  June  18.  1895.  to  operate  the  Anaconda  copper  mine  at  Butte,  Mont. 
It  has  since  acquired  a  variety  of  other  mines  and  undeveloped  property  and  owns  a  large  smelter 
at  Anaconda,  and  control  of  Butte,  Anaconda  &  Pacific  Railway.  In  1904,  a  majority  of  the  $30,000,- 
000  of   capital   stuck    was   purchased  by  The   Amalgamated  Copper  Co. 

Capital  stock  (shares  $25  each) $30,000,000 


EARNINGS. 


Net  p.  c. 

of  Gross. 
28.3 

30./ 

12.28 

10.97 


Gross  Net 

Year  ending  June  30.                    Receipts.  Income. 

1900 $18,730,131  $5.305-5i9 

1901 18,128,558  5,571.816 

1902 10,498,953  1,289.207 

1903 14,597,852  1,601,201 

1904 10.761.472  1,259,875 

Year  ending  Dec.  31. 

1905 23,734.203  5,718.828 

1906 26.968,871  8,842.669 

1907 18,751,134  3-378.220 

Reports  have  been  complete  only  since  the  year  ending  Dec.  31,  1905. 


11. 


24.1 
32.8 
18.02 


Surplus. 
Not  reported 


7.240,572 
9,183,242 

6,261.462 


Earned  on 
Stock. 


19.06% 
29.47% 
11.26% 


1900 
16% 


DIVIDENDS. 


1901 
13% 


1902 
4% 


1903 
4% 


1904 
4% 


1905 
n-i% 


1906 
23% 


1907 
21% 


1908 
8% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 

1900 

1901 

1902                 1903                 1904                 1905                 1906 

19(17 

1908 

377/s  July 
54%  Ayl. 

2854  Dec. 
5454  Apl. 

SO      Dec.         58      Oct.         61      Feb.       103>4  Jan.       22354  May 
146     Feb.       12554  Feb.       120^  Nov.      295      Dec.      300      Feb. 

$255^  Oct. 
302J4  Feb. 

$2754  Feb. 
$5354  Nov. 

Note:     Prices  of  Anaconda  were  quoted  on  a  per  cent,    basis    from    January,    1902,    to    February,    1907,    both 
inclusive;  after  that,  at  dollars  per  share. 


LOW  AND  HIGH  PRICES.  BY  DAYS,  NOVEMBER,  1908. 


Low.  High. 

Nov.  2 46    46} 

3 Election  Dav 

48 

48J 

5i 

525 

53* 

53^ 

53 1 


4 
5 
6 

7 

9 

10 

11 


47 

4/4 

49i 

5i* 
5ii 
52| 

52 


Nov.  12 51$ 

52f 


Low.  High. 


13 
14 
16 

17 
18 

19 
20 
21 


52} 
5if 

5i* 

5o\ 

49 
48 


52| 

53* 

52! 

52| 

52I 

523 

52 

5of 

49i 


Nov. 


23 
24 
25 
26 

27 
28 

30 


Low.  High. 
49* 

51I 

.Thanksgiving  -Day. 
5°§    5i5 

5of    51 

50    5i£ 


48} 
49* 
5°i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.  1 


3 
4 
5 
7 
8 

9 
10 


Low.  I 
494 
49* 
49s 
49S 
49 
49 
4') 
49f 
49! 


igh. 
5o3 
505 
495 
5o2 
5<>i 
49! 
49*. 
50* 
50I 


Dec. 


1 1 
12 
14 
15 
16 

>7 
18 

19 
21 


Low. 

High. 

49i 

5oJ 

49 

49*. 

49 

49f 

48! 

49* 

481 

49i 

47> 

48J 

46S 

48 

47* 

48 

45* 

471. 

Low.  High. 
Dec.  22 46^    48 

"23 47*    48S 

24 48f    49* 

"  25 Christmas  Day. 

"  26 Extra  holiday. 

"  28 49 

29 49* 

30 49*    50] 

"  3i  •• 49*    50 


502 


GIBSON'S     MANUAL  55 


REMARKS. 

Investments  in  sundry  companies.  Dec.  31,  1907,  $531,560. 

Early  in  1907.  a  contract  was  made  with  labor  unions,  represented  at  the  mine-  and  works,  to  ex 
tend  to  April  1,  1912,  which  provides  for  the  scale  of  wages  in  effect  before  November,  [906,  when  elec- 
trolytic copper  sells  below  18  cents  a  pound,  and  an   increase   in   pay   when    the    metal   sells   above    [8 
cents. 

The  extensive  and  bitter  litigation  between  Anaconda  and  other  companies  in  the  Butte  district, 
which  had  been  prolonged  for  years,  was  practically  ended  in  1906  and  the  settlement  proved  advan- 
tageous to  development  of  the  mines. 

In  the  calendar  year  of  1907,  operations,  combined  with  maintenance  of  the  dividend,  resulted  in 
a  deficit  of  $2,521,780.  which  was  charged  to  surplus  profits  account. 

The  depression  of  1907  resulted  in  sharp  curtailment  of  production,  Sept.  1,  reducing  it  to  35 
per  cent.  In  December,  the  works  and  mines  were  closed  entirely.  Early  in  March,  1908,  operations 
were  resumed. 

Officers:  President,  John  D.  Ryan;  Vice-President,  II.  II.  Rogers;  Treasurer,  F.  P.  Addicks;  Sec- 
retary, C.  F.  Kelly.  Directors:  E.  C.  Bogert,  Urban  H.  Broughton,  George  H.  Church,  J.  E.  Judson, 
William  Rockefeller,  H.  H.  Rogers  and  John  D.  Ryan. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  third  Wednesday  in  May.  Directors  meet,  last  Tues- 
day of  every  month.  Corporate  office,  Butte,  Mont.  New  York  office,  42  Broadway.  Traded  in  on  the 
New  York  Stock  Exchange    (Unlisted  Department)  and  on  the  Boston  and  London  Stock  Exchanges. 


GIBSON'S     MANUAL 


Atchison,  Topeka  C&  Santa  Fe  Railway 

Bonded  indebtedness,  June  30,  1908 $315,454,421 

Preferred  stock,  5  per  cent,  non-cumulative 1 14.173,730 

Common  stock 102,956,500 

Total  capital $532,584,651 

Miles  operated 9415 

Per  mile  capitalization $56,568 

Fixed  charges,  1908,  per  cent,  of  net  income,  new  basis 47.9 

Operating  expenses,  1908,  per  cent,  of  gross,  new  basis 71-2-1 

EARNINGS. 

Gross  Net  Xet  P.  C.  of  Famed  on 

Year  ending  June  30.  Op.  Rev.  Income.      Gross  Income.    Surplus.  Common. 

1900 $46,232,078  $18,977.3.).)  40.8  $9,964,620  4.23', 

1901 54.474.823  22,544,433  41  13,082.741  5.5595 

1902 59,135,086  26,366,071.  43.7  16,027,415  9.6(1'. 

1903 62,350,397  .'5,231,281  39,6  [6,853,660  8.039! 

1904 68,171,200  _7.197.94_>  39.2  19,187,003  9.41 ,', 

1905 68,375,837  j3.672.355  34.2  19,739,492  5.9 

1906 78,044,347  30,893,230  39  19,985.483  **/.J'.'. 

*i9°7 95,100,669  32,656,659  34.3  20,066,874  ;.v> 

♦1908 91,289,770  26,258,188  28.8  20.352.865  7.33'. 

*  Interstate  Commerce  classification,  which  makes  comparisons   with   previous   year   useless. 
**  After  writing  off  $4,500,000  and  S9.600.000  in  those    two    years    for    improvements,    etc.,    and    other    capital 
expenditures. 

LATEST  REPORT. 

Preliminary  report  for  four  months,  ending  Oct.   31,    too8,  shows    in    comparison   with    the    same 
period  in  1907,  as  follows  : 

Gross.  Net. 

1908 $30,627,017  $11,502,258 

1907 32,578,020  10.059,197 

DIVIDENDS. 


Preferred 
Common 


1900 

4% 
o 


1901 

5% 
3.% 


1902 
5% 

4% 


!9°3 
5% 
4% 


1904 
5% 


1905 

5% 


4%  )'. 


1906 

5% 

4\% 


[907 

5% 


1908 


?'> 


LOW  AND   HIGH   PRICES,   BY   YEARS.  SINCE  1900. 


1900 


1901 


1902 


I'm.' 


1904 


1905 


1 '.)(!(, 


1907 


L908 


Preferred 


Common. 


.  5X'4  Jan. 
Dec. 

Jan. 


70 
108 
42 %  Jan 


May      95>:.  Jan.        84#  Aur.      N7-\*  Jan.        OQ      Jan.       '-'N       lkc       7N       \',.\.      N.'-,1V1, 

May    loo's  S.-pt.   103J. Jan.     104's\'..v.    105^1  Sept.    L06     Jan.     101^  Jan.     104     Dec. 

74%  Jan.       54      Aug.      64      Feb.      77-'s. May      85  J^  May      66%  Nov.      06      Feb. 


48*4  Dec.       91      June     96-;^  Sept.     89- s  Jan.        89J4  Nov.     'tf\s  Mch.   110J.  Sept.   108' 4  Jan.     101  %.  Dec. 


GIBSON 

'S  MANUAL 

57 

LOW  AND 

HIGH  PRICES,  BY  MONTHS,  SINCE 

1900. 

Jan. 
58d-  03; 

Feb. 
02  -  ..3  J 

Mch. 
64s-  734 

Apl. 
681-  74^ 

.May 

June 

1900  .  .  .  .  Pfd.. 

67  -  73 

74  V 

.  Com. 

l8f-  20g 

20  -  22}, 

22    -    205 

25  -  29I 

23i-  27 

23f-  273 

1901 

.  Pfd.. 

82*-  90I 

87h  90 

87i-  96 

94  -104I 

7° 

101  -ia 

.  1.  om. 

4-4-  494 

49i-  5H 

54f-  63; 

6ii-  78I 

43  -  ""1 

84I-  91 

1 90  2 

.  Pfd.. 

95*-Io3f 

96I-  99 

954-  974 

96I-100J 

96I  99 

roil 

.  Com. 

74d-  8i| 

75  -  781 

74^-  7*- 

765-  843 

77l    8] 

83i 

1903 

.  Pfd.. 

99  -i°3i 

99l-i«  ,_•: 

96^-100 

95i-  98 

944-  "s; 

9] 

.  Com. 

83^-  89I 

84i-  89i 

79f-  85I 

771-  83f 

73*-  83I 

63 

1904 

.  Pfd.. 

87f-  92i 

88  - 

881-  92 

94-  94$ 

9 ii-  93 

92I-  964 

.  Com. 

65!-  70'i 

64  -  70$ 

64  -  7il 

7ii-  75^ 

67I-  72: 

734 

1905 

.  Pfd.. 

99  -102 

101  -1035 

102  -1044 

ioif-i03i 

I0I1-I02.', 

1014-104! 

.  Com. 

84*-  88J 

8/4-  9i 

86|-  93f 

82  -  915 

77 i-   85;' 

784-  84] 

1906 

.  Pfd.. 

1025-106 

1 02  ■}- 104} 

102  -1044 

100  -104', 

995-103 

103 

.  Com. 

89  -  96I 

88f-  93 J 

88f-  95 

873-  951 

85«-  914 

87^  " 

1907 

.  Pfd.. 

99  -ioi| 

98  -  99s 

92  -  98 J 

944-  971 

92^- 

92I-  >m! 

.  Com. 

98I-1084 

99i-io5 

82f-I02i 

89!-  98 

86  -  96-i 

86i-  92I 

1908 

.  Pfd.. 

84]-  m 

83s-  87 

83I-  85| 

85I-  89I 

894-  92s 

"'!-  95 

.  Com. 

m-  7a\ 

66  -  jj\ 

67I-  76 

631-  81 

794-  84J 
Nov. 

73%-   85 

79l-  833 

.  .  Pfd.. 

July 

68-J-  72 1 

Aug. 

69  -  72 

Sept. 

<>7i-  7ii 

1  >ct. 
69§-  75, 

Dec. 

1900  . 

S2§-  89I 

.  Com. 

Mh  27  i 

25 h   29I 

25^-  281 

272-  33 

31!-  41 

374-  48J 

1901 

.  Pfd.. 

QO5-105I 

92  -  99I 

93  -  98] 

94  -  974 

[03I 

964-102I 

.  Com. 

67f-  89:' 

69I-  80;^ 

08  -  il 

74;-  80 

77l-  *5i 

74 1-  80S 

1902 

..  Pfd.. 

98  -103; 

coif-ios 

99f-io6i 

97f-i02| 

961-iooi 

95l-lOO| 

.  Com. 

8if-  944 

91  -  954 

85  -  96$ 

83§-  9i3 

805-  89 

77  -  844 

1903 

.  Pfd.. 

87  -  934 

84I-  91 

86  -  92.I 

86|-  904 

881-  goi 

9°4-  934 

.  Com. 

6ii-  69i 

54  -  65S 

60S-  681 

61  -  68 

62$-  681 

661-  7oi 

1904 

.  Pfd.. 

93i-  98 

95h  99i 

97i-ioil 

IOO  -I02f 

100  -i04s 

1003-103S 

.  Com. 

723-  794 

76f-  82I 

80  -  84 

82f-  88:} 

84I-  89J 

82  -  89-J 

1905 

.  Pfd.. 

ioii-103 

102I-105I 

1044-105, 

io3i-io5i 

102  -104^' 

'03  -105] 

.  Com. 

83f-  88 

86]-  mi; 

88{-  91 i 

874-  90S 

82  -  89 

85I-  89I 

1906 

.  .  Pfd.. 

985-100.', 

1005-ioif 

100  -iooi 

100S-101S 

ioof-102 

98  -102^ 

.  Com. 

85f-  92V 

924-108! 

104  -110-J 

994-109 

974-1041 

IOOi-1053 

1907 

.  Pfd.. 

92  -  94 

89  -  92I 

88f-  91 

83  -89 

78  -  85 

813-  88 

.  Com. 

89i-  95 

8 1 5-  92I 

85  -  884 

72  -  864 

66|-  77' 

68£-  75 

1908 

.  Pfd.. 

92  -  93i 

93  -  954 

942-  95* 

943-  96 1 

96J-101 1 

101^-104 

.  Com. 

S.i-  881 

862-  9J4 

84S-  91I 

861-  93^ 

934"  "m: 

95i-ioii 

3 

4 
5 
6 

7 

9 

10 

11 


3 

4 
5 
7 
8 

9 
10 


LOW  AND  HIGH 

Pfd7"    "Com. 


PRICES,  BY  DAYS,  NOVEMBER,  1908. 


964-97   93i-94l 
Election  Day. 


98{-99 
98  -98 
984-98] 
981-99 
984-984- 
98  -984 
98  -98 


95  -97 
934-94i 
931-944  j 

944-95! 

934-";: 

94f-95l  I 

94  -954  I 


Nov.  1 2 

13 

>4 
id 

17 

IS 

[9 

20 
21 


Pta. 
984-98-4 
984-981 
98I-98I 

ms;'-99 
984-994 

wyl-ool 
99  -  |i  1 

99  -99l 
99i-994 


95i 


Com. 
94; 

951-961 
951-964 
954-96^ 
96  -964 

944-954 

941-954 
944-964 


\. 


24 


26 

27 
28 

30 


Pfd.  Com. 

..      99  -  99S  95  -95} 

■  •     nn\    99I  95f-97l 

..     991-ioof  971-98^ 
.  .  I  hanksgiving  Day. 

.  .    ico  -100}  971-98;; 

. .    iool-ioi  98  -98^ 

.  .    tooj-  rool  98    1 11 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 
101I-102 
roif-ioif 

101J-102 
toi ;-ioif 
IOI4-IOI4 

IOlJ-IOli 

IOI4-IOU 
roif-io2l 
102I-102I 


Com. 

974-  99l 
97f-  99 
98-i-  99 

98}-  983 
974-  98 1 
971-  981 
98?-  994 
98}-  983 


Dec.  1 1 

"  12 

"  14 

"  15 

■'  i6 

"  7 

'•  [8 

"  19 

"  21 


Pfd. 
[02J-102  i 

102  -1 02 1 
1 02 j -102 J 
102  -102 
[02I-102I 
101I-102I 
T02  102 
10K  i"i 

ioiI-ioiJ 


Com. 
974-  98f 
971-  98 
99 
974-  98{ 
97J-  981 
95i-  975 
05'.-  96! 
954-  -" 
04l-   95| 


1  ie< 

?  > 

>. 

23 

a 

24 

t . 

25 

2<, 

t( 

28 

2<) 
30 

" 

31 

Pfd.      Com. 
toif-ioig   95f-  97^ 

102  -I023         91  if-    97I 
964-974 

Christmas  Day. 
Extra  holiday. 

103  -103I       97|-ioi 
1031-104       10: 1  l-i mi  l 

101         100  -100J 
■'     toi|     100  -100!; 


GIBSON'S     MANUAL 


MARKET    MOVEMENTS    OF    ATCHISON,  TOPEKA  &   SANTA  FE,  COMMON, 

FROM    1900   TO    1908,    INCLUSIVE. 


REMARKS. 

No  portion  of  the  earnings  of  Atchison  are  derived  from  transportation  of  company  material. 

1 'resident  Ripley  regards  the  capitalization  of  this  company  as  not  more  than  the  cost  of  repro- 
ducing its  properties.  In  the  annual  report  for  1907, 'he  asserted  that  many  hundred  million  dollars 
should  be  expended  to  supply  transportation  facilities  demanded  by  the  rapid  growth  of  the  country, 
and  that  ability  to  obtain  this  capital  had  been  greatly  impaired  by  the  unfriendly  attitude  of  the  public 
and  the  arbitrary  action  of  legislatures  and  railroad  commissions.  In  1908,  for  the  first  time  in  its 
history,  the  company  has  no  plans  on  hand  for  the  construction  of  extensions,  in  view  of  the  foregoing 
facts. 

Securities  owned,  June  30,  1908,  are  not  separately  reported.  The  company  has  in  its  treasury 
"a  large  amount  of  stocks  and  bonds  of  other  companies,  of  which  part  are  carried  in  the  balance 
sheet  as  "Investments"  and  part  are  included  under  Railroads,  Franchises  and  Other  Property.  The 
amount  reported  as  investments  was  $13,818,435. 

Total   capitalization   has  increased  $128,000,000  since  1900. 

Officers:  1 'resident,  Edward  P.  Ripley;  Secretary  and  Treasurer,  Edward  L.  Copeland.  Directors: 
Edward  J.  Berwind,  B.  P.  Cheney,  H.  Rieman  Duval,  Thomas  P.  Fowler,  H.  C.  Frick.  Charles  S.  Gleed. 
Walker  P.  1  lines  Andrew  C.  Jobes,  Howel  Jones,  John  G.  McCullough,  Paul  Morton.  II.  H.  Rogers, 
Edward  P.  Ripley,  Byron  L.  Smith,  Charles  Steele. 

Fiscal  year  ends  June  30.*  Annual  meeting,  fourth  Thursday  in  October,  Topeka.  Kan.  Directors 
meet,  first  Wednesday  of  each  month.  .Main  office,  Topeka,  Kan.  New  York  office,  5  Nassau  Street. 
Traded   in   on    the   New  York,   Boston    and   London  Stock  Exchanges   (Listed  Department). 


GIBSON'S     MANUAL 


59 


Atlantic  Coast  Line  Railroad 


Bonded  indebtedness,  June  30,    [908 $118,618,450 

Preferred  stock,  5  per  cent.,  exchangeable  at  125,  for  4  per  cent. 

irredeemable    certificates    of    indebtedness [,596,600 

Common  stock 47,537,600 

Common  stock,  Rich.  &   P.   R.   R.,  class  A 1,000,000 

Total  capital $168,752,650 

Mileage 4,346 

Per  mile  capitalization $38,829 

Fixed  charges   1908,  including  taxes,  per  cent,  of  net  income...  7-74 

Operating  expense,  excluding  taxes,  per  cent,  of  gross 72-92 


EARNINGS. 

1'ear  ending 

Gross 

Net  p.  c.  of 

Earned  on 

June  30. 

Op.  Rev. 

Net  income 

gross  inc. 

^Surplus. 

common. 

1900  .    .    . 

t$7,586,746 

$3,406,159 

44-9 

$1,902,465 

5-5  '■ 

1901    .    .    . 

t  7,915.099 

3,333,186 

42.1 

2,339,861 

3-7(3% 

1902  .    .    . 

t  8,549,526 

3,896,425 

45-6 

3,130,929 

6.07', 

1903  .    .    . 

19,682,455 

8,925,071 

42.8 

1 1 ,464,977 

14.98% 

1904  .    .    . 

20,544,975 

10,549,665 

47.8 

13,712,994 

1 1.3  % 

1905  .    .    . 

22,222,902 

11,053,884 

45-i 

:*  7,184,236 

10.7  % 

1906  .    .    . 

24,868,44s 

"•352-053 

4i-3 

9,297,364 

10.9  % 

[907  .    .    . 

26,771,529 

9,857,573 

32. 

9,099,543 

5-58% 

[908  .    .    . 

26,029,052 

10,203,6s 

34-97 

8.838,896 

5-5  % 

f  Earnings  of  the  old  Atlantic  Coast  Line  1900  to  1902.  In  1903  and  later,  the 
consolidated   system. 

*  Not   including   reserves    for    betterments   and   improvements. 

**  Reduction  of  Surplus  Profits  account  due  largely  to  extra  dividend  of  25 
per  cent,  from  accumulated  profits,  on  $36,650,000  common  stock,  outstanding  Jan.  2, 
1905. 

LATEST  REPORT. 

For  four  months,  ending  (>et.  31,   1908,  earnings  were,  compared  with  the  same  period  in    1907 

Gross.  Net. 

[908 $7,443,285       $1,746,115 

1907 8.524,840  1 ,5  ;o.44i 

DIVIDENDS. 


[900 

1  i  (0  1 

l«|o_> 

1903 

[904 

[905 

[906 

[907 

1 1  )<  >S 

Preferred, 

.    _■!', 

5'. 

S7 

57' 

57> 

5% 

5% 

5% 

5% 

Commi  m . . 

0 

,'.•. 

iW 

5-' 

'307 

5'- 

-/ 

'■■■ 

:  Sl?< 

•Due  to  an  extra  dividend  of  25  per  cent.,  _'0  per  cent,  in  Atlantii  Coast  Line 
common   stock  and  the  rest   in  4   per  cent,  certificates   of   indebtedm  ss 

**  In  January,  1908,  3  per  cent,  was  paid  in  certificates  of  indebtedness;  in 
July,  2'  '•  per  cent,  in   cash. 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1903. 


1903 


1904 


1905 


106     Dec. 

-"1     A  lav 


104}   Feb. 
'  5  5  i  Nov. 


120     Jan. 
170     Apl. 


1906 

131  i  July 

1  (17;   Jan. 


1907 


58     Nov. 
133  J  Feb. 


1  >  ,<  iS 


59J  Mch. 
mi  Dec. 


Atlantic  Coast  Line  preferred  has  never  been  traded   in   on   the   New   York    Stock   Exchange,   and 
the  common  only  since  May.  1903.     It  has  always  been  comparatively  inactive. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1903. 


Jan. 

I9°3 -•■•  • 

1904 108J-110J 

1905 120  -125 

1906 157  -167! 

I907 1192-133- 

1908 67I-  7si 

July 

1903 -••■• 

1904 112-J-121 

I9n5 155  -iM 

I9°6 I3li-I4l| 

1907 96  -ioo| 

1908 884-  96 


Feb. 

Mch. 

A 

>1. 

M 

ay 

June 

126 

-126 

104J- 

12li- 

1  104 

107  - 

I25f 

107 

145-8 

109 
142! 

-109 
-170 

1082- 

■108.I 

126% 

146 

■159-2 

I48i- 

165" 

157^- 

165I 

i54  • 

162 

138 

-157 

■37] 

■i47l 

134]- 

1494 

115  ■ 

122I 

94  - 

116I 

101 

-106I 

92 

■104 

943- 

99i 

592- 

74 

59* 

75i 

70" 

-  84 

8if 

-  934 

H4l 

93 

Ai 

g- 

Sept. 

Oct. 

Nov. 

Dec. 

n8i- 

"7£- 

121 

in  - 

in 

106  - 

106 

121  - 

1384 

134 

-14T4- 

139 

•1554 

i^3  - 

i55i 

i59f 

170 

l6lj- 

169I 

i6oi 

-i67i 

156^ 

-167 

157  - 

164^ 

141  - 

1494 

I38i- 

146 

135  - 

1 42 1 

133 

1403 

13^- 

138I 

77  - 

954 

793- 

84 

59 

-  m 

58- 

702 

6sf 

72\ 

90  - 

93l 

8i£- 

93 

87 

-  93h 

93 

-1 11 

104  - 

iii| 

LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,  1908. 


Nov. 


Low. 
93 


High. 
93i 


3 Election  Day 


5 
6 

7 

9 

10 

11 


94 
943 
96 
100 

\02.\ 
102  J 
I032 


95i 
954 

99i 

102 

104 

105 
104 


Low. 

Nov.  12 104 

13 105 

14 

16 105 

"  17 106 

"  18 106J 

"  19 1083 

"  20 109 

"  21 1094, 


High. 
106 
106* 

io5i 

107 

1084 

no 

1094 

i09i 


Low.  High. 

Nov.  21 108  108} 

"  24 108J  no 

"  25 no  no| 

"  26  ...  .  Thanksgiving  Day 

"  27 no  1  ioj 

"  28 no-}  noi 

"  30 1 10  in 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Dec. 


1 
2 
3 

4 
5 
7 
8 

9 
10 


Low. 

noi 

no 

1094 

111 

in 

noj 


ligh. 

mi  D< 

;c.  11  .  .  . 

no£ 

'  12 

no£ 

'  14 

in 

'  15 

in? 

'  16 

in 

'  17 
•  18 

it  1 

19 
'  21 

Low. 
no 

1  io.l 
no 
no 
109} 

1 06  1 
104 


High, 
iioj 

11 1 

110} 

no 

iio4, 

106J- 
105I I 


Low.         High. 

Dec.  22 105  106 

"23 107  108 

"     24 108  108 

"     25 Christmas  Day 

"     26 Extra  holiday. 

•'     28 108}  1083 

"     29 109  109J 

"     30 108}  108-5 

"     31 109  no 


GIBSON'S     MANUAL  6: 


REMARKS. 

This  is  the  railway  with  which  the  Old  Plant  system  of  lines  was  merged.  It  also  owns  con- 
trol of  the  Louisville  &  Nashville  system,  but  the  two  companies  are  operated  independently,  and  is 
itself  controlled  by  The  Atlantic  Coast    Line  Co.,  formed  under  the  laws  of  Connecticut,  May  29,  [880 

This  company  maintains  an  immigration  department,  which  actively  promotes  the  settlement  ol 
new  families  along  its  lines  and  establishment  of  new   industries. 

During  1907.  passenger  rates  weir  reduced,  through  action  of  legislatures  and  railroad  commis- 
sions, as  follows:  In  Virginia,  from  3  to  2  cents  a  mile.  In  North  Carolina,  from  3]  and  2:\  for  first 
and  second-class  passengers  to  a  uniform  rate  of  _y|  cents.  In  Georgia,  from  3  to  2 !  cents.  In  Ala- 
bama, from  3  to  2\  cents. 

Securities  owned  June  30.   1907,  S7.432.y50  of  the   company'.-  own   bonds   and   certificates  "I    in- 
debtedness; $45. 554. 221   representing   300.000  shares  of  L.  &   X.  stock:  and  S3. 272. 570  -1   "other  invest 
ments."     Total,  not  considering  it-  own  treasury  bonds  and  stock,  S4S.S20.707. 

The  balance  sheet  of  The  Atlantic  Coast  Line  ('...  of  Connecticut  for  the  fiscal  year,  ending  June 
30,  1008.  capital  stock  $12,600,000,  shows  a  Profit  and  Loss  surplus  of  S1S.iKi.4S0:  securities  owned. 
S40.5S5.138  (including  $25,266,3 f  the  stocks  of    Atlantic  Coast  Railroad). 

Officers:    President.  T.   M.   Emerson;   First   Vice-President,  Alexander   Hamilton;  Treasurer,  James 
F.  Post;  Secretary,  H.  L.  Borden.  Directors:     H.Walters,    Michael    Jenkins,     Waldo     Newcomer,    War 
ren  Delano.  Jr.,  M.  F.  Plant.  F.  W.  Scott.  Alexander  Hamilton.  E.  B.  Borden.   Donald   Mac  Rae,  H.   B. 
Short,  J.  J.  Lucas,  and  W.  W.  Mackall. 

Fiscal  vear  ends  June  30th.  Annual  meeting,  third  Tuesday  in  November,  Richmond,  Va. 
Directors  meet  third  week  of  every  month,  on  call.  Main  office,  Wilmington,  N.  C.  New  York  office, 
71   Broadwav.     Traded  in   on  the   New   York  Stock  Exchange   (Listed  Department). 


GIBSON'S     MANUAL 


Baltimore    C&    Ohio   Railroad 


Bonded  indebtedness,  1908 • $255,532,430 

Bonds  of  subsidiaries 9.700,000 

I 'referred  stock,  4%   non-cumulative 60.000,000 

G  immon  stock 152.175,829 

Total  capital $477,408. 25M 

Miles  operated 3>992 

Per  mile  capitalization $119,591 

Fixed  charges,  1908.  including  taxes,  per  cent,   of   net  income    .  .    .  .  55-8.3 

Operating  expense,  per  cent,  of  gross *73-57 


''New  basis,  compared  with  56.73  in  1907  on   the  old  basis 


EARNINGS. 


Gross  Net     fNetP.  C.  of  •  'Earned  on 

Year  ending  June  50.  Op.  Rev.  Income.    Gross  Inc.      Surplus.      Common. 

1900 $42,117,405  S15.285.976  35.6  $633,739  9-6% 

1901 47,114,431  16,756,629  35.  1,388.985  10.6  % 

1902 57,892,495  21,815,607  36.9  2,625,222  5.6  % 

1903 63,449,633  25,102,660  38.6  5.506.647  6.37% 

1904 65,071,080  23.718.377  35.  7>3n>955  6-54% 

1  •  x  >5 67.689.997  25.514.802  36.1  9.135.287  y.orv, 

i9°6 77.392  .'056  3M48.675  38.5  15,823,643  10.16^ 

1907 82.243,921  31,149.796  36.1  19,739.542  7.919! 

8 73.608.781  23.628.065  30.3  17.865.442  5.1   c/r 

"Interstate  Commerce  classification,  on   the  new  basis. 
**After    charging-    off    several    millions   a   year  for   improvements 
Note — In  the  fiscal  vear  of  1902.  the  common  sdn-k  was  increased  from  $45,000,000  to 
$75,996,200;  in  1903.  to  $124,262,060;  ami  in  1907.  to  $152,174,829. 
fBcfore   deducting   taxes. 

LATEST  REPORT. 

earnings   for   four  months,  ending  (let.  31,    1908,  compared  with  the  same  period  in    [907,  were: 

Gross.  Net. 

1908 $25,004.5^5  $9,405,882 

1907 30,231,938  9,892,444 

DIVIDENDS. 

190(3       190]        [902       1903       1904  1905  [906  I'M  >7  [908 

Preferred 4%         4',          4^0                       4%  I    '■  I    '  !'•  4% 

Common 2%         4%         4%         4'.  4'/ •  5i7<  6°/°  67< 

LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE  1900. 


1900.  1901.  1902.  1903.  1904.  1905  1906.  1907.  190S 


1  red..  72^4  Jan.  S3H  Feb.  92      Dec.      82%  July  87-^  Feb.  91      Mch.  91      Oct.  75      Nov.  SO      Jan. 

90     Apr.  97      June     99      Sept..  96&  Feb.  96J4  Oct.  100     Aug.  99J4  Jan.  94^  Jan.  94      Dec. 

Common  ..  5514  Jan.  81J4  Jan.  92^  Dec.      715$  Sept.  72^  Mch.  lOO.'-S  Jan.  105-v;  May  75H  Nov.  76'  j  Feb. 

89%  Apr.  113      May  118^  Sept.  104      Jan.  10SK  Dec.  117      Aug.  125  J4  Sept.  122     Jan.  UlJi  Dec. 


GIBSON'S     MANUAL 


63 


LOW   AND   HIGH    PRICES,  BY  MONTHS,  SINCE  1900. 


Nov. 


3 

4 

5 
6 

7 

9 

10 

11 


Dec. 


1 

2 

3 

4 
5 
7 
8 

9 
10 


Jan. 


Feb. 


Mch. 


1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd. . 

Com. 

1907 Pfd.. 

Com. 

1908  ....  Pfd. 

Com. 

1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

...  .  Com. 
1905 Pfd.. 

Com. 

1006 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908  ....  'fd. 

Com. 


72S-  774 
551-  6oi 
84i-  90 
81  J-  94 

95*-  97 

101  -1084 
94  -  96 

100  -104 
89  -  92 
7<>i-  85| 
953-  97 

iooi-106 
98"-  99A 

112^-117 

9!4-  944 
114I-122 

80  -  85^ 

81  -  90* 


74k-  8oi 
584-  64i 
833-  884 
874-  93i 

933-  96* 

I02|-IOSi 

93u-  90S 
95i-*02f 

87I-  92 

73f-  84 

97  -  98 

102  -io8{ 

97  -  99 
109H-116} 

90  -  93-1 
107I-1174 

80  -  83 

764-  84i 


75t~ 

6o2- 

844- 

87i- 

94  - 
i03f- 

92  - 
89*- 
88  - 
72I- 
91  - 

1074- 

96- 

108-i- 

87- 
9°J- 
8i|- 


83 
8i>2 

94 
95  s 
952 

1074 
933 
963 
894 
8i4 
973 

1114 

974 

1 124 
88s 

1 1  of 
82 


78  "  844 


Apr. 

8i|-  90 
804-  89^ 

90  -  934 

905-1065 

95  -  97 
105I-110 

91  -  94 

854-  944 

90  -  91 
784-  82 

953-  974 
104  -in| 

944-  98 
106  -115 
884-  90 
96^-1020 
82"-  843 
82  -  87i 


-May. 


July. 


Aug. 


793-  82f 
71  -  78 

9o4-  944 
92  -1083 

954-  97 

106  -1124 

823-  95 

80?-  87 

924-  95 

794-  854 
974-  99 

1124-1154 

92  "  934 

115  -I2lf 

86  -  88 

96  -  99f 


79  - 
7i4- 

92 

94  - 

95  - 
io82- 

84I- 

77h 
91  - 

834- 
97  " 

1 124- 

924- 

Il6  - 

86  - 

87- 
83  • 
914 


8i4 
764 
944 

1054 
97 

H53 
884 

85 
94 


374 
100 

117 

93 

I22§ 

88 
974 
84 
06 


Sept. 

74"-  794 
654-  73i 
91I-  94-2 

97  -105 
924-  99 
103  -118* 
85  -  874 
7i|-  83f 
93i-  944 
86f-  904 

974-  974 
no|-ii3f 

9i4-  94 
1172-1254 

834-  834 
884-  92i 
854-  89 
93  "IOTi 


Oct. 

M-  83 

68|-  763 
93  -  944 
984-107 

934-  95 

102  -1124 

865-  88 

72  -  764 

93  -  964 

893-  95l 

97  -  984 

no4-ii4f 

91  -  924 

1 1 6^-1245 

80  -  834 

773-  9° 
86i-  89 

94l-  993 


784-  85 
724-  *4i 

85  -  95 
84  -113 

954-  <>yi 
1 044-1074 

90  -  94 
86§-  933 
904-  914 
763-  794 

96  -  974 
1044-1094 

924-  954 
[05I-109 

86  -  894 

92  -ioof 
844-  86 

855-  ,,)' 

Nov. 

81  -  874 
74 1   84 
94  "  96 
1045-110 

93  -  944 
954-107! 

87  -  88 

7A-  764 

94  -  954 
924-  984 

97  -  97l 
ro8|-ii4f 

91  -  924 
1  16C  1  21 1;' 

75  -  80 
7$i-   834 
881-  914 

98f-i09l 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


June. 


774-  84 
63f-  83 

942-  97 
1052-112:; 

95  ~  954 
105  -1074 

90  -  94 


792- 
914- 


91! 


774-  81 
97  -  974 

107  -1 144 
92  -  944 

I073-II93 

85  -86 

<)2    -    964 

86  -  87 

83^- 


9*1 


Dec. 


84§- 
783- 
94§- 

.iol- 

92  " 
92f- 
874- 
764- 

95  - 
94f- 

97  - 

iio.l- 

'  »2  j  - 

"74- 

75  - 

79l 
92  - 

io6f- 


862 
84f 
964 

10-4 

944 
101 
00 

96 
105  { 

oN! 
1 144 

934 

12 1 9 

— a 

854 

95 

ml 


Pfd.  Com. 

.......       983-  99i 

Flection  Day. 
.......       99  -ioii 

101  -ioi2 
roif-1031 


Nov. 


89  -90 


884-884 


1034-106 
105  -106-4- 
1052-1064 
105  -io6f 


12 

13 

14 
16 

17 
[8 

19 
20 
21 


Pfd. 


90  -90 


90 
90 


'" 


901 


Lorn. 
1054-106I 
io6]-io6s 
io64"I07 
1 o6|- 1 094 
[o8§-i09f 
1 064- 1 094 
io6f-io74 
1054-107I 
io5?-io63 


Nov.  23  . 

* 

24   • 

t 

^5  ■ 
26  . 

t 

27  • 

28  . 

t 

30   • 

Pfd. 
904  904 

Thanksgi 
914-914 


Com. 

1054- ! 

1 064-1074 

1 o;2- 108 £ 

ving  Day. 

Io8]-IoN; 
I072-I08;' 

1071-1084 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 


92  i 
92 


93 


■92 


92  -92 


93  -93 


Com. 
1074-1084 
106J-108I 

1  o6|-io8{ 
1074-108;; 
1074-1083 
108  -1 08  2 
107-4-108-4- 
1084-109-2 
1 084-1094 


Pfd. 


Dec. 


11 
12 
14 
15 
16 

>7 
18 

19 
21 


Com. 
109  -no] 
109  -no 
iio|-iii4 
1094-iiii 
1 094-1104 
io8f-iiof 
[  084-1094 
1081-1094 
io62-io82 


Die.    22 

23 
24 
25 
26 
28 
29 
30 
31 


Pfd.  Com. 

.......      1074-1082 

.......      109  -109I 

.......     1094-110] 

1  'hristmas  Day. 
Extra  holiday. 

93  loo:;-ml 

93    -94         1  1  o  ]  - 1  1  1  ] 

05         110.4-1 1 1 
04         noJ-1104 


'•4 


GIBSON'S     MANUAL 


MARKET    MOVEMENTS    OF    BALTIMORE    &      OHIO,    COMMON.     FROM     1899    TO     1908, 

INCLUSIVE. 


REMARKS. 

It  is  to  be  noted  that  the  enormous  increase  of  the  capital  stock  since  1900  has  produced  no 
material  effect  upon  the  market  juice  of  Baltimore  &  Ohio,  owing  to  the  great  expanse  of  its  traffic 
and  revenues.     The  increase  in   total  capitalization  has  hern  8177,000,000. 

A  preliminary  estimate  of  net  income,  for  the  fiscal  year  of  iooS  indicated  that  the  company 
fell  short  of  earning  the  Full  dividend  on  the  common  stock.  The  dividend  was  ordered  paid  Sept  1, 
from  earnings  and  surplus  profits. 

In  June.  1908,  the  company  sold  through  the  Guaranty  Trust  Co.,  of  New  York,  $7,610,000 
of  bonds,  which  were  first  4s.  and  prior  lien  and  Southwestern  Division  3'.>.  These  bonds  have  since 
been  listed  on  the  New  York  Stock  Exchai 

Securities  owned,  June  30,  190S.  amounted  to  $56,160,040  this  sum  including  S17.471.379  of 
B.  &  1  1  ind  $1,217,9  '"  "l    B.  &  O.  stock. 

In  the  the  fiscal  year  of  1907,  Baltimore  &  Ohio  expended  S17.04j.115j  in  purchase  ol  bonds  of 
The  Chii  1  ferminal  Transfer  Railroad  Co.  to  protect  the  company's  occupancy  of  its  passenger  ter- 
minus in  Chicago. 

new  Washington  terminal  had  cost   the  company.  June  30,   [908,  $15,342,731.     Some  addi- 
tional work-  remain    to  1 

It  is  expected  by  the  offf  imore  &  Ohio  that  earnings  for  the  coming  year  will  show  a 

near  ch  to  if  not  a  complete  recovery. 

Officers:  Presii  Oscai    CI     \h1rra3  :  Vice  Pn  George    F.    Randolph;    Treasure!-.  J.    V. 

Mel  iry.  Curtis  W.  Woolford.      Directors:      Edward    R.    Bacon;   Joseph    F.    Foard,   John    I' 

Grci  rd  II.  Ilarrimaii  Geo.  F.  Randolph,  Samuel   Rea.  Joseph  Wood,  Norman 

B.  Ream.  Jan  1  illmau. 

il  year  ends  June  30.     Annual  meeting,  third  Monda}   in  November.     Directors  meel  si 
Thursday  in  each  month      General  offices,  Baltimore,  Md.     Nev   York  office,  2  Wall  Street.    Traded  in 
on  the  New  York  and  London  Stock  Exchanges  (Listed  Department). 


GIBSON'S     MANUAL 


65 


Batopilas  Mining  Company 


Incorporated  Oct.  13,  1887,  under  the  laws  of  New  York,  as  a consolidation  of  six  companies, 
owning  silver  and  other  mines  at  Batopilas,  Mexico,  viz:  Consolidated  Batopilas,  New  Giral,  Descu- 
hridora  Consolidated,  Camuchin  Consolidated,  Valenzuela  Consolidated  and  Animas.  Soon  after  the 
merger,  the  properties  of  the  following  companies  were  purchased:  Consolidated  Roncesvalles. 
Santa  Maria,  Penasquito  and  Consolacion,  all  silver-mining  concerns.  Later,  the  Ballinas  mines  and 
those  of  the  Charcas  Syndicate.  This  company  owns  the  concession,  granted  by  Mexico  to  Alex- 
ander R.  Shepherd  and  renewed  in  1906  for  ten  years,  and  has  the  right  to  locate  and  operate  mines 
in  a  territory  of  61  square  miles  in  the  State  of  Chihuahua,  Mex.  Tt  is  constantly  engaged  in  ex- 
ploration. 

Bonded   indebtedness,  Dec.   31.   1907 $427,700 

Capital  stock   (par  value  $20) 8,990,896 


Net. 
$29,584 

430,903 

367, 1 1 17 

143,111 


Surplus. 

$335.8oi 
663,702 
701,207 


Total  capital $9,418,596 

EARNINGS. 
Year  ending  Dec.  31.  Gross. 

1904 ' $288,125 

1905 830.487 

1906 782>972 

1907 535-I2° 

DIVIDENDS. 

None  had  ever  been  paid,  since  consolidation,  until  1907.  although  previous  to  the  mergei 
about  $1,000,000  had  been  disbursed  by  antecedent  companies.  The  surplus  was  devoted  entirely  to 
additions  to  the  various  plants.     In  December,  1907,  there  was  an  initial  dividend  of  i2-£  cents  a  share. 

LOW  AND  HIGH  PRICES. 

The  stock  was  first  traded  in  on  the  Xew   York   Stock   Exchange,    May   9,    1907. 
1907  between  $3,  Dec,  and  $9$,  May.     The  range  in  1908  has  been  $2j,  Jan.:  $5.  March. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 

High. 


It 


ranged    in 


Nov. 


Low.    High. 


3 Election  Day 


4 
5 
6 

7 

9 

10 

1 1 


3i 


3l 
3 

3^ 

'A 


Nov, 


-'3 

-'4 

25 
26 

27 

28 

30 


Low.    1  lii 

•■    ••      3i 
....      3 

•  •    ■  •     3 
Thanksgiving  I  )ay 

■  •    ■  •      3  i  3 1 


3i 
3i 

3! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


3 

4 
5 
7 
8 

9 
10 


Low.    High. 


Dec. 


3! 
3! 
3s 
3^ 
3! 
31 
33 


33 
3! 

3i 

3* 
3i 
33 
34 

3 


1  T 
12 
14 

15 
16 

17 
18 

19 
21 


Low. 
3 

3 
3 

31 


2S 

3i 

2£ 


High. 

3i 

3i 

3§ 

3i 
3! 

2| 

3i 
3 


Dec.  22 

"     23 
"     24 


Low.    1 

3 

3 


igh. 

3i 

3 


2-, Christmas  Day. 


26 
28 
29 
30 
31 


Extra  holiday. 

3! 


3i 


3: 


3i 
3i 


REMARKS. 

Since  Jan.  1,   1908.  the  company  has  retired   and  cancelled  $43,000  of  its  bonds,  and  has  no  debts 
except   its   bonds  and  current   accounts.     Of  the   bonds,  $366,500  have  been  extended   to  Dec    1.    [917 

Officers  :  President,  Lyndon  II.  SteVens;  Vice-President,  Nicholas  F-.  rainier:  Chairman,  Mor 
gan  J.  O'Brien:  Treasurer.  Col.  Dudley  Evans;  Secretary.  E.  W.  A.  Jorgensen.  Directors:  George  W. 
Quintard,  N.  F.  Palmer,  Henry  E.  Howland,  Morgan  J.  O'Brien.  Enrique  C.  Creel,  Samuel  Elliott, 
Dudley  Evans,  L.  H.  Scott.  F.  D.  Merchant,  George  Rowland,  A.  R.  Shepherd.  |i\,  L.  H.  Stevens  and 
W.  L.  Frost. 

Fiscal  year  ends  Dec.  31st.     Annual  meeting,  third  Tuesday  in  April.     Office,  45  Broadway.  New 
York.    Traded  in  on  the  New  York  Stock  Exchange    (Unlisted   Department). 


66 


GIBSON'S     MANUAL 


Bethlehem  Steel  Corporation 

ln>  ted  in  New  Jersey,  Dec.  to,  [904,  to  succeed  and  acquire  the  properties  of  The  United 

( s  Shipbuilding  I 

The  company  last  named  had  been  formed  June  17.  [902,  as  a  merger  of  shipyards  and  other 
concerns  in  Bath,  Me.;  Elizabethport,  N.  J.;  Carteret,  X.  J.;  Wilmington,  Del.;  New  London,  Conn., 
and  San  Francisco,  Cal.,  and  had  purchased  the  entire  stock  of  the  old  Bethlehem  Steel  Co.,  South 
Bethlehem,  Pa.  Having  gone  into  bankruptcy  in  1903,  the  company  and  it-  properties  were  sold  un- 
der foreclosure  and  were  purchased  by  the  new  Bethlehem  Steel  Corporation,  the  business  being  then 
entirely  re<  organized. 

The  Bath  Iron  Work-  and  The  Hyde  Windlass  Co.,  Bath,  Me.,  and  some  small  portions  of  the 
property  of  other  concerns  were  sold.    Tin-  remaining  subsidiaries  w  ■  ganized  and  began  doing 

business  as  follows : 


Bethlehem  Steel  I  '•  1. 

I  'arteret   Impr<  rvement   (  1  >. 

-cent  Ship)  ard  1  Corporation. 
Eastern  Shipbuilding  Corporation. 


Harlan  &  Hollingsworth  Corporation. 
Samuel  I..  Moore  &  Sons  Corporation 
Union  Iron  Works  Co. 


The  Crescent   and  (arteret   plants  have  since  been   consolidated  into  The  Samuel   L.   .Moore  & 
Sons  Corporation,  and  The  Eastern  Shipbuilding  Corporation  has  been  sold. 

The  Juragua  Iron  Co.,  whose  mines  are  in  Cuba,  is  a  subsidiary  of  The  Bethlehem  Steel  Co. 

Bonded  indebtedness,  Dee.  31,  1907 $19,479,000 

Serial   gold  notes 1.887,000 

Preferred  stock,  7  per  cent,  non-cumulative,  but  having  preference 

as  to  assets 14,91 ,,v 

Common  stock 14.862.ncy1 

I  1  ital  capital        $51,136,000    , 

EARNINGS. 

Year  ending                   rotal                  Fixed                                      Surplus  of  Earned  on 

Dec.  31.                     Income.              Charges,               Net.                 year.  Surplus.          common. 

1905 $3,67:                 $561,406          $2,811,070          $1,843,619  $1,843,619            N.70'  • 

1906 2,011,368            601,426              762,749     def.     131.731  593.421            Deficit 

1907 2,638,957           921,210           i'»7i7.747            i,5°6-979  -'•""                   3-79 

♦Not    including   a  small    contingent  $38,919  in    19 


DIVIDENDS. 


Preferred 3 

t  'ommon o 


[907 

1908 

0 

0 

0 

0 

LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE  1905. 


1906 

1906 

1907 

1908 

Preferred    .  . 

76        lune 

84        .Max- 

Dec. 

-3   Nov. 

35      Apl. 

1  »3       1  >cc. 

oil      Feb. 

j      June 

65       Jan. 

57      x"v- 

mi  'ii    .  . 

..      2j       Feb. 

\  1  a  5 

8       Nov. 

12       fan. 

372     AP'- 

3  1       Feb. 

Vug. 

jo'.     Jan. 

27 1      Nov. 

•In    the    curb    market.      Tl 


New   Y 


Exchange  in  June,  1906. 


GIBSON'S     MANUAL 


67 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,  1908. 


Nov. 


4 
5 
6 

7 

•' 

10 

1 1 


Pfd. 

49  -5o; 
Election 


5of-5-'  I 
52^-53i 

53  -53 

3-!  533 
5^-53 


Cum. 
22  -22 
Day 

22  -22} 

23  -23! 

-VU--4 
24^-243 

24  -25 

25  -251 
24^-25 


Nov.    [2 

[3 

14 

U 
[8 

Ml 
20 
21 


Pfd. 

Com. 

Pfd.        Com. 

'53  -54i 

24i-26f 

Nov.  _',}    . 

.    .     52  -52      23  -23 

S4i-57 

26-J-27! 

"     24    . 

■     53  -53      24  -24 

5"  -5« 

27  -27^ 

"     -'5    ■ 

.      .......     24^-243 

5"'.-56i 

26  -27 

"     26  .  . 

Thanksgiving  Dav 

56  -56? 

....... 

"     -'7    • 

■     53  -53       -M'  243 

....... 

24  --M'' 

"     28    . 

■      .......     23^-24 

54  -54! 

23T25 

"     30    • 

•      .......     231-233 

23^-24^ 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Pfd. 

Com. 

X\        I      . 

■     5-'  -52 

231-24 

1  >ec.   1 1 

J 

"       3    • 

•     52  -52 

-'4  -24 

22>,-22\ 

12 

4    ■ 

'       5    ■ 

:::"::: 

"     15 

"       7    • 
8   . 

....... 

J  J    -22 

"     17 
"     18 

9    ■ 

■     5U-5U 

23  -23I 

-    19 

TO     . 



....... 

"     21 

Pfc 


53  -53 

5-'  -5-' 
5i  -52 


Com. 


22  -22 

21  -21* 

2l|-22 

22  -22-J 
21    -21 1 


22    -22 


Dec.    _'_' 

23 

-'4 

-'5 
26 
28 
29 
30 
3i 


Pfd.         Com. 

.......        22    -22  \ 

54  -5(>       23J-26J 
543-55i     ^4  -25I 
(  hristmas   Day 
Extra  holiday 
.......     25S-23; 

54  -54      24  -25 
.......     23U235 


REMARKS. 

During-  1907,  the  total  value  of  orders  honked   by  (he  Corporation  aggregated  $15,615,019. 

The  plant  of  The  Bethlehem  Steel  Co.  has  been  improved  since  1905  at  an  expense  of  $12,960,903, 
by  the  addition  of  three  new  mills,  for  manufacturing  rails  and  structural  shapes. 

Losses  were  incurred  on  seven  ships,  under  contract  at  the  Union  Iron  Works,  San  Francisco, 
in  1906  and  1907,  and  other  losses,  at  the  Marian  &  Hollingsworth  yards,  owing  to  idleness  of  the  plant 
during  part  of  1907-     Yet,  on  the  whole,  the  year  ended  with  a  satisfactory  profit. 

The  only  securities  reported  were  $337,992  of  "miscellaneous   investments." 

Officers:  President,  Charles  M.  Schwab:  First  Vice-President,  Archibald  Johnston;  Treasurer 
and  Secretary,  Barry  II.  Jones.  Directors:  In  addition  to  the  foregoing,  Henry  S.  Snyder,  E.  <  I. 
Grace,   C.  A.   Buck.  \V.  .Meyers.  W.   <  i.   Coxe,  and    F.  A.  Schick. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Tuesday  in  April.  Directors  meet  third  Tues- 
day in  each  month.  Main  office.  South  Bethlehem,  Pa.  New  York, office,  too  Broadway.  Traded  in  on 
the  New  York  Stock  Exchange   (Listed    Department). 


-,s 


GIBSON'S     MANUAL 


Brooklyn  Rapid  Transit  Company 

Bonded  indebtedness,  June  30,   1908 $94,874,040 

Common  stock 45,835,909 

Total  capital $140,709,949 

Miles  operated  (not  including  318  miles  of  second  track  and  sidings)  260.8 

Per  mile  capitalization $517,980 


Fixed  charges,    1908,  per  cent,  of  net  income 
Operating  expenses,  per  cent,  of  gross .    .  . 


Year  ending  June  30.  Gross. 

1899 $11,316,033 

1900 11,768,550 

1901 12,135.559 

1902 12,788,168 

1903 I3.557.8i4 

1904 14,950.561 

1905 16,585,580 

1906 18,797,264 

1907 19.936.753 

1908 20,548,391 


EARNINGS. 

Net. 
$4,094,742 
4,662,207 
4.519.555 
4.578,77! 
5.626.735 
6,190,122 
6,781,709 
8,355,886 
8,471.047 
8.608,812 


Net  P.  C.  of 
Gross. 
36.2 
39-6 
37-' 
35-8 

4i-5 
41.4 
40.9 

44-4 
42.4 
41.9 


*Surplus. 

$623,426 
972,550 
991,414 
1,747,840 
1,594,190 
1.984,723 

2.075.563 
3.734,006 
3,853.460 


75-9 
58-1 

Earned  on 
Common. 

Def. 

1.1   % 

0-75  % 
o. 

1.63% 
2.18% 

2-5% 
4-7% 
4,l6% 
4-03% 


*Not   including  some    small    reserve    funds,    amounting   to   $197,898  in   1908. 
DIVIDENDS.     An  initial  dividend  of  I  per  cent,  will  be  paid  April  I,  1909. 
LOW   AND   HIGH   PRICES,   BY   YEARS,   SINCE    1900. 


1900. 

1901.                 1902.                 1903.                 1904.                 1905.                 1906.              1907. 

1908. 

47j4Sept. 
88%  Dec. 

55%  Oct.          54',  Nov.         29>4Sept.        38      Feb.          56%  May         71      July      26-M  Nov. 
88%  Apr.          72%  July          71%  Feb.          70^  Nov.         915$  Dec.         94]/s  Jan.      835,Uan. 

37-4  Feb. 
69J4  Dec. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan.                   Feb.                  Mch.                  Apl.                   May. 

J-.me. 

1900 
1901 
1902 

1903 
1904 
1905 

1906 

1907 

1908 


66i-77 

734-874 

63  -681 

66}-7of 

474-52} 

584-643 

8si-  u' 

7if«3f 

38§-47l 


64i-77 
724-8 1 4 

60I-67I 
66J-7i| 

38  -47f 
6o4-66? 
784-884 
69  -75  3 
374-463 


63i-74 

74  -85* 

625-68 

63i-684 

381-4.41 
644-68* 

78f-884 

45i-7<>S 
391-48 


71  -8o4 
80J-88J 
633-724 
644-69} 
434-483 

584-71? 
723-692 

53  -634 

444-484 


674-74} 
68.4-87! 

64i-7o 
583-674 

433-473 
564-634 
72  -84I 
48  -624 

454-54 


49  -73 
774-834 
66}-68f 
54  -6of 

461-494 
61  -70$ 

733-854 
48  -565 
444-50} 


July. 


Aug. 


Sept. 


Oct. 


1900 
1 901 
1902 
1903 
1904 

1905 
1906 
1907 
1908 


50J-604 
744-82* 
67  -721 
41  -594 
49  -53 
67  -734 
71  -78f 
554-6o4 

r'-534 


524-60* 

72I-77I 

654-7o4 

371-484 

50I-55' 

68I-7  if 

744-81 

374-57J 

504-5/4 


474-564 
6i4-754 
623-72 

294-474 
53%- 57" 
655-724 
75  -824 
422-40} 

44  -5C4 


504-64S 
554-654 
60  -654 
30  -36 
564-6o? 
7of-785 
76f-8o5 
29  -484 
464-50* 


Nov. 

594-785 

6i4-7i 

543-654 

344-40 

634-704 

72s -9 1 4 

75f-8i| 

265-344 

484-57 


Dec. 


69  -88J 
6o4-68! 
59l-69f 

39S-55 
56  -69 

834-9if 
77!-83 
324-413 
544-603 


Nov. 


.1 
4 
5 
6 

7 

9' 

10 

11 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 

Low.       High. 

484  493 

Ejection  Day. 

494 
494 
5i3 


5i3 
52 
524 
5H 


Low.  High. 

523  53* 

53}2  544 

543 ,  554 

Thanksgiving   Day. 

•  •  • •      554  56 

•  •  • •     55  554 

•  •  ■  ■     54-1  554 


GIBSON'S     MANUAL 


69 


LOW    AND    HIGH    PRICES,    BY    DAYS,    DECEMBER,    1908. 


Dec.  1 


3 

4 
5 
7 


9 
10 


Low. 

55 

55 

54J 

55* 

55i 

55i 

55? 

56 

57* 


High. 
56f 
561 

55f 
56i 
56i 
564 
56i 
57i 
581 


Low.   High. 

Dec.  22 sy:s     634 

23 63      68 

24 67      69I 

25 Christmas  Day. 

26 Extra  holiday. 

28 67i  69? 

29 67!     68§ 

30 67i     68| 

31 m  68^ 


MARKET    MOVEMENTS    OF    BROOKLYN    RAPID   TRANSIT   FROM    1899   TO    1908, 

INCLUSIVE. 


REMARKS. 

The  $150,000,000  refunding  gold  4  per  cent,  convertible  bonds,  authorized  March  20,  1902,  can 
he  exchanged  for  stock,  par  for  par,  at  any  time,  between  July  1,  1904,  and  July  1,  [914. 

The  stock  of  the  company  has  been  gradually  reduced  from  $47,717,305,  June  30,  1902,  to  the 
amount  above  set  forth,  on  June  30,  1908. 


GIBSON'S     MANUAL 


The  company   owns  no  securities,  other  than  its  own  treasury  bonds  and  stock. 

April  1,  (899,  an  agreemenl  of  alliance  was  entered  into  with  the  Long  Island  R.  R.  "Long 
Island"  territor}  comprises  the  counties  of  Nassau  and  Suffolk  and  part  of  Queens.  "Rapid  Transit" 
territory  comprises  all  of  Kings  and  part  of  Queens  counties.  In  the  neutral  territory  of  College 
Point,    Flushing,  Jamaica  and  Jamaica   Hay.  neither  can  enter  without  consent  of  the  other. 

A  system  of  financing,  adopted  several  years  ago,  provides  thai  instead  of  each  of  the  subsidiary 
companies  attempting  to  finance  its  own  requirements,  Brooklyn  Rapid  Transit  would  raise  the 
necessary  funds  by  the  sale  of  its  own  bonds  and  would  then  advance  whatever  money  was  necessary 
to  the  constituent  companies,  taking  in  exchange  therefor  the  notes  or  other  obligations  of  the  latter. 
In  accordance  with  this  plan,  June  JO  and  II,  1908,  the  execution  of  a  mortgage  for  $20,000,000  by 
the  Brooklyn  Union  Elevated  R.  R.  and  of  another  for  $5,000,000  by  the  Nassau  Electric  R.  R.,  was 
authorized  by  special  meetings  of  those  companies,  to  secure  certificates  of  indebtedness  theretofore  or 
thereafter  to  be  issued  by  those  companies  to  Brooklyn  Rapid  Transit,  for  cash  advances  for 
betterments  and  additions.  An  application  to  the  Public  Service  Commission  for  its  approval  of  said 
mortgage  was  denied  in  July,  because  the  mortgages  were  to  be  payable  on  demand.  It  was  under 
1 1   that  the   Commission   would   not  object  if  the  mortgages  should  run   for  a  term  of  years. 

The  opening  of  the  subway  under  the  East  River  to  Elatbush  Avenue  has  somewhat  affected 
the    revenue   of   certain    lines,   but    no    material   harm  to  the  business  of  the  company  is  expected. 

Attention  is  called  in  the  annual  report  for  1908  to  the  fact  that  the  trackage  over  the  two  East 
River  bridges  adds  12  per  cent,  to  the  actual  service,  at  increased  cost,  without  extra  expense  to  the 
passengers.  Farther,  that  through  the  growth  in  use  of  transfers,  the  gross  return  per  passenger  is 
steadily  decreasing  until  the  cost  of  transportation  and  the  amount  received  for  it  have  come  unpleas- 
antly close  together. 

Officers:  Chairman  of  the  Hoard.  A.  X.  Brady;  President,  Edwin  \Y.  Winter:  Vice-President, 
T.  S.  Williams;  Secretary  and  Treasurer,  C.  D.  Meneely.  Directors:  A.  X.  Brady,  Norman  P.  Ream. 
E.  II.  Harriman,  H.  H.  Porter,  A.  R.  Flower,  \V.  ( i.  Oakman,  D.  II.  Valentine,  Eugene  X.  Foss,  Henry 
Seibert,  TI.  C.  Du  Val.  Edwin  W.  Winter.  T.  S.  Williams. 

Fiscal  vear  ends  June  30.  Annual  meeting,  last  Friday  in  January.  Directors  meet,  on  call. 
Office,  168  Montague  Street,  Brooklyn.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Depart- 
ment). 


GIBSON'S     MANUAL 


71 


Brooklyn  Union  Gas  Company 

Incorporated  under  the  laws  of  New  York,  Sept  9,  [895,  and  was  a  consolidation  of  seven  of  the 
leading  gas  companies  of  Brooklyn,  \.  Y.  Later,  the  company  bought  control  of  six  other  plants  in  and 
adjacent  to  Brooklyn. 

Bonded  indebtedness,  Dec.  31,  1007 $18,000,000 

Capita]  ?t,  tck 15,000,000 

Total  capital $33,000,000 

Fixed  charges,  1907.  per  cent,  of  net  income 50.26 

Operating  expense,  per  cent,  of  gross 63.38 

EARNINGS. 

'1  li is  company  has  not  been  in  the  habit  of  publishing  reports  of  its  operations.  But  partial  in- 
formation was  obtained  for  four  years.  1901-1904,  by  a  Joint  Legislative  Committee  in  11)05,  and  the  facts 
for  1907  were  supplied  by  the  company  to  the  New  York  Stock  Exchange  in  1908.  The  following  f;u-ts 
were  reported  : 

Surplus  Fi  ir 
Year  ending  Dec.  31.  Gross.  Net  income.  year. 

I'joi $4,676,568  $1,911,349  del".  S  56,864 

1902 5.243,189  1,816,477  "     167,546 

1903 5»992»5I6  2,289.550  Surp.  249,260 

1904 6,534.611  2,589,404  -'30,249 

1907 7.380,804  2,814,709  509,107 

Surplus  Profits  account,  Dec.  3r.  1907,  $3,655,856,  not  including  a  depreciation  reserve  of  $1,360,- 
143.     Earned  on  the  stock,  3.39  per  cent,  in  1907. 


DIVIDENDS. 

1 000 

1901 

1902 

1903         1904         1905 

1 000 

1907 

1 1  H  18 

1909 

:'■ 

8% 

8% 

8%         oV,          81% 

3% 

0 

5i* 

3% 

1900 


140     Jan. 
183     Dec. 


1901 


175      Jan. 
228     Apl. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1902 


1903 


1904 


1905 


1906 


210  Jan.    170  Sept.   185   Mch.   175  Dec.   105^4  Nov. 
253  Aug.   225  Jan.    229^  Oct.   215  Feb.   178   Jan. 


1907 


1908 


80      Oct.         85      Feb. 
\2iy2  Feb.       152J4  Nov. 


LOW    AND    HIGH    PRICES,    BY    DAYS,   NOVEMBER,   1908. 


Nov. 


3 

4 
5 
6 

7 

9 

10 

11 


LOW. 


Hieh. 


Xox 


Election   1  )a\ 
[39 


[39 


137 

137 


137* 

137 


12 

13 
14 
16 

17 

[8 

19 
20 

21 


Li  i\\  . 

137] 
I40 

I  40  I 
I40 

140 
I40 


High. 

Xo 

138 

140] 

140J 

140 

141 

' 

140 

24 

25 
26 

27 
28 

30 


Low.         High. 

138  138 

141  [42! 

143  145 

Thanksgiving   1  >a\ 

150' 
I52i 
149  149 


144! 

1  19! 


7- 


GIBSON'S     MANUAL 


Dec. 


3 

4 
5 
7 
8 

9 

io 


LOW  AND  HIGH  PRICES.  BY   DAYS,   DECEMBER,   1908. 

Low.         High.  Low. 

147 


149 
[49 


14S 
14SI 


'47. 


Low. 


High. 


25 Christmas  Day 

26 Extra  holiday 

28 147I  148 

_•'! 148 

30 148 

31 148 


REMARKS. 

This  corporation  has  been  subjected,  with  others  of  its  class,  to  public  proceedings  for  a  reduction 
in  the  price  of  gas.  April  3,  hjoO,  after  a  prolonged  investigation  by  a  Joint  Legislative  Committee,  and 
after  a  subsequent  contest  in  the  State  Legislature,  the  Page  bill  became  a  law.  reducing  the  price  of  gas 
in  Brooklyn  to  80  cents;  and  fur  the  suburbs  of  the  city  a  sliding  scale  was  enacted,  running  down  from 
$1.25  in  1906  to  $1  in  191 1  and  thereafter.  The  gas  companies  disputed  the  constitutionality  of  the  law, 
and  finally,  Dec.  20.  1907.  Judge  Hough  of  the  LT.  S.  Circuit  Court  handed  down  a  decision,  sustaining 
the  report  of  Arthur  H.  Masten,  as  Master,  and  declaring  the  80-cent  gas  law  unconstitutional.  The 
State  of  New  York  appealed  to  the  United  States  Supreme  Court  and  a  hearing  was  appointed  for 
<  let.  131th. 

Securities  owned  in  1907  amounted  to  $1,699,188,  consisting  entirely  of  bonds  and  stocks  of  sub- 
sidiary companies. 

Officers:  President,  James  Jourdan;  Treasurer,  Elverton  R.  Chapman;  Secretary,  Walter  K.  Ros- 
siter.  Directors:  William  Rockefeller,  1).  G.  Legget  11.  W.  Cannon,  H.  H.  Rogers,  E.  R.  Chapman, 
Win.  G.  Rockefeller  and  James  Jourdan. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Tuesday  after  second  Monday  of  November. 
Office,  180  Remsen  Street,  Brooklyn.    Traded  in  on  the  Xew  York  Stock  Exchange  1  Listed  Department). 


GIBSON'S     MANUAL 


73 


Brunswick  Dock  C&  City  Improvement  Company 

Incorporated  in  1897  under  the  laws  of  Georgia  to  succeed  the  old  Brunswick  Co.,  whose  prop- 
erties were  sold  under  foreclosure.  The  company  owns  over  3.000  acres  of  unimproved  land  and  3,000 
city  lots,  upon  some  of  which  buildings  have  been  erected,  and  a  long  water  front,  the  whole  property 
situated  in  and  around  the  city  and  harbor  of  Brunswick,  Ga.  Certain  railroad  connections  with  the 
distant  South  and  West  are  expected  to  bring  this  property  into  great  prominence.  Its  income  is  at 
present  obtained  from  rentals  and  sales  of  land. 

Capital  stock $5,000,000 

EARNINGS. 

Not  reported. 

DIVIDENDS. 

None. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1900                 1901                 1902                 1903                 1904                 1905 

1906 

1907 

1908 

6%  June          8%  Jan.          7%  Dec.           5      Oct.           5     July         10%  Tan. 
16%  Jan.          14%Mch.        14%  Apl.         15%  Jan.          12%  Dec.        22%  Dec. 

13%  July 
21%  Apl. 

6      1  )ct. 
14     Jan. 

6      Jan. 
17      Nov. 

The  stock  is  not  active  on  the  New  York  Stock  Exchange. 

LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER, 

1908. 

No 


Low.   High. 


v.'  2 


i3i 


3 Election  Day 

4 

5 

6 


13$  Dec.  i_> 13I 


Low.   High. 


Low.   High. 


1 3$  Nov.  23 isi 


i6f 


/ 

9 

10 

11 


13! 

14 

H 

14 

13! 

13* 


13! 

Hi 

14 

14 

14 
14 
Hi 


13 
14 
16 

17 
18 

19 
20 
21 


13* 
13* 

I3l 

i3§ 
13* 
13* 

i5l 


i3i 

14 

13! 

13* 

i3f 

IS 

16 


24 16      i6|- 

25 i6i     17 

26 Thanksgiving  Day 

27 i6i     i6f 

28 i64     i6i 

30 i6i      16J 


Dec. 


1 
2 

3 

4 
5 
7 
8 

9 
10 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Low. 
16 


High. 
16 


I5f 
i4i 

i5i 

iSi 
i5i 
IS* 

i5f 


Low.  High. 

Dec.  11 I5f  isf 

16  16I 

i6i  i6f 

IS*  i6f 

I5t  I5f 

i5i  16 

15  15 

15  i5f 

i3§  14* 


•  •  ■ 

"       12 

isi 

"    14 

i5i 

"   15 

16* 

"   16 

i6f 

"   17 

IS* 

"    18 

is* 

"    19 

is* 

"      21 

Dec.  22 
"     23 

"     24 


Low.       High. 


25 Christmas  Day. 

26 Extra  holiday. 

28 14J 

29 14*  15* 

30 15}  iSi 

31 15  i6i 


14* 


REMARKS. 

In  the  last  published  balance  sheet  of  the  company.  March  31,  1907,  its  real  estate  was  valued 
at  $4,974,504. 

All  the  bonds  of  the  company  have  been  retired  and  there  are  no  debts,  except  current  accounts. 

This  is  a  property  with  which  the  late  Edmund  Clarence  Stedman  was  intimately  identified. 

Officers:  President,  Howel  H.  Barnes;  Secretary  and  Treasurer,  A.  <  '•.  Kraetzer.  Directors: 
Le  Roy  W.  Baldwin,  H.  H.  Barnes,  H.  P.  Booth,  J.  G.  Deane,  Douglas  <  Ireen,  Charles  Gregory,  Arthur 
Harris,  Kellock  Myers  and  F.  B.  Schenck. 

Annual  meeting,  second  Tuesday  in  February,  Brunswick,  Ga.  Directors  meet,  second  Wednes- 
day in  each  month.  Office,  20  Broad  Street,  New  York.  Traded  in  on  the  New  York  Stock  Exchange 
(Listed  Department). 


74  GIBSON'S      MANUAL 


Buffalo  C&  Susquehanna  Railroad 

Bonded  indebtedness,  June  30.  [907 $9,609,000 

Preferred  stock,  4  per  cent,  non-cumulative 4,000,000 

Common  stock 4,456,900 


Total  capital $18,065,900 

M  ileage 256 

Per  mile  capitalization $70,659 

Fixed  charges,  1907,  per  cent,  of  net  income 56.14 

(  Operating  expense,  per  cent,  of  gross 70.91 

EARNINGS. 

Net  income, 

Year   ending  June   30.                           Gross.  less  taxes.  Surplus. 

1900 $732,991  $347,99°  $233,342 

1901 721,966                   307.993  317,932 

1902 835,748                   394.941  385.918 

1903 1.000,75.'                   532.794  516,277 

1904 962,696                   501.090  563,027 

1905 1,129,864                   567481  584,195 

1006 1,522,739                    672,826  477.856 

1007 i.853»857                    728.501  377-^h 

LATEST  REPORT. 

Earnings   for  four  months,  ending  Oct.  31,   1908,  compared  with  the  same  pciod  in  1907  were: 

1908 %77?>^77  $i77.4-M 

1907 782,745  109,854 

DIVIDENDS. 

Four  per  cent,  is  regularly  paid  on  the  preferred  stock,  under  the  guarantee  of  the  Railway  Com- 
pany. On  the  common  stock,  which  is  entirely  owned  by  the  Railway  Company,  5  per  cent,  was  paid 
until  the  fiscal  year  of  1907,  when  4  per  cent,  was  paid. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1904. 

1904  1905  1906  1907  1908 

Preferred    ....     83       Nov.  84       Dec.  83-J      June  74.V     Nov.  59$     Oct. 

89I     Aug.  91!     May  »t       Feb.  85!     Feb.  64I     Mch. 


Common,  not  traded  in. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER  AND  DECEMBER,  igo8 

There  were  no  transactions  in  the  stock  in  these  months. 

REMARKS. 

This  company  has  leased  its  properties  for  999  years  from  July  1,  1907,  to  The  Buffalo  &  Sus- 
quehanna Railway  Co.,  in  return  for  interest  on  itsbonds  and  guaranteed  dividend  of  4  per  cent,  on  its 
preferred  stock.     The  common  stock  is  owned  entirely  by  the  Railway  company. 

The  B.  &  S.  Railroad  Co.  owns  the  entire  capital  stock,  $1,140,000,  of  The  B.  &  S.  Coal  &  Coke 
Co.  and  all  of  its  $1,240,000  first  mortgage  bonds.  It  also  owns  the  capital  stock,  $10,000,000,  of  The 
B.  &  S.  Coal  Mining  Co.,  and  all  except  $700  of  the  $100,000  stock  of  The  Powhatan  Coal  &  Coke  Co., 

as  well  as  all  the  mortgage  liens.  $1,761,559,  on  the   property  of  the  latter. 

Officers:  President,  C.  W.  Goodyear;  First  Vice-President,  A.  C.  Goodyear;  Secretary  and 
Treasurer,  1".  A.  Lehr.  Directors:  W.  II.  Baumes,  S.  M.  Clement,  Walter  P.  Cooke,  A.  C.  Goodyear, 
Ganson  Depew,  C.  W.  Goodyear,  F.  A.  Lehr,  F.  S.    McGraw,  J.  W.  Trounce. 

Fiscal  year  ends  June  30th.  Annual  meeting,  second  Monday  in  June.  Galeton,  Pa.  Office,  Buf- 
falo. N.  Y.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


75 


Butterick  Company 


A  New  York  corporation,  organized  Jan.  15,  1902,  to  take  oxer  The  Federal  Publishing  Co., 
which  owned  the  stock  of  several  concerns,  engaged  in  the  publication  of  fashion  magazines  and  the 
manufacture  of  paper  patterns,  as  follows:  Butterick  Publishing  Co.,  Ltd.,  Standard  Fashion  Co., 
New  Idea  Pattern  &  Publishing  Co.,  and  Banner  Fashion  Co.  Branches  of  the  corporation  are  located 
in  principal  cities  in  the  United  State-  and  in  London,   Paris,    Berlin  and  Toronto. 

Capita]  stock $12,000,000 

EARNINGS. 


Year  ending:  Dec.   xi. 


Profits. 


1902 $726,898 

1903 766,965 

i(>04 645,057 

19°5 5554") 

t9°6 360,511 

1907 259,678 

DIVIDENDS. 
[902  1903  1904  1905  1000 

2i<?o  4%  4%  A%  4% 


Surplus. 

Earned  on  Stock. 

$426,898 

6.05% 

713.863 

6.397° 

879,920 

5-2,7% 

935.339 

4-63% 

815,850 

3% 

734.578 

2.l6^> 

1907 

[908 

3% 

ifo 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1902. 


1902 

41  June 
53  Sept. 


1903 


1904 


1905 


1906 


1.M.7 


1 908 


40  Aug. 
55  Jan. 


47;  Feb. 
62|  Dec. 


50  Dec. 
60J  Jan. 


40  Apl. 
70  May 


25  Nov. 
49*'  Jan. 


10  Feb. 
25  Jan. 


Low. 

Nov.  2 21 

3 Election 

4 

5 

"   6 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 

Low. 


22 


High. 

21 

l)a\ 


23 


High. 


Low. 


High. 


7 

9 

10 

11 


23 

21 


23- 
23 


Nov.  12 

"  13 

"  14 

"  16 

"  17 

"  18 

"  19 

"  20 

"  21 


23 


23 


Nov.  23 

"  24 

'•  25 

"  26 

"  27 

"  28 

"  30 


Thanksgiving  Day 


50? 


23S 


LOW 

AND 

HIGH  PRICES, 

BY   DAYS, 

DECEMBER, 

1908. 

Low. 

High. 

Low.        L 

igh. 

Low. 

High. 

Dec.     1    .  .    . 

1  )ec.  11 

.      21I 

22^ 

1  )ec. 

22    . 

2 

..       2li 

2ii 

"     12 

" 

23    ■ 

•     22?= 

223 

"       3    ••    • 

22f 

"     14 

" 

-'4    ■ 

•     22A 

22 1 

"       4  ..    . 

..       223 

22$ 

"     15 

' ' 

25    • 

.   Christm 

as  Day 

"       5   ■•    • 

"     16 

4  ( 

.,, 

Extra  Holiday 

"      7  ••   • 

"     17 

>  >  1 

-'-i 

" 

?8 

.       22f 

22-; 

"      8   ..    . 

"     18 

29   ■ 

"      9  •  ■    ■ 

"     19 

.     22 

22 

30   . 

.       22§ 

223 

"       TO    ..      . 

22^ 

"     -1 

.     22 

J  J 

31    ■ 

■      •  •  • 

REMARKS. 

The  Butterick  Co.  was  obliged  to  draw  upon  its  Surplus  Profits  account  in  1906  to  the  extent  of 
$119,489  for  payment  of  its  dividends,  and  $100,322   in  1907. 

Officers:  President,  G.  W.  Wilder;  Treasurer.  C.  D.  Wilder;  Secretary,  B.  Wood.  Directors: 
G.  W.  Wilder,  J.  F.  Birmingham,  C.  D.  Wilder,' E.  A.  Shorter,  E.  L.  Pearsall,  B.  F.  Wilder.  W.  A. 
Publow  and  B.  Wood. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  now  first  Wednesday  in  February,  but  soon  to  be 
changed.  Directors  meet  first  Wednesday  in  every  month.  Office,  Butterick  Building,  New  York. 
Traded  in  on  the  New  York  Stock  Exchange  (Unlisted  Department). 


76  GIBSON'S     MANUAL 


Canadian  Pacific  Railway 


Bonded   indebtedness,  June  30,   1908 $155,279,045 

Preference  stock,  4  per  cent.,  non-cumulative 48,803,332 

Common  stock 121,680,000 

Subscription  to  new  stock  (total  authorized,   $24,336,000).      See 

"Remarks" 19-854.436 

Total  capital $345,616,813 

Mileage 10,396 

Per  mile  capitalization $36,666 

Fixed  charges,  1908,  per  cent,  of  net  income 35-87 

Operating  expense,  per  cent,   of  gross 69.47 


EARNINGS. 

Gross                   Net       Net  P.  C.  of  **Earned  on 

Year  ending  June  30.                           Op.  Rev.             Income.      Gross  Inc.  *Surplus.  Common. 

1901 $30,855,204  $13,042,801         41  $11,122,561  8.39% 

1902 37,503.054           i5,o44.74i         39-1  14.185,635  9.71% 

1903 43.957.374           17,123,658         387  18,846,176  11.01% 

1904 46,469,132           15,904.374        33  17,561,046  448% 

1905 50,481,882           i7.o59.75i         32-8  19,910,999  9.38% 

1906 61,669,758          24,942,759        39.2  25,741,415  u-75% 

1907 72,217,528          27,667,789        37.1  30,713.153  10.08% 

1908 71,384,173           24,446.999        33  30,390,203 


' 


*  Not  including  steamship  and  equipment  and  replacement  funds,  now  $3,210,949,  or  Reserve 
fund   for    contingencies,   now   $1,320,974. 

**  After  deducting  liberal  appropriations  for  improvements  and  $230,000  to  $780,000  a  year 
for    steamship   and   pension   fund,   and   other  bookkeeping  charges. 


DIVIDENDS. 

1901 

1902         1903 

1904 

1905 

1906 

1907 

1908 

4% 
5%> 

4%         4  % 
5%        si% 

4% 
6% 

4% 
6% 

4% 
6fo 

4% 
*7% 

4J0 

1900 

Preferred 4  % 

Common $1%         5%'      5%         5*%         67°        6°/°        67°       *7f°       :g?^" 

*  1   per   cent,   extra   was  paid   on   the   common  stock  in  1907,  from  proceeds  of  land  sales. 
The   extra   dividend   in    1908  was   also   from   the  same  source. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE    1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 


84^  Sept.         87      May       112J4  Jan.        115^  Oct.       109J4  Mch.      130J4  Jan.        155*$  May       138      Nov.      140      Feb. 
99.M  Feb.         117K>May       145;4  Sept.      138-J4  Feb.       135^4  Oct.       177^  Sept.      201  </ Dec.       195^  Jan.        180 Vs  Nov. 


*Note:     The   preferred  stock  is   not  listed  on  the  New   York  Stock   Exchange,  and   is  not   likely  to  be. 


GIBSON'S     MANUAL 


77 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE   1900. 


Jan. 


Feb. 


Mch. 


Apl. 


May 


1900 90I-  95i 

1901 883-  91$ 

1902 112^-117 

1903 IS1!-^! 

I904 Il6  -I2l£ 

1905 i3°5-I34f 

1906 169  -1773 

1907 I79i-i952 

1908 1471-158! 

July 

1900 87I 

1901 99 

1902 134 

1903 "8g 

1904 122I 

1905 149 

1906 157I 

1907 1722 

1908 1694 


96  -  99f 

90  -  90i 

ii3i-n6i 

I33I-I382 
1 12I-119 

133  -i4ii 

168  -175.! 

1 78  J- 1 883 
140  -151! 


95i-  982 
89i-  95 
112^-117 
126  -134J 
109I-116 

137  -i5o3 
1672-172! 

i55  -1833 
1421H54} 


95*-  98 

92J-101 

112^-129! 

126J-133 

114^-118 

145-1553 

156  -i74l 
1711-189-2 
149I-158I 


93  -  95 I 

87  -117I 

1224-141! 

I231-I33I 
116  -118 


1 4 1 1  - 


150-i 


155I-1613 
164  -178^ 

I54l-i6i 


June 

85l-  951 
I023-I08 
1313-140? 

H7I-125I 
ii7l-I25i 
145  -152I 
158  -162I 
1643-174I 
i57*-i62| 


Aug. 


Sept. 


Oct. 


Nov. 


893 
108} 

139? 

1 25  § 

126 

156-i 

166 

178,1 

i74l 


87 
107 


9i 
113I 


I355-I43 

118  -127J 

124I-128I 

i54i-i65;J 
1643-179} 
1 59 1 -1 75? 
168^-177] 


843-  9oi 
107^-1 1  s* 

I341-I45} 
118  -125 

124I-131 
^9h^77\ 
I734-I83 
157  -171 
i68f -1 77i 


853- 


5?-  87! 
107  -112 

129I-139I 
ii5§-i2i£ 

127I-135I 

1681-176 

1723-183! 

144  -170 
169  -179 


862 
110J 

1253 
1 163 

[26i 

1683 
172! 

[38 

*73h 


-  89.! 
■1 1 51 
•136I 
-119I 

■i35i 
-i75l 

-1823 
-i5ii 
■180-i 


Dec. 


85I-  922 
1113-115} 

123I-133I 
1173-120J 

1273-134! 

1713-176 

1823-201^ 

I481-I551 

I73f-I79l 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,  1908. 


Low. 

Nov.  2 174 

"   3 Election 

"   4 174 

"   5 I73i 

"   6  ...... .  174! 

"   7 175-1 

9 174! 

"  10 175 

"  11 176! 


Low.  High. 

Nov.  23 175  176 

"  24 i75i  1763 

25 176  177! 

26 'Thanksgiving  Day 

"  27 1752  176} 

"  28 175!  1754 

"  30 175!  i75l 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Low.  High. 

Dec.  1 175  176 

"   2 175;!  176^ 

3 I75l  1751 

4 1755  178 

5 176  I77i 

"   7 176  177 

"   8 176}  i77f 

9 176I  I77l 

"  10 I77§  i/8f 


Dec. 


1 1 
12 
14 
15 
16 

17 
18 

19 


Low. 

High. 

177! 

179 

De 

i762 

178 

177 

1775 

i75i 

i763 

175! 

1 771 

1 74  J 

177! 

1743 

175! 

175 

1753 

>7.U 

1 75 1 

Low. 

174! 
175!- 


High. 

174^      I75l 

23 175-4     176! 

24 176      176s 

2$ Christmas  Day. 

26 Extra  holiday. 

28 176} 

-"J 177      I77S 

30 T7"i     i77l 

31 1763     177 


178I 


78 


GIBSON'S      MANUAL 


MARKET    MOVEMENTS    OF   CANADIAN    PACIFIC    RAILWAY    FROM    1900  TO    1908. 

INCLUSIVE. 


REMARKS. 


In  the  fiscal  years  of  1907  and  1908,  Canadian  Pacific  charged  off  S; .000.000  and  $6,000,000  re- 
spectively from  earnings  for  additions  and  improvements. 

The  company  carries  about  205  persons  upon  its  pension  roll,  most  of  them  over  60  years  of  age. 

When  Canadian  Pacific  was  chartered.  Feb.  18.  1881,  it  received  from  the  Dominion  Govern- 
ment .--■;  1  in  cash  as  a  subsidy  and  a  land  grant  of  j6.710.400  acres,  and  its  total  holdings,  in- 
cluding I  subsidiaries,  were  33.416,200  acres.  Of  its  landed  possessions,  there  remained  in  1908, 
13,268,367  acres.  Land  sales  amounted  to  164,450  acres  in  the  fiscal  year  of  1908,  compared  with 
994,840  in  1007.  The  last  of  the  land  grant  bonds  were  paid  off  in  1906  and  the  property  is  now  unen- 
cumbered. 


GIBSON'SMANUAL  79 


Securities  owned,  June  30,  1908.  amounted  to  $57,418,369,  largely  comp  1  ed  of  the  stocks  and 
bonds  of  Duluth,  South  Shore  &  Atlantic,  and  Minneapolis,  St.  Paul  ec  Sault  Ste.  Marie,  both  of 
which   companies  are  controlled  by   Canadian   Pacific,  although  operated  separately. 

Oct.  6,  190S,  an  increase  of  $50,000,000  in  the  common  stock  was  voted,  a1  .1  special  meeting, 
increasing  the  total  authorized  common  stock  to  $200,000,000.  None  of  the  new  shares  are  t"  lie  issued 
at  present. 

Officers:  President.  Sir  Thomas  G.  Shaughnessy;  Vice-President,  1).  McNicoll;  Treasurer,  II. 
E.  Suckling;  Secretary,  W.  R.  Baker.  Directors:  Sir  William  C.  Van  Home,  Chairman ;  Right  lion. 
Lord  Strathcona  and  Mount  Royal,  Richard  P.  Angus,  Edmund  P.  Osier;  Sir  Sandford  Fleming, 
Wilmot  D.  Matthews,  Thomas  Skinner,  Charles  R.  Hosmer,  Sir  Geo.  A.  Drummond,  Robert  Mackay, 
David  McNicoll,  Hon.  L.  J.  Forget;  Hon.  James  Dunsmuir,  Robert  Meighen  and  Sir  Thomas  G. 
Shaughnessy. 

Fiscal  year  ends  June  30.  Annual  meeting,  first  Wednesday  in  October,  Montreal.  Directors 
meet,  second  Monday  of  each  month.  Main  office.  Montreal,  Canada.  Financial  office,  31  Pine  Street, 
New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department),  and  on  the  Boston, 
Montreal  and  London  Stock  Exchanges. 


8o 


GIBSON'S     MANUAL 


Canada  Southern  Railway 


This  railway,  whose  stock  is  traded  in  on  the  New  York  Stock  Exchange  in  a  desultory  manner, 
was  chartered  in  Canada.,  Feb.  28,  1868.  It  is  and  has  long  been  operated  by  The  Michigan  Central 
Railroad.  In  1903,  the  lease  was  renewed  for  999  years  from  January  1.  1904,  under  a  contract  which 
guarantees  2!  per  cent,  a  year  on  Canada  Southern  stock  until  1910.  After  1910.  3  per  cent,  is  to  be 
paid.     There  are  no  published  reports  of  earnings. 

Bonded  debt $20,132,130 

Capital  stock,  one  class 15,000,000 


1900 
2% 


Total  capital $35,132,130 

DIVIDENDS. 


1 901 

2i% 


1902 

2% 


I903 

2|% 


I904 
2|% 


I905  1906  I907  I90S 

2\%  2\<fo  24%  2\% 


Nov.    2 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 

1900 

1901 

1902 

1903                  1904 

1905                 1906 

1907 

1908 

47J4  Mch. 
61 J4  Dec. 

54^  Jan. 
89      Nov. 

71      Dec. 
97      May 

57]/2  Sept.       64     Apl. 
7&y2  Jan.          72      Nov. 

67      Nov.        65'/£  June 
7454  Aug.        70%  Jan. 

52      Nov. 

'.51,  Jan 

54     Mch. 
68      Nov. 

LOW    AND    HIGH    PRICES,    BY    DAYS,   NOVEMBER,  1908. 
Low.       High. 


3 Election  Day 

4 

5 


/ 

9 

10 

11 


65 


Low.       High 


26 Thanksgiving  Day 

2/ 


De 


1 
2 

3 

4 
5 
7 
8 

9 
10 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,   1908. 


Lo\ 


High 


Low.       High. 


25 Christmas  Day 

26 Extra  holiday. 

28 

29 

30 5s  65 

3i 


REMARKS. 

In  April,  1908.  the  New  York  Stock  Exchange  listed  $14,000,000  Canada  Southern  first  mortgage 
bonds,  originally  issued  in  1878  as  5  per  cents,  due  Jan.  1,  1908.  and  thereupon  renewed  as  6  per 
cents,  for  five  years. 

Officers:  President.  W.  IT.  Newman:  Vice-President.  IT.  P.  Ledyard:  Treasurer,  Charles  F. 
Cox;  Secretary.  D.  \Y.  Pardee.  Directors:  William  K.  Vanderbilt.  Frederick  W.  Yanderbilt.  Samuel 
F.  Barger,  Edward  A.  Wickes,  IT.  McK.  Twombly,  W.  II.  Newman,  Chauncey  M.  Depew,  Joseph  E. 
Brown  and  Henry  B.  Ledyard. 

Annual  meeting,  first  Wednesday  in  June.  Secretary "s  office,  Toronto,  Can.  New  York  office. 
Grand  Central  Station.     Traded  in  on  the  New  York  Stock   Exchange    (Listed   Department). 


GIBSON'S     MANUAL  8] 


Central  Leather  Company 


At  present,  a  holding  company,  formed  in  New  jersey,  April  12,  1905,  and  intended  as  a  reorgan- 
ization of  The  United  States  Leather  Co.,  partly  with  a  view  to  dispose  of  the  troublesome  8  per  cent, 
cumulative  dividends  on  the  preferred  stock  of  the  latter.  By  Jan.  1,  19x35,  the  arrears  of  dividends  ..11 
United  States  Leather,  preferred,  aggregated  41  1/12  per  cent.  There  were  other  serious  obstacles  to 
extension  of  the  business  of  the  old  company  and  the  acquisition  of  new  property ;  and  a  general  re- 
adjustment was  deemed  imperative.  Under  the  plan,  which  was  duly  ratified,  each  $1,000  of  the  $62,- 
282,300  of  old  preferred  stock  was  to  receive  $500  in  5  per  cent,  bonds;  $500  in  new  preferred  stock; 
and  $235  in  new  common  stock.  Each  $1,000  of  the  $62,882,300  of  old  common  stock  was  to  receive 
simply  $300  in  new  common  stock. 

Jan.  16,  1907,  the  stockholders  of  Central  Leather  ratified  a  proposition  to  merge  the  two  com- 
panies in  one.  Central  Leather  having  acquired  very  nearly  the  whole  of  the  stock  of  the  old  company. 
In  the  same  month,  however,  minority  preferred  stockholders  of  United  States  Leather  secured  an  in- 
junction to  restrain  their  own  company  from  entering  the  merger;  and  a  meeting  to  vote  on  the  ques- 
tion has  therefore  been  compulsorily  adjourned  from  time  to  time.  As  a  consequence  of  legal  proceed- 
ings, the  plan  of  merger  was  modified,  leaving  preferred  stockholders  free,  at  their  own  option,  to 
accept  the  $235  of  new  common  stock  in  full  for  accrued  dividends  or  to  pursue  their  claims  for  said 
dividends  at  law.     In  November,  1907,  the  merger  was  farther  enjoined,  pending  appeal. 

The  Central  Leather  Co.  owns  close  upon  100  tanneries,  factories  and  plants,  located  mainly  in 
Pennsylvania,  New  York,  Virginia,  West  Virginia,  Wisconsin  and  Tennessee,  with  a  few  others  scat- 
tered through  the  South,  and  in  addition  474,000  acres  of  timber  lands,  rights  to  the  bark  on  other 
lands,  etc.     Its  output  is  sole  leather. 

Bonded  indebtedness,  Dec.  31,  1907 $34,526,000 

Preferred  stock,  7  per  cent,  cumulative 31,061,500 

Common  stock .    .  .         38,409,952 

Total  capital $103,997,452 

EARNINGS,  CENTRAL  LEATHER  CO. 

Period  ending  Net  Undivided                                         Earned  on 

Dec.  31.  .    earnings.  profits.              Surplus.                common. 

1905 $1,205,791  $118,038              $118,038 

Year  ending 
Dec.  31. 

[906 4,301,081  157.298                275,335                   0.41% 

1907 4,159,230  151.389                426,674                   048% 

1908 4,482,975  5'1-QOO                 941.664                     r.64% 

While  Central  Leather  remains  a  holding  company  only,  its  income  consists  solelj  of  dividends 
and  interest  realized  from  the  shares  of  subsidiary  companies.  It  receives  6  per  cent,  on  U.  S.  Leather, 
preferred. 

EARNINGS,  UNITED  STATES  LEATHER  CO. 

Year  ending  Surplus  Profits  Year  ending  Surplus  Profits 

Dec.  31.  Profits.  Account.          Dec.  31.  Profits.  Account. 

1900 $3,421,571                    $4,540,870         1904 $4,402,564  18,200,011 

iooi '.       4,656,947                      5,460,870         1005 11.178,450  20.641. 520 

1002 4,762,384  6,486.325  [906 6,008,618  22j9I3,209 

Tr>r>3 4.784,998  L"-534.385         ")°7 4.423.120  23,599,400 

1908       4.328.907  24,191,369 

DIVIDENDS. 

1905  [906  1907  [908 

Preferred if%  :r:  7%  7% 

Common o  o  o  o 


82 


GIBSON'S      MANUAL 


['referred 


LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE   1905. 
[905  [906  [907 


ioif  I  >ec. 
m;;  Nov. 

41  >    Sept. 

47*  Oct. 


98I  Dec. 

\o~\  Jan. 
33fDec. 

\<>l  Jan. 


J2I  Dec. 

102  Feb. 
tif  Nov. 
40    Feb. 


1 1 *  iS 

75-3  Jan. 

102    Dec. 

[5i  Feib. 

33    I '" 


LOW   AND   HIGH   PRICES,   BY  MONTHS.  SINCE  1905. 

Ian. 


Feb. 


Mch. 


Vpl. 


May 


[90s 

Pfd.. 

(  'mil. 

1 1  I'll  > 

Pfd.. 

103^-107', 

1044-107! 

104  -107 

100I-105.I 

[00J-105 

101  -105!. 

Com. 

44l-  49& 

4^-  4/J 

41I-  46j 

40J-   46  § 

38|-  43* 

35f"  43  2 

[907 

Pfd.. 

99  -IOI1, 

100  -102 

89  -100; 

95  "  99 

90  -  97 

89*-  93 

(  <  iiii. 

343-  38 

35i-  40 

25  -  }~\ 

-"•2-  32 

20    -     -"!,' 

21  -  24 

1908 

Pfd. . 

7^-  86 

784-  84 

824-  87J 

87  -  91 

92  -  gsi 

92f-  95 « 

(  '1  mi. 

i6i-  igi 

iSf  18J 

1 6 J-    20f 

!<>■-    25  1 

232-  27^ 

23a-    2<t\ 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1905  ....  Pfd.. 

1032-105^ 

103J-1057 

103  -105I 

1034-105! 

I02.!-I0^3 

[oif-1051 

.   Com. 

4i  h  47 

42  -  44. 

40  -  442 

43f  -47 i 

42  -  462 

44  -  4~i 

1906 

.   Pfd.. 

100  -103I 

ioi-J-iOs.] 

101   -103^ 

102I-103I 

102  -io<;J 

985-102^ 

.  Com. 

34i-  4oi 

38  -  41 ! 

38  -  40| 

34  -  39 

354-  383 

333-  373 

[907 

.  Pfd.. 

91  -  94 

83  -  92* 

80  -  87 

73  "  81 i 

68-  75 

72^-  761 

.  Com. 

224-      M  ! 

1 6 J-  22 1, 

i6£-  t<i1 

I2|-   i6f 

1 1  J-  14J 

14  -  174 

1 1  h  18 

.   Pfd.. 

93i-  97\ 

g6J-  98 

93  -  99 

94h  96J 

97  -ioif. 

99i-io2 

.  Com. 

25  -  _v, 

274-  30I 

23I-  29! 

24^-  26  § 

-1;   3°i 

27f-  33 

Nov. 


LOW    AND    HIGH    PRICES,    BY    DAYS,    NOVEMBER,  1908. 


Pfd.      Com. 

iooJ-iooJ  27:J-27:J  Nov.  23  .  . 

[oof-ioof  28J-28I 

100  -100  28  -28-J 

100  -101  28-J -30' 

99I  1 00  29  -30 

99J-IOO  28  -2<)', 

99J-  99I  27^-284 

993  99^  27I-28 

IOO]-ino.l  27,:-2,N! 


Pfd. 

Com . 

2 

■     97  -  97l 

24f25! 

Nov.  12    . .    . 

1 

0    •  • 

Election 

Day. 

"     13    ••     • 

4    •■ 

.     98-98 

251-25 :; 

"     14    .  .     . 

5    •  • 

•     99-99 

253-26! 

"     16    ..     . 

6    .. 

.     99J-100J 

26I-29 

"     17    ■•     • 

7    •  • 

100  -100 

29  -29^ 

-     18    ..     . 

9    .  . 

100  -100 

28J-29 

"     19    ■•     ■ 

10    . . 

.     100  -100 

28  -284 

"     20    .  .     . 

11 



27^-28^ 

"     21     .  . 

Pfd 

Com. 

23    ■  • 

274 

-28J 

24    .. 

28 

-28\ 

25    •• 

28J 

-29 

2h     .  . 

.     Thank 

skiving 

Dav 

2J      .  . 

101    - 

.oi) 

28  s 

-29! 

28      .. 

100J- 

10I4 

29 

-29! 

30      .. 

.     1 1  k  .;■ 

Kill 

28 

-28i 

LOW  AND   HIGH  PRICES,  BY   DAYS,   DECEMBER,   1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Pfd.            Com. 

1  >& 

I    . . 

ioo^-iooj 

28i-28i 

1  )ec.   11    .  . 

......... 

29i-3°l 

Dec.  22 

. .     .   100  -101       29J-30J 

.. 

2      .  . 

IOI    -IOI 

28  -28! 

"     12    . . 

......... 

30  -$o\ 

"     23 

. .     .101  -101]     30J-31J 

ti 

3    •■ 

IOI    -IOI 

28  -284- 

"     14    .. 

IOO.J-IOli 

3°2-3>  ' 

"     24 

. .     .   ioiJ-ioi-J    3o!-3i3 

It 

4    .. 

......... 

28  -28J 

'•     >5    •• 

......... 

29.S-3"; 

"     25    . 

.     .      Christmas    Dav 

. . 

5    •  ■ 

........ 

271-29 

••     [6    .. 

......... 

29^303 

"     26 

.     .       Extra    Holiday 

7    •  • 

IOI    -IOI 

2S[-281 

"     17    •• 

99  [-ioo 

jo! -30 

"     28 

.     .    101J-10U     314-32} 

.. 

8    .  . 

......... 

28', 

'•     18    .. 

995-  993 

29i-29i 

•'     29 

.      .     IOl|-I02         32   -33 

.. 

9    .. 

I'M  1-IOli 

29' 

"     19    .. 

......... 

2<)\-2>K 

-     30 

.     .   101J-101J    31^-32; 

if 

10    .  . 

. . . .- 

29;  -30 

"     21    .. 

99I-100 

29J-29J 

"     31 

.     .    ioii-102      ti%-32k 

GIBSON'S    MANUAL  83 


REMARKS. 

Securities  owned  by  The  Central  Leather  Co.,  Dec.  31,  [1107.  were  $96,217,152  in  stuck  of  United 
States  Leather,  and  $7,028,774  in  securities  of  other  subsidiary  companies. 

United  States  Leather  reported  Dec.  31,  1907.   securities  owned  as  $64,890,229. 

Three  thousand,  eight  hundred  and  thirty  shares  of  Central  Leather,  preferred,  were  sold  in  the 
early  part  of  1908  at  par  for  cash,  and  the  proceeds  added  chiefly  to  working  capital. 

Officers:  President,  Edward  C.  Hoyt;  First  Vice-President,  A.  Augustus  Healy;  Treasurer, 
James  R.  Plum;  Secretary.  Fred  E.  Khapp.  Directors:  E.  C.  Hoyt,  Walter  G.  Garritt,  Samuel  P. 
Davidge,  Xathau  Allen.  Frank  Healy,  L.  C.  Krauthoff,  Henry  P.  Darlington,  Robert  E.  Paine,  A 
Augustus  Healy.  Eugene  Horton,  P.  A.  Valentine,  Lewis  II.  Lapham,  John  J.  Lapham,  Charles  W.  Al- 
len. George  W.  Childs  and  Van  A.  Wallin. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  fourth  Wednesday  in  February,  Jersey  City,  N.  J. 
Directors  meet,  quarterly,  on  Tuesday  before  the  fourth  Wednesday  of  February,  May,  August,  and 
November.  Office,  45  John  Street,  New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Listed 
1  )epartment). 


84 


GIBSON'S    MANUAL 


Central  Railroad  of  New  Jersey 

Bonded  indebtedness,  June  30,  iyo8 $52,851,000 

Capital   stock 27,436,800 


Total  capital $80,287,800 

Mileage 610 

Per  mile   capitalization '. $131,619 

Fixed  charges,  1908,  per  cent,  of  net  income,  new  basis 55-65 

Operating  expense,  per  cent,  of  gross,  new  basis *58.2 

*  In    1907,   on    the   old   basis,   the   percentage  was  52.08. 


EARNINGS. 


Gross 
Year  ending  Dec.  31.  Op.  Rev. 

1900 $13,975,646 

1901 15.286,710 

Year  ending  June  30. 

1902 14,740,237 

1903 .-       I6,357,i56 

1904 18.421,953 

1905 19.259,117 

1906 20.523,031 

1907 22,722,568 

*i9o8 22,614,936 


*  New  basis. 
**  Taxes  not   deducted. 
***  Excluding   insurance    reserve, 
gated  $3,643,557. 


**Net    Net  P. 

Income.    Gross 

$7,855,002         49 

9,364,588         54 


C.  of 

Inc.  ***Surplus. 
.9  $7,716,926 
,5  9-369.893 


8.464,322 

7.850,139 
10,073,639 
10.848,971 
11,472,420 
12,698,938 
II-553.077 


50 
43 
So 
52. 
Si- 
5i- 
46. 


7 

■95 
.6 
1 


Not  reported. 
8.840.881 
8,739,227 
9,211,227 
9-5I5-63I 
9.579,874 
10.583.306 


Earned  on 

Stock. 

9.62% 

1 1 .76% 

9-7  % 
6.07% 
7.63% 
9.72% 
9.11% 
8.23% 

".65% 


renewal  and   improvement 
DIVIDENDS. 


funds,   which   in   190S  aggre- 


190O 

5% 


1901 
5i% 


1902 


1903 

8% 


1904 


1905 
8% 


1906    1907 
8%     8% 


1 908 

8% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900 

1901 

1902                 1903                 1904                 1905                 1<>06           •     J907 

ions 

115      Jan. 
150y2  Dec. 

14534  Jan. 
196^  Dec 

165      Nov.       153      Oct.        154^  Feb.        190      May       204      May       144      Nov. 
198      Jan.        190      Jan.        194J4  Nov.      235      Oct.       239^  May      220     Jan. 

160      Feb. 
229     Dec. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan.                   Feb.                   Mch.                 Apl.                   May 

June 

1900 
1901 
1902 

1903 
1904 
1905 

1906 

1907 

1908 


115  -II9J 

i45f-i6o 
1881-198 
180  -190 
160  -163-4 
1904-196! 
222  -23 1 I 
210  -220 
165  -183 


July 


1900 

1901 
1902 

1903 
1904 

1005 
1906 

1907 

T008 


1243-133} 

155  -165 

l8oi-l8q 

1561-170 
162  -i66i 
199  -204  V 
220  -22 7 J 
175  -185" 
too  -ig5 


ri6J-n8| 

152  -156J 
191  -107 
178  -184 

1 54i-l6l :] 
I96   -205| 
1212    -225 
200   -212 
160   -170 

Aug. 

129  -138 

157  -t6=; 
184  -i86| 

158  -164 
163  -169 

2024-220 
220  -232 
l68  -170 
I96  -203J 


115  -I20 

154  -I56i 
191  -I94 

175  -i8i£ 

157  -159 
1981-203} 
213  -219 
165  -206 
162  -175 

Sept. 


1274-135 
160  -165 
175  -187 
i6if-i6i| 

170  -182} 
210  -216 
228  -233 f 
169  -177 
197  -209I 


116  -122J 
155  -160 
190  -196 
170  -171 
158  -161 
194^-204}- 

205  -222^ 
IOO  -I95 
I7l4-l82i 


Oct. 


I32i-i37 
160J-176J 

170  -180 

153  -i59i 

1 80 1- 1 87 
210  -235 

22T  -23I 
158  -174 
I96  -205 


Il6  -121 

155  -l64 
187  -I92| 
168  -177 
157-160 
I90  -I98I 
204  -239I 
174  -l86 
l8o  -l88 


Nov. 


I34f 
172  - 

165  - 
156- 

181  - 
220  • 
217  ■ 
144  - 
206  ■ 


150 
185 

173 

158.! 

194 ;; 
232 

230? 

1 55 
21 1 1 


119  -125 
160  -167 
188  -190 
163  -169} 
160  -162^ 
196  -204 
218  -237I 
170  -180 
185  -185 


Dec. 


144 

178 

167^ 

156 

186 

220] 
o\'->   . 

156 
21  if 


i5o£ 

■196-f 

•175  • 
164* 

-I941 

-228 
228 

169 

22(  1 


GIBSON'S    MANUAL 


85 


LOW    AND    HIGH    PRICES,   BY    DAYS,   NOVEMBER,  1908. 


Nov.    2 
"       3 


Low. 


High. 


206  207 

Election  Day. 


4 
5 
6 

7 

9 

10 

11 


207^ 
208  ~ 

208~i 

209 

200i 
20C)i 


Low.         High. 
Nov.  23 209  210 

24 2Il£  2Ili 

25 •  .... 

26 Thanksgiving  Day 

27 

28 

30 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low.     '     High. 

Dec.    1 

2 

3 

4 

5 2ii|  212 

7 212I  212^ 

s ...: 

9 213  2l8i 

IO 2l8  221 


Dec.  11 

"  12 

"  14 

"  15 

"  16 

"  17 

"  18 

"  19 

"  21 


Low. 

219 
220 

21  It 


220V 
229 


High. 

222 
220 

211!; 

22Si 
229 


Dec.  22 

23 
24 
25 
26 

28 

29 
30 
3i 


Low. 

225 

227  \ 


High. 

225 
229 


Christmas  Day. 
Extra  holiday. 
2274  228 

229 

228 


REMARKS. 


Control  of  this  company  was  purchased  in  January,  1901,  by  The  Reading  Co.,  which  paid  $160 
a  share  for  a  majority  interest.  An  option  was  given  to  minority  stockholders  to  sell  one-half  of  their 
holdings  to  The  Reading  Co.  at  the  same  price;  and  under  this  offer,  Reading  acquired  a  total  of  $14,- 
500,000  of  the  capital  stock. 

Securities   owned  by   Central   Railroad   of   New  Jersey,  June  30,  1908,  amounted  to  $24,948,842. 

Out  of  the  surplus  profits  of  the  fiscal  year  of  1908,  $2,000,000  were  set  aside  for  new  bridges, 
wharves,  and  piers,  a  marine  repair  yard,  and  additional  terminals. 

During  the  same  year,  under  the  new  Government  methods  of  accounting,  $1,405,091  were 
charged  to  operating  expense,  while  similar  items  were  in   previous  years  charged  against   income. 

The  total  capitalization  of  this  company  has  increased  only  $6,487,900  since  1900. 

Officers:  President,  George  F.  Baer;  Chairman,  J.  Rogers  Maxwell;  Treasurer  and  Secretary, 
G.  O.  Waterman.  Directors:  George  F.  Baer,  J.  Rogers  Maxwell,  George  F.  Baker,  Harris  C.  Fahne- 
stock,  H.  McK.  Twombly,  Robert  W.  De  Forest,  Joseph  S.  Harris,  Eben  B.  Thomas  and  Charles  Steele. 

Fiscal  year  ends  June  30th.  Annual  meeting,  Friday  following  the  third  Monday  in  Septem- 
ber, Jersey  City.  Office,  143  Liberty  Street,  New  York.  Directors  meet  on  call.  Traded  in  on  the 
New   York  Stock   Exchange    (Listed   Department). 


86 


GIBSON'S    MANUAL 


MARKET    MOVEMENTS    OF    CENTRAL    RAILROAD  OF  NEW  JERSEY  FROM  1900 

TO  1908.  INCLUSIVE. 


GIBSON'SMANUAL  87 


Chesapeake    C&   Ohio   Railway 

Bonded  indebtedness,  June  30,   [908 $99, 768,000 

First  preferred 7,700 

Second  preferred 7°° 

Common  stock 62,790,700 

Total  capital $162,567,100 

Mileage    owjicxl.    excluding    sidings    1,841 

Per  mile  capitalization $88,303 

Fixed  charges,  1908,  per  cent,  of  net  income 52.65 

Operating  expense,  per  cent,  of  gross,   1908,  new    basis *66.5 


"In    1907.   on    the    old    basis,    the    percentage    was   64.5. 


EARNINGS. 


Gross.  Net       Net  P.  C.  of  :  Famed  on 

Year  ending  June  30.           Op.  Rev.  Income.     Gross  Inc.    "Surplus.  Common. 

1901 $15,371,542  $5,554,288         35.8         $1,062,325            r.15% 

1902 16.524,378  5,838.474        35-            1,062,325           1.02% 

1903 16,711,602  5.402,139        32.            1,071,106          1.12% 

1904 I9,297,524  6,168,758  31.7  455.986  l°/r 

I905 20,724,372  7,652,692  36.  529,-'44  1-1% 

I906 24,602,988  9.937,692  40.I  I.534,7H  3-27% 

I9O7 25,796,860  9,390.914  36.  987,248  I.I'/ 

[908 25,843,272  9,419,357        35.3  1,174.910  1-797° 

♦Figured  after  deducting  from  the  surplus  profits  of  each  year  the  sums  set 
aside  for  extraordinary  .expenses,  payments  of  principal  of  equipment  trusts,  etc.  The 
company  has  earned  as  high  as  5  per  cent,  on  the  common  stock,  disregarding  the 
deductions. 

LATEST  REPORT. 

amings  for  six  months,  ending  Dec.  31,  1908,  compared  with  the  same  period  last  year,  were: 

Gross.  Net. 

1908 $13,402,921    $5,306,742 

r9Q7 14,976,097    5.248.474 


DIVIDENDS. 

900 

1% 

1901 

1902 

1% 

1903          1904 
l°/o                \c/o 

1905 

1% 

1906 

1% 

1907 

1% 

I9CJ 

1% 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900. 

1901. 

1902. 

1903. 

1904. 

1905. 

1906. 

1907. 

1908 

24      June 
42  s.,  Dec. 

2<>      May 
52^  May 

42\sDec. 
57]/2  Sept. 

27%  Nov. 

53^  Jan.  ' 

28]  ,  Mch. 

51      Nov. 

45^  May 
60"^  Mch. 

51 H  Nov. 
Aug. 

2.i<  ,  Nov. 
56      Jan. 

251     Feb 
59-H  Dec. 

ss 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Feb. 


Mch. 


Apl. 


May. 


June. 


1900 28f-3i3 

[901 36i-42i 

190-' 15=481 

1903 48i-53i 

1904 32-36 

1905 46f-5°i 

1906 541-62^ 

190/ 49-56 

I908 28|-32f 


28f-3o^ 

384-423 

45  "47s 

48f-534 

29  -34 i 

494-52 

55i-6o§ 

48i-53i 

25^-29! 


28  -33 

39f-49 
45i-46i 

44  -49i 
28i-33i 
494-6o-J 

543-593 
36f-5oJ 
263-33$ 


30  ~33  i 
40  -49i 
454-49 
4*  -45i 
3i  -33S 

493-59i 
53i-6o:{ 

39^435 

3oJ-34i 


26J-30J 
29  "52f 
45f-48s 

38$-45i 
29  -30* 

454-5*1 
534-59* 
3!|-424 

334-465 


24  -285 

474-5-^ 
45i-47i 
35i-40 
294-3 1 3 
47f-S3§ 
554-59i 
324-36? 
37  -46s 


July. 


Aug. 


Sept. 


Oct. 


Nov. 


1  k-c. 


1900 24I-28J 

1901 41  -483 

1902 463-57I 

i9°3 3i  -39§ 

1904 _••  31-354 

1905 513-553 

1906 54i-58f 

1907 344-364 

1908 393-44 


26§-28| 

43  -48 
531-561 

274-364 
33  -394 
54  -583 
584-65& 
303-36 

4o4-44§ 


255-29!? 
424-474 

484-574 

274-34-4 

383-444 

53  -594 
62^-65 
32S-343 
384-44^ 


274-3 1 4 
43  -471 
464-54H 
285-314 
434-474 
543-5"- 
563-63* 
26f-33  ] 
40  -44 i 


294-38} 
464-491 

43  -5i 
274-3oi 

434-51 
5i  -56 
514-564 

23f-2Qf 

423-51' 


364-423 
441-49 

42f-485 

3of-34i 

434-503 

534-57 

543-6i 

26f-3 1  i 

484-593 


LOW   AND   HIGH   PRICES,   BY    DAYS.  NOVEMBER,  1908. 


Nov. 


2 

3 

4 

5 
6 

7 

9 

10 

11 


Low.    High. 

423     43l 

Election  Day 

434 


434 

433 

45 

45f 

454 

45f 


444 

434 

443 

46 

46.I 

464 

474 


Low. 

Nov.  12 46! 

"  13 46t 

"  14  . .  •  •  ■ •  46 

"  16  ..  ..  ..  453 

"  17 46 

"  18 454 

"  19 454 

"  20 47§ 

"  21 474 


High. 

474 
474 
463 
46s 
474 
474 
473 
483 
483 


Low.  High. 

Nov.  23  ....  ..  46$  47I 

24  ••  ..  ••  47t  482 

25 473.  484 

26  .  .    .  .   Thanksgiving  Day 

27 47#  484 

28  ....  ..  473  48g 

30  . .  . .  . .  483  .  51$ 


LOW  AND  HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Low. 


Dec. 


1 


2 48-i 

3 48| 

4 50$ 

5 5^:( 

7 523 

8  ..  ..  ••  53 

9  ••  ••  •■  533 
10 553 


High. 

Dec.  11  . 

494 

"  12  . 

5o4 

"  14  • 

533 

"  15  • 

544 

"  16  . 

53s 

"  17  ■ 

533 

•'  18  . 

5o4 

••  19  . 

58 

"  21  . 

Low. 

5/4 

574 

574 

56 

56i 

554 

554 

553 

554 


High. 

58$ 

583 

59 

574 

581 

573 

56f 

564 

564 


Dec.  22 
23 
24 
25 
26 
28 

29 
30 
3i 


Low. 
553 


High. 

593 

574  594 
574  584 
Christmas  Day 
Extra  Holiday 
574  584 
574  584 
564  573 
563      574 


GIBSON'S    MANUAL 


So 


MARKET   MOVEMENTS    OF   CHESAPEAKE  &    OHIO,   COMMON,   FROM    1900  TO   1908, 

INCLUSIVE. 


REMARKS. 

In  1909,  Edwin  Hawley,  Frank  W.  Trumbull,  F.  W.  Scott,  and  others,  acquierd  236,300  shares  of 
the  stock  of  Chesapeake  &  Ohio  by  buying  156,300  shares  from  Kuhn,  Loeb  &  Co.  (formerly  owned  by 
the  Pennsylvania  system)  ;  50,000  shares  from  the  New  York  Central,  and  30,000  shares  from  "Big  Four.'' 
in  conjunction  with  friends,  they  now  have  control.  Recent  changes  in  the  directorate  are  indicated  be- 
low. 

Securities  owned,  1908,  $16,601,049,  including  $9,750,000  of  Chesapeake  &  Ohio  5  per  cent,  bonds, 
which  have  been  deposited  as  collateral  for  short  loans. 

4,000  steel  gondola  cars  were  added  to  the  equipment  during  the  fiscal  year  of  1908. 

Chesapeake  &  Ohio  has  increased  its  capitalization  $16,662,000  since  1900. 

By  reason  of  a  recent  issue  of  6  per  cent,  notes,  due  July  1,  1910,  the  total  amount  of  short-term 
notes  now  aggregates  $7,500,000,  secured  by  a  pledge  of  $9,750,000  general  improvement  and  equip- 
ment bonds. 

Officers:  President,  George  W.  Stevens;  Vice-President,  Decatur  Axtell;  Treasurer,  C.  E. 
Potts;  Secretary,  C.  E.  Wellford.  Directors:  Decatur  Axtell,  George  W.  Stevens,  Martin  Erdmann, 
Edwin  Hawley,  F.  A.  Vanderlip,  John  W.  Castles,  Frank  Trumbull,  H.  E.  Huntington,  F.  W.  Scott, 
and  Henry  T.  Wickham. 

Fiscal  year  ends  June  30.  Annual  meeting,  Tuesday  before  the  last  Tuesday  in  October,  Rich- 
mond, Va.  Office,  Richmond,  Va.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department) 
and  on  the  London  Stock  Exchange. 


GIBSON'S    MANUAL 


Chicago  CS,  Alton  Railroad 

Bonded  indebtedness,  [908 $67,595,000 

Preferred  stock,  4  per  cent,  non-cumulative [9,542,800 

Prior   lien   and   participating  stock,  -|   per  cent,  cumulative  ....  879,300 

1  iommon  slock i<>. 544.000 

Total  capital $107,561,100 

Mileage 998 

Per  mile  capitalization '-77'' 

Fixed   charges,   1908,  including  taxes,  peT  cent,  of  nel   income..  7"4,s 

Operating  expense,  per  cent,  of  gross,  new  basis u3-°5 


EARNINGS. 

Year  ending  Gross  Nel  Net  P.  C.  of  Earned  on 

June  30.                  Op.  Rev.                Income.  Gross.  Surplus.  Common. 

[901 $9,036,655            $4,972,368  55.  $463,071  0.34$ 

1902 9.22S.739              4.729.958  5*-3  500.157  0.225! 

1903 10,071,092               5,215,967  51.8  50. 1,438  0.351 

[904 ".425.853              .-'"v.--'1'  49-6  693,346  0.6391 

t905 ii.797.3i3              5.988,790  50.7  844,754  0.7: 

[906 11,586,095              3767.353  32-5  261,391  0.07'. 

[907 [2,690,06]              4,861,189  37.3  884,011  3-i8% 

1908 [2,087,735              4,475:094  37-  7*7-<>7<>  2.53 

♦Interstate   Commerce   classification. 

"Tho   reduction    in   net   income   in    1906    was  due   to    the    merger,    referred    to  in 
"Remarks,"   and   the    loss   of   "other   income"  formerly  received  From  the  old  company. 


LATEST  REPORT. 

Earnings  for  six  months,  ending  Dec.  31,  [908,  compared  with  last  year,  were: 

Gross.  Net. 

[908 '$6,699,215  $2,729,628 

1907 6,580,73]  2,055,301 

DIVIDENDS. 

1902         1903         1904  1005  [906         [907  [908 

Preferred..  .('■  4%  4%  y.  4%  0o 

Common . ..     o  o  o  o  o  o  o  1 ' , 

LOW  AND  HIGH   PRICES,  BY   YEARS.   SINCE    1900. 


I""]  1903  1905  1906  190?  1908 


May  68      Nov.  '.n      Sept.  75      Jan.  75      Oct.  70     Dee.  48     Sept.  47      Mch. 

:\    \,.l.  79     July  73;SJan.  85*4  Jan.  s.<   ,   \pl.  80^Jan.  69     Jan.  71      Nov. 

:      May  J",l>ic.  1  33      Jan.  30      Dec.  25      May  &&  Nov.  10      Feb. 

Dec.      SO^ApI.  l-.July  37!<JJan  47j*  Nov.  44', Mch.  38     Jan.  27', Jan.  51^  Nov. 


GIBSON'S    MANUAL 


01 


Nov.  2 

"  3 

"  4 

"  5 

"  6 

"  7 

"  9 

"  10 

"  ii 


Pfd. . 
Com. 
Pfd.. 

Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.., 
Com. 


LOW  AND  HIGH  PRICES,  BY 
Jan.  Feb.  Mch. 


72£-?6S 

76  -77i 
33i-3^i 
7i  ~73i 

Til    -.-I 

o4_4-j/  4 
75  -852 
33  -381 

So  -83  J 

74i-Soy 

30  -38 
65^-69 

244-274 

13  -JM 
July 


Pfd.. 

Com. 
Pfd.. 

(  1  Mil. 

Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


74§-79f 
34i-4Sl 

74,-79 
37  -45h 
644-67^ 
195-26! 
80  -81 

384-4ii 
7SJ-81 

3S'-37i 


5i  -53 
164-194 
58  -58I 
234-26 


74  -752 
3«i-40^ 
75-1-7/i 
334-374 
714-72 

334-363 
814-85 

34  -40 
82  -82| 

414-434 
79  -79. 
-32| 
-654 


30 

'■5 
18 


10  -12 
Aug. 


75^-784- 
36  -414- 
75i-77i 
414-444 
,11  -654 

19 


82 
39i 


-83 

-42 


8o2-8if 

42§ 


,iD 


494-504 

ol-I21, 

57  -57 
2  3   -254 


MONTHS,  SINCE  1900. 
Apl.  May 


744-78 
384-43i! 
75  -764 

35A-304 
08  -714 

3U.-344- 
80  -«3 
354-40 
80  -S3] 

oS^-44i 
7*1-7^ 
3', "3*4 
59  -6i4 
144-19 

10  -124 


Sept. 


7<>,-794 
36  -404 
73  -764 
344-434 
60  -64 

184-234 
80  -844 

394-42 

35i-365 
75,-754 
254-324 
48  -49  £ 

584-60 

22  -28-! 


76  4324 
414-564 
754-774 
35f-39i 

<>7i-7^ 
28  -32^ 

80.I-82 

371-384 
80  -83] 

324-424 

74i-7^i 
3o]-35 

15  -174 
48  -52 
124-174 


Oct. 


69  -723 
31  -364 
764-784 

35  -38 
714-75 

33f-38£ 

60  -65I 

20l-28§ 

80  -80 
364-40 

75  -79f 

34  -3(>:; 
7>i-77i 
29  -35s 
48i-49 
iof-15 

61  -70 
274-41 


724-82 

-7  "494 

_  - 1  -- i 
/  .1 4  /  /  2 

354-394 

07S-704 

274-3IS 

804-874 

354-384 

77^-794 

31  "35» 

74  -77 
-'5  -30 

iij-10 
54  -60 
L7fc?3i 
Nov. 

^-77i 
33  -4i| 
764v84 
354-384 
68  -734 
30  -364- 
04  -  7  c  > '. 

274-33" 
83  -85 
374-474 
76  -77 h 
324-34 

75  -764 

^')'-32:; 

84-12* 


67 
38 


•I 


LOW    AND    HIGH    PRICES,    BY    DAYS.    NOVEMBER,   1908. 


Pfd. 
Election 

.     684-684 


Com. 

38  -381 
Day. 

384-394 
384-39 

384-40J 

40  -40  h 

39}-40 

39i-40 

39  -39 


Nov. 


12 

13 

14 
16 

17 
18 

19 
20 
21 


Pfd. 
67-67 
69  -69 

71  -71 

69  -71 


Com. 
38f-4i4 
414-424 
4i4-42i 
4i4-4t3 
4i4-42 

4K-43 
41   -41 1 

40J-414 
40f-4i4 


Nov.  2-\ 

"  -M 

-  25 

"  26 

"  27 

"  28 

"  30 


June 


78  -82 
43  -49 
744-771 
36i-39 

0G]-o8A 

25   -28-3 

80.I-81 

35i"38i 
771-81] 

35  -36 

7"iv84 
30  -3°i 
50  -54 
15  -18 

58,-593 

21    -2/ 


Dec. 

744-78i 
373-42 
753-78 
32  -364 
694-72 

294-344 
684-754 
324-36 
824-85 

383-45 
754-76 
30  -33 
70  -75 
264-314 

TI    -144 

714-79 

487   0S; 


Pfd. 

Com. 

....... 

404-414 

....... 

41  -42' 

....... 

424-43 

Thanksgiving   Day 

70  -70 

434-48 

703-71 

474-473 

71 


484-51} 


LOW  AND  HIGH  PRICES,  BY 

DAYS,  DEC 

:ember,  1908. 

Pfd.           Com. 

Pfd.           Com. 

Pfd.           Com. 

Dec.     1     . 

•     ••      7I4-7I4     50-513 

Dec.  11 - 

•  •     533-541 

Dec.  22    .  . 

■  •     76  -77      544-58 

2 

•     .......     494-5'4 

"     12    . . 

. .  .- 

524-531 

"        2T,       .. 

•  •     76  -7^      574-593 

"       3     ■ 

•     ..--...     483-503 

"     14    • •    , 

. 

52f-53> 

■■  24  .. 

•  ■     74  s  -74  s     583-62 

"       4    . 

.     .......     5o4-5i4 

"     15    •• 

.      .  .  .- 

5o4-53 

"  25  .. 

Christmas    Dav. 

i(               r 

5 

•     7i4-7i4     5o  -5ig 

"     16    .. 

.      . .  .- 

5i  -53 

•'    26  . . 

Extra    holiday. 

/  • 

•     73  -73      5oi-5i 

"     17    •• 

.      . .  .- 

52  -533 

"       28      .. 

.  .     764-78       624-654 

"       8    . 

•     ...-..•     5o4-5i3 

"     18    .. 

. .  .- 

514-522 

-       29      .. 

■  •     77  -77      63-3-65 

0    • 

•     734-734     5  if -5 54 

"     19    .. 

.      .  .  .- 

53  -53s 

"       30      •  • 

-...     63^-66 

"      10    . 

•     734-79      55  -564 

"     21    .. 

532-543 

"       3I       •• 

-•■■     07-68' 

92 


GIBSON'S    MANUAL 


REMARKS. 

■  In  February,  1899,  a  syndicate  comprising  E.  II.  Harriman,  George  J.  Gould,  Jacob  H.  Schiff, 
lames  Slillman  and  others  bought  control  of  the  old  Chicago  &  Alton  Railroad,  paying  $200  a  share 
for  the  preferred  stock  and  $175  for  the  common.  These  were  then  about  the  market  prices  for  the 
stock. 

The  Chicago  &  Alton  Railway,  incorporated  under  the  laws  of  Illinois,  April  2,  1900,  leased  the 
old  Chicago  &  Alton  Railroad  on  the  30th  of  the  month  named,  for  99  years,  and  acquired  practically 
all  the  stock  of  the  old  company.  In  March,  1906,  the  two  companies  were  merged  in  one,  the  old 
utle,  Chicago  &  Alton  Railroad,  being  then  adopted  for  the  sake  of  the  good  will  inspired  by  the  name. 
It  was  at  the  time  of  the  merger  that  "cumulative  4  per  cent,  participating  and  prior  lien"  stock  was 
issued  in  exchange  for  the  small  amount  of  outstanding  preferred  and  common  stocks  of  the  old  com- 
pany. 

Improvements  during  the  fiscal  year  of  1908  were  not  so  extensive  as  usual,  yet  they  were  not 
inconsiderable.     There   was  much   work  on    bridges,  grades,  trestles  and  track  elevation. 

Securities  owned,  book  value,  $10,217,893. 

Total  capitalization  has  increased  about  $46,500,000  since  1900. 

Jan.  12,  1909,  a  semi-annual  dividend  of  2  per  cent,  was  declared  upon  the  common  slock,  out  of 
the  earnings  of  the  last  six  months  of  1908,  payable  Feb.  15th. 

*  In  January,  1909,  Kuhn,  Loeb  &  Co.  sold  $8,000,000  refunding  mortgage,  3  per  cent,  bonds,  which 
had  been  pledged  to  secure  $6,000,000  5  per  cent,  notes'.  The  notes  are  subject  to  call  and  refunding  into 
3  per  cents  save    $60,000  a  year  in  interest. 

Officers:  President,  Theo.  P.  Shonts ;  Chairman,  Gen.  Thomas  H.  Hubbard;  Vice-President, 
Edwin  Hawley;  Treasurer,  F.  H.  Davis;  Secretary,  J.  Steuart  Mackie.  Directors:  William  G.  Beaie, 
S.  M.  Felton,  J.  J.  Mitchell,  T.  P.  Shonts,  E.  Hawlty,  Thomas  11.  Hubbard,  F.  H.  Davis  and  H.  E. 
Huntington. 

Fiscal  year  ends  June  30th.  Annual  meeting,  fiist  Tuesday  in  October,  Chicago.  Directors 
meet  quarterly,  first  Wednesday  in  February,  May,  August  and  November.  Main  office,  Chicago.  New 
York  office,  60  Wall  Street.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'SMANUAL  93 


Chicago  C&  North  Western  Railway 

Bonded  indebtedness,  1908 $164,923,000 

♦Preferred  stock,  7  per  cent,  non-cumulative 22,398,954     - 

Common  stock 101,952,731 

Total  capital $289,274,685 

*  The  preferred  stuck  has  a  right  to  receive  3  per  cent,  additional  after  the 
common  has  7;  after  both  receive   10,  the  two   classes   of  stuck   share   equally. 

Mileage 7,63 1 

Per  mile  capitalization $37,907 

Fixed  charges,  1908,  taxes  included,  per  cent,  of  net  income,  new  basis  43.14 

Operating  expenses,  per  cent,  of  gross,  new  basis 65.87 

EARNINGS. 

Gross  Net       **NetP.  C.of  *  Earned  on 

Year  ending  May  31.                      Op.  Rev.  Income.       Gross  Inc.      Surplus.  Common. 

1900 $42,950,805  $16,486,582         37.9         $6,291,598           9.5% 

1901 +3,098,587  17,288,269         39.6           8,028,966           9.8% 

1902 46,644,122  18,058,159         38.2           9,377,268           9.86% 

1903 50,639,142  18,095,548         35.9           9,901,098           7.07% 

Year  ending  June  30. 

1904 53-334,634  17.596,760  32.1  10,997,283           7.1% 

1905 55,745.275  18,631,798  32.5  11,640,181            7.94% 

1906 63,481,578  22,871,382  35.2  13,956,820  g.% 

*i907 68,359,365  24,013,071  34.3  21,787,208  13.7% 

*ioo8 63,219,344  21,866,161  33.  26,632,455  11.6270 

*  Interstate     Commerce    classification. 

**  Taxes  are  included  in  operating  expense. 

***  After  appropriations  for  real  estate,  constructions,  etc.,  of  between  $4,000,000 
and  $6,000,000  respectively  in  every  year  down  to  1906,  inclusive,  and  of  $225,500  and 
$225,000  in  alternate  years  for  the  sinking  fund.  In  addition  to  the  earnings  on  the 
common  stock,  there  was  a  moderate  amount  of  net  receipts  from  land  sales  in  each 
year. 

LATEST    REPORT. 

Earnings  for  six  months  to  Dec.  31,  1908,  compared  with  the  similar  period  in   [907,  were: 

Gross.  Net. 

1008 $35,333*129  $13,618,764 

1907 36,136,714  12,200,466 

DIVIDENDS. 

1900       1901         1902       1903       1904       1905       1906       1907       1908 

Preferred 7%        7%        8\'-,         8%        8%        8%        8%        8%        8% 

Common 6%        6%        7  %        7%         7%         7%        7%        7%        7% 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900      1901      1902      1903      1904      1905      1906      1907      1908 


Preferred...  195^  May  207   Mch.  230  Jan.  190   Aug.  207   Feb.  234  Jan.  225  Aug.  183  Nov.  185  Jan. 

220   Dec.  248   Apl.  274^4  Apl.  250  Jan.  237   Nov.  265^  Feb.  270  Mch.  234  Jan.  224  Dec. 

Common...  150J4  June  168^  Jan.  204^  Jan.  153  Sept.  161^  Mch.  \9Q%  June  192  Dec.  126  Oct.  135J4  Jan. 

172)4  Dec.  215   May  271   Apl.  224^  Jan.  214^  Dec.  249  Jan.  240  Jan.  205  Jan.  185J4  Dec. 


GIBSON'S    MANUAL 


1903 
1904 
1905 
1906 
1907 

1900 
1901 
1902 
1903 
1904 
1905 
[906 
1907 
[908 


LOW  AND  HIGH  PRICES.  BY   MONTHS,  SINCE  1900. 


Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 

Pfd.. 

1  1  'in. 
Pfd.. 
Com. 
Pfd.. 

I  ''Mil. 

Pfd.. 

I  '.Mil. 

Pfd.. 
Com. 


Pfd.. 

Com. 
Pfd.. 

0  Mil. 
Pfd.. 

Com. 
Pfd.. 
Com. 
Pfd.. 

(  '.  Mil. 

Pfd.. 
Com. 
Pfd.. 

1  '.mi. 
Pfd.. 

Pfd.. 

1  '.Mil. 


Jan. 

215  -•-■->! 
177 

239-3 
204J  216 
250  250 
218  -224J 

2143 
164 '. 

234  -265 
21 15  S  241  / 
250  -257 
220  --'40 
225  -234 

-''  »s 
[85  -195 

L35i 

July 

197  -I97J 
1563-161 

215  -225 

270 
240  -258 

[60  -171  \ 

j  j>>  224 
170 

240  -240 
212 

[93    -202], 
20S    -2O9 
I45I-151J 

210 
1  ;i  |-l6oJ 


Feb. 

160  -1633 

214  -217 

238  248 

-•'-'!  --5 

235  -235 
[90 

207  -2 1 1 1 
[62  -11 .5 

256  265 i 

236  -249 

-'55  -257 
225^-239^ 

210  -2IO 
157  -l68 

I'M  -2O9 

I  (O 

Aug. 

-'  '3 
157  -166 

215  -22] 

[87   lool 


231 1 
[90 

'54-j 
222  ^ 

1771 
240 

j  1  j 

22  s 

j.  12 

[97 
138 
206 

^7^ 


21  '2  j 

(69 

224 

1883 

-'4') 
224H 
231 1 

-'15 
•210 

210 


Mch. 

[98  -200 
160 

207  -217 

1~2  -I84I 
242  -250  I 
217    -2333 


I  So  ■ 

■  o.i 

257 
2363 

253 

221 

21  17 

'.-'■ 
[95 

t43  " 


Kill 
213 

'7-'l 
263 

2463 

238 
2 1 2 
[62 
200 
149 


Sept. 


-''  '7 
213  -213 

I.)0',-200 
250  -263 
23O  -242| 
[92  -200 

153  -167 
223J  232 

154  -mi 

-'44 

210J-218 
232  -240 
2054-215^ 

143I-1 1;:; 

200  -20  ] 

[541-1643 


Apl. 

[97  [99 

I'. I  -1663 
214  -248 

[83   212 

.  27 1 1 
232  --71 

221 I 

174  -'s4 
-214 

-  '7-' 
__,(,_> 

-245 

192  -215 

200  -220 


May 

195! 

1673 
-'1 4  -233 


214 
[69 

25'  • 

22s 
235 


215 

2731 

210 
183 
217 


1; 


'47 
1  '5 
145M5-'! 


190 

-'4i 
210 

171 

214 

[681 

250 1 

-'■  '5 

240 
1041-207 
205  -205 

I44i-I55l 
200-  2 1 5 
i?o  -160 


233 


159 

2  1  2 
HK'l- 

255 
[53 

1  .- 

187 

240 

2143 
235 

20 1 1 

[8s 

[26 

■57! 


21  12 

. 
241! 

>  ]   » 

62 
237 

2083 
[68| 
234 
'97 

-15; 

2  2  4.  ■ '■ 

244 

21 \\ 

201 

140 

216 

[62S 


Nov. 

2(  13  -2  1  I  \ 
[62 

235  --'44  7 


214 

j'  13 

I  oil 

230 

1933 

235 

213 

235 

200 

1 28 1 


228 

100; 

--\v 

211; 

-235 
2233 

195 

-'55 


June 

I96J-I96J 

1 '  '7 ! 
212  -220 

[98  -208 

260  -270 

248  --'57 


1664-176J 

217J-219I 

"'7  -'7"1 

[904-208 
230  -238 
105  -2093 

204;  . 

'.Vil-if  I 
200  -210 
148  -i;'.' 


I  )ec. 


"'-'1-177 


210 

[66^ 

-'.V ' 
">7 
-'5' ' 
2111 
2. « 1 
l634 

2323 
[98 

241 ' 
217 
230 

1 02 

185 

'55 
2153 

'75i 


■221 1 
>7-\ 
■235 

-223 

■212 

-171! 

■^}.7 
•214'. 
-2483 
224 

21 1 
-185 

-: 
IS;1 


\. 


5 
4 
5 
6 

7 

o 

1 1 


Dec,  t 


l 


o 
10 


I'l 


LOW  AND  HIGH 

;1.      I  'Mil. 


PRICES.    BY    DAYS.    NOVEMBER.   1908. 


.........  [62J-163 

Election  I  lay. 

.........  1 

.........  [6 

.........  107    [683 

- 1 

- [684-1693 

.........  :     ' 

- [68      10,,; 


Pfd 


X. 


12 
'5 
14 

p. 

'7 
iS 

10 

2. 
21 


LOW   AND  HIGH    PRICES 


I  '■  Mil. 

'77 

174' 
'  75  I 
1  75  I 

'74 


Dec. 


1 1 
1  2 
'4 
15 

[6 

'7 
iS 

10 

2  1 


Pf( 

1.                      ('.Mil. 

Pfd.                  mi. 

.- 

[69    -171  1 

Nov.  23  .  . 

.........      172I-172I 

.- 

...         [7I3-I72 

'■     -'1  ■  • 

.........      175  -174 

.- 

...         I71I-I71I 

"     25  .  . 

.........     174  -i7r' 

.- 

...         [70|-I7l3 

-     20  .  . 

rhanksgh  ing  I  >ay. 

.- 

...         I7I1-I75I 

-     27 

.........      17''  -177 

.- 

...         172    -I73l 

••     28     . 

.........      176  -170.I 

.- 

...      T'  .'-174 

•     50  .  . 

.........      175  -176 

•••      I7I&-I733 

BY    DAYS,   DECEMBER.   1908. 

'1,1. 


1  1  '111. 

Pfd.             Com. 

1  ;• i 

Dec 

22 

2153  220       17;     17.1' 

'* 

170  -170, 

1 1 

-M  • 

.........     1 70  - 1 80 

'77  -17s 

« 

2;  .  . 

1 Ihristmas  Day. 

1 — ■'• 

(1 

20  . 

Extra  holiday. 

if 

28  .  . 

224  -224       1793-1843 

......... 

.. 

20    . 

.........     1821-1853 

5"  •    ■ 

- [833-184J 

^7^ 

.. 

31  •  • 

- 1834-184 

GIBSON'S    MANUAL 


95 


MARKET  MOVEMENTS  OF  CHICAGO  &  NORTHWESTERN  FROM    1900  TO   1908, 
INCLUSIVE.     MINOR   MOVEMENTS   DISREGARDED 


m 

1100 

1101 

1102. 

1103 

HOf     l<105     IK 

>b      1107      1<?0? 

?tf 

2  tO 

255 

1 

250 

W> 

II— 

?f0 

1 

?35 

4 

?30 

lj 

775 

??0 

j 

| 

'ji 

HS 

1 

1  ; 

2io 

1 

— 1   *4 

W 

r 

i   1 

2oo 

Ip 

].| 

115 

1 

^4-i 

no 

f 

Zf 

tH 

18$ 

1 

± 

L 

160 

± 

^^ 

its 

* 

± 

^_zf 

no 

, 

1 

if 

lt>5 
160 

1./ 

1 

1 

N 

t 

IN 

1 

P 

rr^ 

_l jt 

ISS 

-1-4- 

-iJt 

145 

X'l— 

140 

j  j 

IJS 

-i"Jr- 

130 

| 

125 

' 

In  190S  the  stock  fell  from  233  to  I90}i  in  June,  ex-rights  (rights  about  14'.  1. 
In   April,   1906,   the   stock  again    fell   from  238  to  205.  ex-rights   (rights  about   23). 
In    1907,    February,    the    stock    fell    from   205   to    137?   .   ex  rights    (rights   about    16). 


GIBSON'S    MANUAL 


REMARKS. 

The  capitalization  of  Chicago  &  Northwestern  has  expanded  from  $208,680,000  in  iyoo  to 
9,274,685  in  i<)<>8,  without  in  the  least  affecting  the  dividends  paid.  The  chart  showing  the  coursi 
t he  price  of  stock  indicates,  however,  the  real  effect  of  the  increased  capitalization.  The  bonded  in- 
debtedness is  being  steadily  reduced;  and  this  Fall,  $200,000  Rochester  &  Northern  Minnesota  and 
$100,000  riainview  Railroad  bonds  have  been  retired  for  cash,  at  the  treasurer's  office,  ill  Broadway, 
New  York. 

The  company,  one  of  the  Vanderbilt  enterprises,  has  a  treasury  full  of  cash,  and  it  is  one  of 
the  strong  corporations,  which  finance  its  own  requirements,  makes  liberal  appropriations  for  new 
construction  and  equipment,  and  is  earning  more  than  its  fixed  charges  and  dividends. 

Securities  owned,  June  30,   1908,  were  $61,432,260,  including  "bonds,  stocks  and   advances." 

Unsold  lands  of  the  company,  1908,  were  373.368  acres. 

A  large  amount  of  construction  and  track  elevation  work  was  performed  in  the  fiscal  year  of 
[908,  including  an  aggregate  of  103  miles  of  sidings,  yard  tracks  and  -purs.  Practically  al!  the  land  re- 
quired for  the  new  passenger  terminal  in  Chicago  has  now  been  purchased.  , 

Officers:  President,  Marvin  Hughitt;  Vice-President  and  Secretary,  E.  E.  Osborn  ;  Treasurer. 
K.  II.  Williams.  Directors:  William  K.  Vanderbill.  F.  \Y.  Vanderbilt,  II.  McK.  Twombly,  Samuel 
F.  Barger,  1  hauncey  M.  Depew,  James  Stillman,  James  C.  Fargo,  Frank  Work.  P..  E.  Osborn,  Marvin 
Hughitt,  Byron  L.  Smith,  Cyrus  II.  McCormick,  Chauncey  Keep.  Henry  C.  Frick,  David  1'.  Kimball. 
Oliver  Ames  and  Zenas  Crane. 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Thursday  in  October,  Chicago,  III.  Directors 
meet,  on  call,  at  no  stated  interval.  Main  office.  Chicago,  111.  New  York  office,  111  Broadway.  Traded 
in   on   the   Xew   York   Stock    Exchange    (Listed   Department). 


GIBSON'S    MANUAL  gy 


Chicago  Great  Western  Railway 

Bonded  indebtedness,  June  30,   1907 $8,929,774 

Debenture  stock,  4  per  cent,  cumulative 28,127,089 

Preferred    stock,    A,    5    per    cent,    non-cumulative 11,336,900 

['referred   stock,   B,   4   per   cent,    non-cumulative 23,103,842 

Common  stock 44,465,195 

Total  capital $115,962,800 

Note:  The  debenture  stock  lias  voting  rights;  and  to  it  and  the  preferred  A 
stock  alone  belong  the  right  to  appoint  the  company's  finance  committee,  which  has  im- 
portant  powers. 

Mileage 818 

*Per  mile  capitalization $93,439 

Fixed  charges,  1907,  including  taxes,  per  cent,  of  net  income 42.9 

Operating  expense,  excluding  taxes,  per  cent,  of  gross 74.4 

*It    seems    proper   in    this    case    to    deduct  from  total  capitalization  the  stocks  of 
proprietary  companies,  to  ascertain  true  per   mile    capitalization. 

EARNINGS. 

Advances 

Gross                     :::Net  Net  P.  C.  of         from 

Year  ending  June  30.                   Op.  Rev.                Income.  Gross  Inc.  Earnings. 

1900 $6,721,037            $2,026,814  30.1  $347,874 

1901 7,013,861               1,978,346  28.2               612,252 

1902 7,549,689              2,060,230  27.3               681,625 

1903 7,823,191               2,184,662  28.8               409,661 

1904 8,022,673               1,902,632  23.7               399.044 

1905 7.377.71 1               2,038,618  2-j.U               811,674 

1906 8,573,148               2,539,493  29.6  1,010,408 

1907 9.!39>°87              2,339,279  25.6              887,220 

*  Taxes  are   included   in   operating   expenses. 

Note:     Nothing   was    earned   for   the  common   stock,   in  the  years   named   above. 

LATEST  REPORT. 

Earnings  for  live  months  to  Nov.  30,  1908,  compared  with  the  same  period  in    [907  wen- 
Gross.  Net. 

1908 $3,664,173  $683,017 

1007 3.7i6,6n  755.124 

DIVIDENDS. 

1900     1 9O I     I902     I9O3     I9O4     I9O5     t906     [0X)7     I'.oX 

Debenture  stock i'.  \<fo  4%  4%  4%  4%  4%  4%  0 

Preferred   A 5%  5%  5%  5%  S°A  o  5%  -'''.'  0 

Preferred    B o  o  o  0  o  o  0  O  o 

Common o  o  o  o  o  o  o  o  o 

LOW    AND    HIGH    PRICES,   BY    YEARS,    SINCE  1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 


Debenture    81      June  90      July  89%  Nov.  83^  Sept.  80 %  July  S3%  May  79 V,  Sept.  46      Dec.  33%- Mch. 

stock   ....94%  Dec.  9434  Mch.  95%  June  90%  Jan.  90      Nov.  89      Sept.  86%  Jan.  79      Feb.  68%  Aug. 

Preferred  A  68%  Aug.  75      May  81 54  Dec.  63      Oct.  4754  June  60      June  70      Dec.  21       Dec.  1554  Feb. 

82     Dec.  90/,  June  9054  June  85 %  Jan.  74%  Nov.  7854  Sept.  SO     Jan.  71%  Feb.  43      Dec. 

Preferred  B  30      June  41      Dec.  33      Dec.  24      Sept.  20      June  29      May  24%  Nov.  8%  Dec.  5      Feb. 

45      Dec.  56      Mch.  5154  Aug.  46%  Feb.  3954  Nov.  3754  Apl.  39%  Jan.  26%  Jan.  17%  Nov. 

Common...     9?^  Sept.  16     Jan.  22      Dee.  13      Aug.  12%  June  1754  May  16     June  6%  Nov.  3%  Feb. 

18      Dec.  27      Nov.  35     Aug.  29%  Jan.  2654  Nov.  25%  Mch.  23%  Jan.  18     Jan.  14%  Nov. 


9§ 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Pfd.  A. 


Pfd.  B. 
ioi-iof 

Election  Day. 

27I-27I        9l-Io:i 

28§-28f  ioi-ioj 

281-29  iof-iif 

30  -30  n|-ii-A 

30  -30 J  iii-nf 

IO 30   -30^  Il|-I2 

II -.  .  .  Ilf-12 

12 3I2-31!  nf-i2i 

13 32J-34  12^-13! 

14 34  -34  I3f-i5* 

16 35f-38i  i5f-i6f 


,1 
4 
5 
6 

7 


Com. 
/  r  7i 

7\-  7\ 

"rt-'Yl 

7\-  7\ 
7l-  7% 
7f-  7i 
7l-8i 
7h  81 
81-  9i 
10  -ioi 

IOi-I2l 


Pfd.  A. 

Nov.  17 38  -38* 

"  18 36-39 

"  19 36-37 

"  20 -... 

"  21 

"  23 -... 

"  24  ... . 

"  25   ..    .. 

"  26  ...  . 

"  27  . .    . . 

"  28  ..    .. 

"  30  ... • 


37i-37i 

Tha 


Pfd.  B. 
i64-i7i 

i4s-i7^f 
148-15* 

14  -15 
14I-HJ 
I4t-i5i 
143-151 

i5i-iSi 

nksgiving 

15  -I5J 
I4I-I5 
I41-IS4 


Com. 
I2i-I4§ 

I2|-I4| 

I2I-I31 

Ioi-12} 
Ill-I2l 

IlJ-12^ 
Il|-I2| 
12  -I2i 

Day. 

12  -I2§ 
II  J-I2i 
Ili-I2 


LOW  AND  HIGH  PRICES,  BY  DAYS, 


Pfd.  A. 

Dec.  1 35-35 

"  2 341-35* 

"  3 34-34 

"  4 "... 

;;  5 361-36! 

"  8  !.'  !.'  ."."   36-36' 

"  9  . .  . . 

"  10  ..  .. 

"  11  ..  .. 

"  12  ..  .. 

"  14  ..  .. 

"  15  ••  ■■ 

"  16  ..  .. 


Pfd.  B. 
i4f- 

mI- 
14I- 


36  -36 
36  -36 


14I- 

15  - 
14I- 

14th 
J4f- 
14I- 
141- 
i44- 

141- 
14  - 
14  - 


Si 

4i 
51 
54 

si 

5i 

5 

4i 

4f 

4f 

4f 

4i 

4 


Com. 

io^-ni 

iof-ni 


-,a_ 


■lit 


io£ 
11  • 
11  -nf 
ii^-iiJ 

ni-iif 
ui-iif 

Il|-I2 
IlJ-12 
Ill-I2 
Il|-I2 
Ili-Ilf 


DECEMBER,  1908. 
Pfd.  A. 


1  )ec.  17 

"  18 

"  19 

"  21 

"  22 

"  23 

"  24 

"  25 

"  26 

"  28 

"  29 

"  3o 

"  3i 


Pfd.  B. 

I3f-i4 

I3i-I3i 


Com 


11 


-114 

-Hi 


36  -38! 
38I-38J 


I3i-i3f  "f-iii 

I3f-i4i  "  -11* 

I4f-i6i  11  -13! 

16  -16A  I2f-i3| 

Christmas  Day. 

Extra  holiday. 

39  -43           16  -i6f  I2|-i3i 
40J-41          i5i-i6|  12I-134 

40  -40               15    -l6  Ilf-I2§ 

39  -39*         :4  -Hi  "i"12 


REMARKS. 

The  total  capitalization  of  this  company  has  increased  from  $58,071,000  in  1900  to  $115,962,800 
in  1907.  There  is  no  mortgage  on  the  property  of  the  company,  and  the  bonded  debt,  so-called,  in  the 
summary  of  capital,  consists  mainly  of  gold  notes. 

Securities  owned,  June  30,  1907.  $39,529,286,  mostly  in  stocks  of  the  proprietary  companies,  the 
Mason  City  &  Fort  Dodge  Railroad  and  the  Wisconsin,  Minnesota  &  Pacific  Railroad,  all  of  whose  stock 
is  owned  by  Chicago  Great  Western,  the  roads  having  been  acquired  in  1902. 

Aug.  1,  1907,  the  labor  unions  represented  among  the  employes  in  the  shops  of  Chicago  Great 
Western,  demanded  higher  wages.  Their  compensation  has  been  increased  since  1900  from  31  to  40  per 
cent.  The  new  demand  would  have  made  the  total  increase  of  boilermakers  55  per  cent,  and  machinsts 
63.  The  demand  was  refused  and  the  men  struck,  Sept.  14,  1907.  This  was  a  costly  strike  for  the 
company,  and  although  it  was  declared  off  in  December,  much  business  was  lost,  and  months  will  be 
required  before  locomotives  and  other  equipment  can  be  properly  repaired. 

Jan.  8,  1908,  Chicago  Great  Western  went  into  the  hands  of  receivers,  on  account  of  inability  to 
pay  $2,045,000  of  notes  then  due.  Reorganization  is  contemplated,  and  various  committees  have  been 
appointed  by  the  debenture  stockholders,  by  other  stockholders  and  the  note  holders,  with  reference 
thereto.  It  is  stated  that  $10,000,000  of  new  money  is  required  to  complete  extensive  improvements, 
on  which  over  $15,000,000  has  been  expended  in  the  last  decade. 

Officers:  .Receivers,  Horace  G.  Burt  and  Charles  H.  F.  Smith:  President,  A.  B.  Stickney;  Treas- 
urer, R.  O.  Barnard;  Secretary,  R.  C.  Wright.  Directors:  Frederick  Weyerhauser,  A.  B.  Stickney, 
Ansel  Oppenheim,  J.  W.  Lusk,  S.  C.  Stickney,  R.  C.  Wright,  C.  O.  Kalman,  T.  H.  Wheeler  and  H. 
E.  Fletcher. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Thursday  after  first  Tuesday  in  September, 
Chicago.  Annual  meeting  of  the  debenture  stock  and  preferred  A  stockholders,  first  Wednesday  in 
March,  London,  Eng.  Main  office,  St.  Paul,  Minn.  New  York  office,  31  Nassau  Street.  Traded  in 
on  the  New  York  Stock  Exchange   (Listed  Department),  and  also  on  the  London  Stock  Exchange. 


GIBSON'S    MANUAL 


99 


Chicago,  Milwaukee  C&  St.  Paul  Railway 

Bonded  indebtedness,  June  30,   1908 $125,679,500 

*Preferred   stock 49,976,400 

Common  stock 83,377,000 

Subscriptions    to    new    capital    stock    ($99,492,800  authorized)    .  65,179,006 

Total  capital $324,212,806 

*  The   preferred   stock   is    7   per   cent,  non-cumulative,  but  is  entitled  to  tin c  same 
dividends   as    the  common,    after   7   per   cent,   has  been   paid   on   the  latter. 

Mileage 7>499 

*Per  mile  capitalization,  June  30,  1908 $43,234 

Fixed  charges,  1908,  excluding  taxes,  per  cent,  of  net  income 50.86 

Operating  expenses,  including  taxes,  per  cent,  of  gross,  new  basis   .  .  69.33 

*The    company    estimates    the    present    capitalization    at   $35,477    a    mile    and    1 1 1  r- 
capitalization    of   the    entire    sy.stem    to    the  Pacific   Coast  at  about  $38,000  a   mile. 

EARNINGS. 

Gross  *Net        Net  P.  C.  of  Earned  on 

Year  ending  June  30.                      Op.  Rev.  Income.       Gross  Inc.     Surplus.        Common. 

1900 $41,884,692  $13,608,611         32.3         $14,887,254       9.1   Jo 

1901 42,369,012  14,566.192         34.2           17,626,229       8.7  % 

1902 45.613,124  15,850,544         34.4           20,682,069     10.9  % 

1*103 47,662,737  16,574,594        34.4          23,499,652     12.2% 

1904 48,330,335  16,770,176        34.5          26,799,572     12.6  % 

1905 49,884,114  17,820,871         35.6          31,185,002     14.5  % 

1906 55,423,053  19.237,081         34.5          33789.998     12.56% 

1907 60,548,554  19.930,784.       32.3          38.862.461     12.02% 

-(•1908 56,932,621  18,516.952         31.9     **42,64i,973  ***io.9% 

*  Taxes    being   charged   to   operating   expenses. 

**  Renewal    and    improvement    funds,    1908.  in  addition  to  the  foregoing  $1,779,213. 

***  Not   considering   subscriptions   to   new  stock. 

f  Interstate    Commerce     classification. 

LATEST  REPORT. 

Earnings  for  six  montbs  ending  Dec.  31,  1908,  compared  with  the  similar  period  in  1907,  were: 

Gross.  Net. 

1908 $32,507,799  $12,469,273 

1007 3T.388,632  12,034,534 

DIVIDENDS 

1900       1901       1902         1903       1904       1905       1906       1907       1908 

Preferred 7%         7%         7%  7%         7%         7%         7%         7%         7% 

Common 5%         6%         7%  7%         7%         7%         7%         7%         7% 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900              1901               1902              1903              1904              1905              1906  1907              1908 

Preferred..  169^  Jan.     175      May    186     Jan.     168     Aug.  173      Mch.   182J4  Jan.  160      Dec.  130      Nov.  138     Jan. 

188      Dec.    200      May    200^  Sept.   194J4  Jan.  214</,  Dec.    192'/,  Apl.  218     Aug.  165'/$  Jan.  164^  Dec. 

Common...  108  ]/2  June    134      May    160/ Jan.     133J4  Aug.  137/  Feb.    168/  May  146/  Dec.  93/ Nov.  103/  Ja"- 

148/ Dec.    188      May    198J4  Sept.   183;.,  Jan.  1775s  Dec    187;/,  Apl.  199^  Dec.  157/ Jan.  152/ Dec. 

*In  1906,  St.  Paul  sold  down  in  August  from   198  to    17454,   cx-rights   (about    17),   and   in   December  it  again 
sold  down,  cx-rights   (32  to  35/)   from   199^  to   146/. 


lOO 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 

Feb. 

Mch. 

Apl. 

May 

June 

1900  .  . 

.  .  Pfd.. 

169^- 1 73i 

171  -172J 

171  -174! 

172  -174 

I724-I734 

1703-174} 

.  .  Com. 

ii5i-ii9l 

ii8friasi 

I20J-I25! 

ii8i-i263 

1144-iioi 

1084-119} 

1901  .  . 

.  .  Pfd.. 

iS7*-i95i 

190  -192} 

1843-195 

1854-1963 

175  -200 

I854-I95 

.  .  Com. 

1424-162 

M7i-i554 

1 474 -1 543 

I5i4-i75 

134  -188 

1 63}- 1854 

1902  .  . 

.  .  Pfd.. 

186  -189 

188  -193 

186^-191! 

1874-196} 

188  -194 

1884-191} 

.  .  Com. 

i6o4-i684 

1624-168 

162  -169I 

i64t-i734 

i653-i75 

1673-176! 

1903  . 

.  .  Pfd.. 

192  -194} 

190  -191* 

1854-1904 

181  -184! 

i75  -1834 

175  -179 

.  .  Com. 

176I-183J 

1 73  i- 1  So| 

1604-175! 

158  -164} 

1475-163 1 

H74- 1 534 

1904  . 

.  .  Pfd.. 

177  -179* 

175  -175 

173  -1784 

175  -180 

1754-176 

1764-178 

.  .  Com. 

1403-148} 

1374-144  !• 

1374-1473 

142I-1464 

I384-I43i 

1394-144 

1905  • 

.  .  Pfd.. 

1 824- 192 

188  -190I 

185  -192 

185  -1924 

1834-188 

186  -186 

.  .  Com. 

I7S4-I788 

I754-I8I 

1733-1833 

1 70}- 1 874 

i684-i79§ 

1 70!- 1 78 

1906  . 

.  .  Pfd.. 

190  -196 

190  -190! 

1824-185} 

181  -1854 

1774-181 

181  -191 

.  .  Com. 

1793-193 

176J-1884 

1 724- 1 794 

1624-179} 

I554-I7I3 

i69!-i82i 

1907  . 

.  .  Pfd.. 

159  -165! 

1624-165} 

145  -161 

1 48  -1594 

150  -159 

148  -152! 

.  .  Com. 

1454-157* 

I43i-i5<>3 

1224-146! 

I31  -1394 

123  -1383 

1233-1302 

1908  . 

.  .  Pfd.. 

134  -150 

I38i-i45 

I394-I4/2 

145  -152 

1494-157 

1494-157 

.  .  Com. 

1034-117! 

1054-113^ 

I08i-I20| 

,  Ii5}-i294 

1 274-1404 

1304-137-' 

July 

Au^. 

Sept. 

Oct. 

Nov. 

Dec. 

1900  . 

.  .  Pfd.. 

170  -1714 

171  -174^ 

i/3  -1744 

170  -173} 

1714-176 

176  -188 

.  .  Com. 

I09f-II2j 

nof-1154 

no|-ii4f 

iii}-ii6J 

"5!-i30 

1254-148} 

1901  . 

.  .  .  Pfd.. 

183  -1884 

1824-191} 

185  -190 

184  -1923 

188  -1913 

1854-190} 

.  .  .  Com. 

i5i-H77i 

155  -i68f 

1544-168} 

I544-I7I4 

1671-174! 

1574-169 

1902  . 

.  .  .  Pfd.. 

190  -196I 

I92f-i954 

I92  -2003 

1911-1994 

1 894- 1 944 

189  -194 

.  .  .  Com. 

174  -189I 

i84f-i88f 

I83i-I983 

i8o}-i964 

169  -1893 

i66}-i79} 

1903  . 

.  .  .  Pfd.. 

169  -i77f 

168  -173 

1724-173 

1704-174 

172  -1734 

I7i4-i774 

.  .  .  Com. 

I374-I52t 

i33i-I475 

1354-1431 

I34f-i4i4 

i34!-i4o4 

1384-147- 

1904  . 

.  .  .  Pfd.. 

1784,-182 

1783-1791 

184  -191 

187  -197 

1934-21 i| 

198  -2144 

.  .  .  Com. 

143^-149! 

1464- 1 553 

154  -160} 

1 584- 1 754 

1671-1764 

164  -I77l 

1905  . 

.  .  .  Pfd.. 

186  -189 

186  -igii 

1854-190 

187  -1894 

183  -189 

1864-191 

.  .  .  Com. 

1765-182! 

179  -187 

175  -184!. 

1784-183 

1723-181} 

i75f-i82} 

1906  . 

.  .  .  Pfd.. 

182  -191 

193  -218 

193  -199 

190  -196 

188  -207 

160  -210 

.  .  .  Com. 

1674-182* 

1744-1984 

170  -183 

1683-178! 

1 694-1804 

146J-199I 

1907  . 

.  .  .  Pfd.. 

T48  -1534 

i454-i5if 

146  -148 

135  -145 

130  -136 

132  -138 

.  .  .  Com. 

1294-136! 

"74-1331 

riSi-125! 

984-119! 

934-1044 

973-107" 

1908  . 

.  .  .  Pfd.. 

I5ii-i594 

156  -i6o3 

1494-157 

155  -1581 

158  -164 

161  -164; 

.  .  .  Com. 

i33i-i434 

140J-147! 

1 27}- 1 46 

1 324- 1 444 

1421-151! 

i434-i52i 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER, 

1908. 

Pfd.      Com. 

Pfd. 

Com . 

Pfd.      Com. 

Nov.  2  . 

•   1584-159   I42?-I43f 

Nov 

.    12  . 

.   I58  -l62 

1443-146} 

Nov.  23 

. .   159  -162   145  -147 

"   3  • 

Election  Day. 

tt 

13  ■ 

l6l  -l6l 

1464-1494 

24 

. .   160  -160   1465-149} 

"   4  • 

.  1584-1584  I434-I45f 

tt 

M  • 

l6l  -l6l 

1484-1494 

"  25 

.  .   1614-161}  1485-1493 

•  159  -i6o|  144  -145! 

tt 

16  . 

l6l  -l6l} 

148  -1494 

"  26 

Thanksgiving;  Day. 

"   6  . 

.  1624-163   I44!-I46} 

tt 

17  • 

l6l  -l6l 

1481-149! 

"  27 

162  -162   1484-1492 

"   7  • 

.  163  -163   1463-148 

tt 

18  . 

l6o  -l62 

148  -150 

"  28 

..   1 62  J- 1 O2I     1481-1503 

"   9  • 

159  -1624  1461-1483 

tt 

19  ■ 

•   159  -l62 

148  -150 

"  30 

..   163I-164   150I-1513 

"  10  . 

.  158  -1624  146  -148} 

a 

20  . 

l6o  -l6o 

1464-148! 

•'  11  . 

.   160  -160   1443-146$ 

tt 

21  . 

.   I5S  -I5SI 

J46I-147I 

LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER, 

1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd.      Com. 

Dec.  1  . 

•  163  -163 

I50§-I52} 

Dec.  11  . . 

163  -163 

1498-1 5  if 

Dec.  22 

. .   162  -162   I44!-I473 

2  . 

•  163  -163 

1 49!- 1 524 

"  12  . 

162  -162 

1 493- 1 504 

"  23 

- 1461-148} 

"   3  • 

1624-162} 

149  -1503 

"  14  • 

162J-164 

[504-151I 

"  24 

-••••  1484-H94 

4  ■ 

1624-1623 

1504-15 14 

"  15  • 

163  -163 

i48}-i5oJ 

"  25 

Christmas  Day. 

5  • 

•  163  -1634 

1491-151} 

"  16  . 

......... 

1 484- 1 49  J 

"     26 

Extra  holiday. 

"   7  ■ 

162  -162 

149H50! 

"  17  • 

......... 

I47l-i49f 

"  28 

-•••■   I494-I504 

"   8  . 

161  -161 

i493-i5i4 

"  18  . 

l62f-l62f 

1474-148! 

"  29 

. .   164  -1643  1491-151! 

"   9  • 

-. . . . 

1504-1513 

"  19  • 

......... 

147  -1483 

"  30 

-•■••   I494-I504 

••  10  . 



1501-151} 

"  21  . 

i6i}-i6i4 

i43-}-i  474 

"  3i 

. .   1644-164!  1493-15 1 

GIBSON'S    MANUAL 


IOI 


MARKET  MOVEMENTS  OF  CHICAGO,  MILWAUKEE  &  ST.  PAUL,  FROM   1900  TO    1908, 

INCLUSIVE. 


REMARKS. 

December  17,  1906,  the  company  offered  to  its  stockholders,  at  par,  $66,328,500  preferred  stock 
and  $33,164,300  common  stock,  to  be  paid  for  in  instalments,. 65  per  cent,  by  June  1,  1908;  20  per  cent., 
Dec.  1,  1908,  and  15  per  cent.,  March  1,  1909.  The  proceeds  are  to  apply  toward  the  cost  of  the 
$75,000,000  extension  to  the  Pacific  Coast,  $25,000,000  to  be  reserved  for  contingencies  and  additional 
branches  and  equipment. 

The  Pacific  Coast  extension,  into  Seattle  and  Tacoma,  1,380  miles,  is  expected  to  be  finished  in 
the  Spring  of  1909,  possibly  in  March  Track  laying  has  been  completed  as  far  as  Butte,  Mont.,  and 
this  part  of  the  line  will  be  put  into  operation  as  soon  as  possible.  Of  the  remaining  650  miles,  about 
250  miles  have  been  constructed  in  Montana,  Idaho  and  Washington. 

Securities  owned,  June  30,  1908,  outside  of  treasury  stock  and  bonds  of  the  company  itself, 
$20,020,423. 

Total  capitalization,  March  1,  1909,  when  the  new  issue  of  stock  is  entirely  paid  for,  will  stand 
at  $358,526,600,  an  increase  since  1900  of  $139,778,000. 

Officers:  President,  A.  J.  Earling;  Chairman,  Rosvvell  Miller;  Treasurer,  F.  G.  Ranney,  Secre- 
tary, E.  W.  Adams.  Directors:  Peter  Geddes,  Roswell  Miller,  William  Rockefeller,  John  A.  Stewart, 
J.  Ogden  Armour,  Frederick  Layton,  L.  J.  Pettit,  Percy  A.  Rockefeller,  Walter  P.  Bliss,  Frank  S. 
Bond,  A.  J.  Earling,  Charles  W.  Harkness,  Henry  H.  Rogers. 

Fiscal  year  ends  June  30.  Annual  meeting,  September,  as  appointed  by  the  directors.  Directors 
meet,  last  Thursday  in  each  month.  General  office,  Chicago,  111.  New  York  office,  42  Broadway. 
Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department),  and  on  the  London  Stock  Ex- 
change. 


GIBSON'S    MANUAL 


Chicago,  St.  Paul,  Minneapolis  CBi  Omaha  Railway 

Bonded  indebtedness ..  $20,059,091 

Preferred  stock,  7  per  cent,  non-cumulative,   but    to  as 

much  as  the  common  stock  in  any  year [2,646,833 

Common  stock ..    ..   ..  21,403,293 

Total  capital $64,009,217 

M  ileage 1 .72-, 

Per  mile  capitalization $37,107 

li\ed  charges,  1908,  including  ta                 cent,   of   net    inc. .me..  72 
Operating  expensej  excluding  taxes,  per  cent,  of  gross,  new  basis 

*In  1907,  on  the  old  basis,  the  percentage  was  68.49. 


EARNINGS. 

Yearending            Gross                  Net  Income,  Net  P.  C.  *Earnedon 

Dec.31.            Op  Rev.                Less  Taxes.  of  Gross  Inc.  **  Surplus.     Common. 

1900 $10,342,000             $3,852,845  37-2  $2,663,662          6.3% 

1901 11,196404                4.182,134  37.4  3.188,103          7.8% 

190-2 n.907.525                4,424.27-'  37- '  3728.819           8.87% 

1903 12,055.271                 4.328.609  35.9  4,I72.464           8.48% 

Year  ending  June  30. 

1904 11,438,292                4,002,432  35.  Not  reported.    5.99% 

1905 11,925,999                4,320,669  36.2  2,625.067           8.21% 

1906 12,943.750                4.708,948  364  3.031,490          9-2  7o 

♦1907 13,928,187                4,524,629  32.  -3,856,211           9.6% 

*i9o8 12,865.604                3.855,05-'  29.6  3.668.266          6.15% 

*  Inter-State     Commerce    classification. 

**  Xot   including   some   small   equipment  anil  improvement  funds,  which  in  1908 
amounted   to  $521,693. 

**  After  deducting  amounts  set  aside  for   improvements. 


LATEST  REPORT. 


Earnings  for  the  six  months  ending  Dec.  31,  1908,  compared  with  the  same  period  in  [907,  were: 

Gross.  Net 

1008 $7,137,739  $2,7*4.374 


[907 7,204,26] 


2,381,018 


DIVIDENDS. 


Prefi 

1  ommon 


1900 

57° 


1901 

7% 
5% 


1902 


1903 

77o 
6% 


1904 
7% 


1905 

7% 
7% 


1906 

7% 
7% 


1907 
7% 


1908 

7% 
7% 


1900 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1901 


1902 


1903 


1904 


1905 


1'1>7 


1906 


1908 


rred.,165  Nov.    180      Mch.   194j^  Nov.  160  Aug.  165  Apl.     195  Sept.   175  Nov.  137',  Dec.  140 

180  Nov.  201      Apl.    210'    Apl.  1''4  Ian.  192  Dec.    230  fan.     202  Ian.  165      fan.  174 

Common... 110  Oct.     125      Mch.   140      Feb.  117  July  135  Mch.  170  May    168  June  loo      Oct  114      Feb. 

126  N'ov.    146-1$  Nov.   170j£Apl.  162  Jan.  160  Nov.   225  Jan.     198  Jan.  170     Jan.  160     Dec. 


GIBSON'S    MANUAL 


Mov. 


Pfd. 


LOW  AND   HIGH   PRICES,  BY  DAYS,  NOVEMBER,   1908. 

Com. 
149  -150 


Com. 


Dec. 


1 

.    .        Election   Day. 

4 

-. . . . 

138 

-138 

5 

•    163 

-164^ 

I39l 

-139' 

6 

-.  . . . 

140 

-142* 

7 

0 

.    165 

-170 

145 

-145 

10 

.    i6Si 

-i684 

147* 

-148 

1 1 

.   165 

-168 

Nov.  12 

"  13 

"  14 

"  r6 

"  17 

"  iS 

"  19 

"  20 

"  21 


Pfd. 
168  -168 


165  -167 
168  -168 


150  153 


150  -150 


Pfd.              Com. 

Dec. 

it 

23  • 

24  . 

25  ■ 

.    168  -168       ......... 

" 

26   . 

.   Thanksgiving  Day. 

(( 
it 

27   . 
28 
30  . 

LOW  AND   HIGH  PRICES,  BY   DAYS,  DECEMBER,  1908. 


Pfd.  Com. 

1 -••••     153  -153 

2 --...     153  -154 

3 " -•••■ 

4 - -••■• 


/ 
8 

0 
10 


i53  -153 


Pfd.  Com. 

Dec.  11 - 

"     12 -....     I54I-I55 

"     M -••••     155  -155 


15 
16 

17 
18 

19 
21 


153  -155 
....-158 
....-158 


Pfd.  Com. 

Dec.  22 -....     155  -155 

"     23   .    .    167^-168       157^-158$ 
i68|-i-o      159  -159? 
Christmas   Day. 
Extra  holiday. 
1701-174       ......... 

.........  160 

......    . .  160 


24 
25 
26 
28 

29 
30 
31 


These  stocks  belong  in  the  investment  class  and  are  not  active  at  the  New  York  Stock  Exchange. 


REMARKS. 

A  majority  of  both  classes  of  the  stock  of  this  company  is  owned  by  Chicago  &  Northwestern, 
for  whose  benefit  the  road  is  operated.  Its  organization  is  distinct,  however,  and  its  reports  are  made 
independently. 

In  1908,  only  141,162  acres  of  the  company's  lands  remained  unsold. 

Securities  owned,  June  30,  1908,  were  $6,194,720.  partly  composed  of  the  company's  own  unissued 
stocks. 

The  capitalization  of  this  company  has  increased  only  slightly  since  1900,  the  amount  then  aggre- 
gating $59,881,450  and  on  June  30,  1908,  $64,009,217. 

Officers:  President,  W.  A.  Gardner;  Vice-President,  E.  E.  Osborn ;  Treasurer,  R.  H.  Williams; 
Secretary,  T.  A.  Tolleys.  Directors:  Marvin  Hughitt,  Byron  L.  Smith,  Chauncey  M.  Depew,  David 
P.  Kimball,  Zenas  Crane,  E.  E.  Osborn,  Thomas  Wilson,  John  M.  Whitman,  John  A.  Humbird,  Wil- 
liam  K.  Vanderbilt,  H.   McK.   Twomby,   Frederick  W.  Vanderbilt  and  W.  A.  Gardner. 

Fiscal  year  ends  June  30.  Annual  meeting,  first  Friday  after  third  Thursday  in  October,  Hu  i- 
son,  Wis.  Directors  meet  on  call.  Main  offices,  St.  Paul,  Minn.,  and  Chicago,  Ills.  New  York  office, 
in    Broadway.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S    MANUAL 


Chicago  Union  Traction  Company 
Chicago  Railways  Company 


> 


The  Chicago  Union  Traction  Co.  was  organized  under  the  laws  of  Illinois,  June  3,  1899,  to  com- 
bine under  one  management  several  of  the  existing  electric  street  car  lines  of  Chicago.  By  1900,  six 
companies  had  been  acquired  by  lease  or  purchase,  uniting  486  miles  of  street  railroad  in  one  system. 

Owing  to  agitation  for  municipal  ownership  and  other  troubles,  the  company  has  had  a  stormy 
career;  and  finally,  Jan.  25,  1908,  its  property  passed  by  foreclosure  to  The  Chicago  Railways  Co.,  a 
company  incorporated  in  October,  1903.  A  general  reorganization  is  now  in  progress,  in  accordance 
with  a  plan  approved  by  Judge  Peter  S.  Grosscup  and  Prof.  John  C.  Gray,  arbitrators,  in  the  Spring 
of  1908. 

A  city  ordinance,  passed  over  the  Mayor's  veto  and  approved  at  a  popular  election  by  a  majority 
of  over  33,000,  requires  that  within  three  years  from  Feb.  II,  1907,  The  Chicago  Railways  Co.  shall 
free  its  properties  from  all  the  old  liens;  shall  rehabilitate  the  company  in  all  respects;  shall  divide  with 
the  city,  each  year,  all  profits  remaining  after  certain  allowances  and  deductions;  and  shall  allow  the 
city,  on  six  months'  notice  at  any  time,  to  acquire  all  of  the  property  at  a  certain  agreed  price,  $30,779,- 
875,  in  addition  to  the  cost  of  reconstruction.  The  franchises  will  expire  Feb.  II,  1927.  The  compen- 
sation to  the  city  is  based  upon  the  following:  5-cent  fares  to  be  charged,  with  universal  transfers. 
From  the  surplus  earnings  of  each  year  (in  excess  of  operating  expense,  and  maintenance  and  depre- 
ciation charges,  and  in  excess  of  5  per  cent,  upon  the  valuation  at  which  the  city  can  buy  the  com- 
pany's property),  55  per  cent,  shall  be  paid  to  the  city,  the  company  retaining  45  per  cent. 

After  complete  reorganization,  the  capitalization  of  The  Chicago  Railways  Co.  will  be : 

Bonded  indebtedness $39,795,000 

Collateral  and  funding  notes 6,200,000 

♦Capital  stock 100,000 

Total  capital $46,095,000 

t 

*  By  trust  agreement,  Jan.   25,    1908,  the   capital    stock   is  to   be   made   the   basis 
for  issue   of  "participation  certificates"  in  265,100   equal  parts,   viz: 

|en.es  \'  ,^'^n  par!S  1    Entitled  to  $8    a    part    cumulative    dividends    annually, 
Senes  2,  124,300  parts  ;     ;        j*    ,       *d  d 

Series  3,    60,000  parts  J         y  J 

Series  4,    50,000  parts,    entitled    to    any   remaining    profits. 

EARNINGS,  CHICAGO  UNION  TRACTION. 

Surplus 
Year  ending  June  30.  Gross.  Net.  for  the  Year. 

1900 $7,477,395  $4,583,951  $604,075 

1901 7,289,139  4,216,616  158,576 

1902 7,825,119  3,37I>750  def.  247,528 

1903 8.357,303  3,158,295  "      364,195 

1904 8,697,649  2,841,043  "      300,000 

1905 9,208,529  3,201,567  None. 

1906 10,091,968  3.646,113  sur.     96,605 

The  Consolidated  Traction  Co.  entailed  a  loss  upon  the  company  nearly  every  year,  which  was 
deducted  from  surplus. 

DIVIDENDS. 

Chicago  Union  Traction  paid  at  the  rate  of  5  per  cent,  on  its  preferred  stock  from  October,  1899, 
lo  October,  1900,  both  inclusive,  and  thereafter,  nothing  on  either  class  of  stock. 

LOW  AND  HIGH  PRICES.  BY  YEARS,  CHICAGO  UNION  TRACTION,  SINCE  1901. 


1901                  1902  1903  1904                  1905  1906  1907  1908 

I 'referred..     58      May  44#  Mch.  30      Dec.  29     July  30y4  July  13^4  Oct.  7      Dec.  4      Apl. 

60      May  60     Apl.  503.4  Jan.  48^  Nov.  54      Feb.-  47  Vi  Mch.  19-^  Jan.  18      Dec. 

Common...     12      Tan.  10J4  Jan.  3      Mch.  4     July  6     June  3^  July  2J£  Aug.  5^  Apl 

10  ■■  May  23      Apl.  \7y2  Jan.  15J4  Nov.  13^  Feb.  1334  Feb.  6^  Apl.  7%  Dec. 


GIBSON'S    MANUAL 


[05 


Nov. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  iyo8. 

Com. 


Pfd.        Com. 


3 Election  Day. 

4 n*-n£     3  "3 

....  Ili-12^      2$-2f 

..     ..  Hi 

.  .     .  .  IOf-I2 


5 
6 


-ni 


3  -3 


/  ■  •    ■  • 

9 

io ni-i2f    3  -3| 

II 12    -I3l      3S-3I 


Pfd. 

Nov.  12 12I-13J 

"     13 13I-13-4 

"     14 13  -I3f 

"     16 13^-133 

"     17 i3i-i3§ 

|S I2f-I3i 

"       19 -••" 

"      20 II  J-I2§ 

"21 .-... 


4  -4i 
4  -4* 
4J-4i 
4*4* 
4i-4i 
4*4* 

4  -4 


Nov. 


Pfd.        Com. 


12  -13s     4i-4 


23  •• 

24  .. 

25  .  . 

26  . 
2/ I3J-I34 

28 I2f-I3i 

30 13   -13 


4*4* 

\-A<, 


Thanksgiving  Day 
4*4* 
4*4* 
4*4* 


LOW  AND   HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 
12*13 


13  "Hi 


Com. 
4*4* 


Dec.  1   . .    . . 

"  2   ..    .. 

"      3 - -•• 

"      4 13  -13*     •■-•• 

"       5 - -•• 

"      7 13  -13*    4J-4J 

"      8 13  -13*     ..-•• 

"  9  ..    .. 

"  10  ..    .. 


4*4* 

4*4? 


Pfd. 

Dec.   11 144-14! 

12 14  -14I 

14 MI-14I 

15 134-13* 

16 14  -I4i 

17 I3I-I4* 

18 13I-14 

l9 -■•■ 

21 144-14I 


Com. 

4*5 
4*5 
4*5* 
5  -5l 
5f-Sf 
5-t  54 


5*-5l 

5*5* 


Pfd.        Com. 

Dec.  22 14^-16^     ..-.. 

"    23 i6"-i7_     64-6-J 

"    24 16J-17      6*7 

"     25 Christmas  Day. 

"     26 Extra  holiday. 

"     28 16J-18      6i-7 

"     29 17  -I7i     6|-74 

"30 16*        6J-6J 

"3i 17  6J-6S 


Officers:  President,  John  M.  Roach;  Vice-President,  R.  A.  C.  Smith;  Secretary  and  Treasurer, 
M.  B.  Orde.  Directors  Willistdn  Fish,  John  M.  Roach,  F.  E.  Smith,  M.  B.  Orde,  John  V.  Clarke,  John 
Lambert,  Will  H.  Clark,  R.  A.  C.  Smith,  William  R.  Harrity  and  Arthur  Dyrenforth. 

Office,  Chicago,  111.    Traded  in  on  the  New  York  Stock  Exchange   (Listed  Department). 


ro6 


GIBSON'S    MANUAL 


Cleveland,  Cincinnati,  Chicago  CBi  St.  Louis  Railway 

Bonded  indebtedness,  Dec.  31,   1907 $64,612,727 

Preferred  stock,  5  per  cent,  non-cumulative 10,000,000 

Common  stock 47,056,300 


Total  capital "  $121,669,027 

Mileage 1,983 

Per  mile  capitalization $61,356 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income 69.6 

Operating  expense,  per  cent,  of  gross 76-T3 


EARNINGS. 

Year  ending  Gross  *Net       Net  P.  C.  of 

June  30.  Op.  Rev.  Income.  Gross  Inc. 

1900 $16,806,850  $5,140,521  30.6 

1901 17.877.489  5.249>5o6  29.4 

1902 18,717,071  5,050,512  26.9 

1903 20,390,761  4,784.041  23.5 

Year  ending 
Dec.  31. 

1904 22,141,110  6,294.214  28.4 

190S 22,517,763  5.879.895  261 

I9°6 24,594,916  6,370,772  25.9 

1907 26,447,804  6,500,719  24.6 


Surplus 
$1,112,642 
1 ,407,708 
1,438,681 
1,537,862 


1,652,733 
1,661,682 

i-673,235 
1,847,568 


Earned  on 
Common. 

3-33% 

4-52% 
4.11% 

4-35% 


6.71% 
4.12% 
4.14% 
3-37% 


Taxes   are   included  by  this  company  in  fixed   charges. 


LATEST  REPORT. 

Earnings  for   10  months  to  Oct.  31,  1908,  compared  with  the  same  period  in  1907,  were: 

Gross.  Net. 

1908 $20,147,195  $4,622,425 

1907 22,272,083  5,742,035 


DIVIDENDS. 


Preferred  . 
Common   . 


1900 

5% 
3% 


1901 
5  % 
3'Wo 


1902 

5% 
4% 


1903 

5% 
4% 


1904 

5% 
4% 


i9°5 
5% 
4% 


1906 
5% 
4% 


1907 

5% 
4% 


1908 

5% 
1% 


1900 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1906 


1901 


1902 


1903 


1904 


1905 


1907 


1908 


Preferred..  103^  June  115%Apl.  118     Jan.  100      Oct.  100     Jan.  115^  July    110      Dec.  85      Dec.  85^  Feb. 

118      Dec.  119^  May  124^  Nov.  119     Jan.  115      Nov.  121J4  Mch.   118     Jan.  108^  Jan.  99      Nov. 

Common...  55      June  73      May  93      Nov.  66     Aug.  68H  May  93^  June     89      Dec.  48     Nov.  47H  J""e 

76     Dec.  101      Nov.  108^  Aug.  99^  Jan.  93^  Dec.  108%  Apl.     109^g  Jan.  92^  Jan.  70^  Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


2 
3 

4 
5 
6 

7 
9 

10 
11 


Pfd. 


Com. 


•••-•••  54-54 

Election  Day. 

••■-•••  54J-54J 

•••-•••  55  -55 

.......  56-57* 

96  -96  58^-58^ 

.......  59-60 

98^-98!  60  -6if 

.......  60^-62 


Nov. 


12 

13 
14 
16 

17 
18 

19 
20 
21 


Pfd. 


99  -99 


Com. 

62J-63J 
631-69! 
69  -6gi 

67  -69i 
67f-68i 

67§-67l 
65  -66| 


Nov. 


23 
24 
25 
26 
27 
28 
30 


Pfd.  Com. 

.......     65^-65! 

.......     65i-65i 

99  -99      66J-68 
Thanksgiving  Day. 
99  -99      68  -68 


66.1-66.', 


GIBSON'S    MANUAL 


to? 


LOW  AND   HIGH  PRICES,   BY   DAYS,  DECEMBER,  1908. 


Dec.  1 

"  2 

"  3 

"  4 

"  5 

"  7 

"  8 

9 

"  10 


Pfd. 


Com. 
664-664 

662-67' 

67  -67I 

68  -68^ 
68i-68i 

69  -69 
68J-69I 
69^-695 


I). 


n 

12 
14 

is 
16 

17 
18 
[9 

21 


Pfd 


Com. 

68  -69^ 

69  -70-J 
68  -69 
68  -69 
68  -68 
65  -662 

6si-6si 


Pfd.  Com. 

.......     66  -66* 

.......     6;i-67l 

.......     68  -69 

Christmas  Day. 
Extra  holiday. 
.......     683-69J 

.......     69L705 

99J-995     69  -701, 
.......     70-70 


These  are  investment  stocks  and  have  not  been  active  on  the  New  York  Stuck   Exchange. 


REMARKS. 

A  majority  of  the  common  stock  of  this  road,  or  $30,207,700,  is  owned  by  The  Lake  Shore  & 
Michigan  Southern  Railway,  but  the  company  is  operated  and  reports  separately. 

In  June,  1908,  no  dividend  was  declared  on  the  common  stock.  The  "Big  Four"  might  have  paid 
a  dividend,  but,  considering  the  state  of  business,  the  directors  did  not  wish  to  take  the  responsibility 
of  declaring  one.  The  road  is  in  first-class  condition,  and  its  new  facilities  are  expected  to  make  it  a 
big  money  earner  in  the  future. 

Securities  owned,  Dec.  31,  1907,  stocks,  $2,049,971 ;  bonds,  $1,482,530.     During   1907,   this  com- 
pany sold  45,000  shares  of  Chesapeake  &  Ohio  for  $2,586,475. 

Since    1900   the   capitalization   of   "Big   Four"  has  increased  from  $95,152,040  to  $121,669,027. 

The  company  has  issued  $5,000,000  of  4  per  cent,  gold  notes  due  in  1914. 

In  January,  1909,  the  Edwin  Hawley  syndicate  bought  $3,000,000  Chesapeake  &  Ohio  stock  from 
this  company. 

Officers:  President,  W.  C.  Brown;  Senior  Vice-President.  William  C.  Brown;  Treasurer, 
Charles  F.  Cox;  Secretary,  Dwight  W.  Pardee.  Directors:  Hamilton  McK.  Twombly,  Walter  P. 
Bliss,  James  D.  Layng,  Frederick  W.  Vanderbilt,  William  K.  Vanderbilt,  J.  Pierpont  Morgan,  Chaun- 
cey  M.  Depew,  William  H.  Newman,  W.  C.  Brown  and  James  Barnett. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  last  Wednesday  in  October,  Cincinnati,  Ohio.  Main 
office,  Cincinnati.  New  York  office,  Grand  Central  Station.  Traded  in  on  the  New  York  Stock  Ex- 
change  (Listed  Department). 


io8  GIBSON'SMANUAL 


Colorado   C&   Southern   Railway 

lionded  indebtedness,  June  30,  1908 $56,724,116 

First  preferred  stock,  4  per  cent,  non  cumulative 8, 500,000 

Second  preferred  stock,  4  per  cent,  non-cumulative .  8,500,000 

Common   stock 31,000.000 

Total  capital 104.724,116 

M  ileage 1,952 

Per  mile  capitalization $53,649 

Fixed  charges,   1908,  per  cent,  of  net   income 48.85 

I  Iperating  expenses,  excluding  taxes,  per  cent,  of  gross,  new  basis  67.18 

EARNINGS. 

Near  ending                    Gross  Net  Net  P.  C.  of 

June  30.  Op.  Rev.  Income.  Gross  Inc. 

1900 $4,237,742  $945,390             22.1 

1901 4,794.649  1,124,524             23.2 

1902 ••      5,580,326  i,379-362             24.4 

1903 6,142,989  1,293.753             22.1 

1904 5.702.687  1.249.799             21.7 

1905 6,228,744  1,482,183             23.6 

1906 11,653,446  3.908,508             33.1 

*i9°7 i3.373.8oo  4,056,984           30-6 

::i9o8 14,280,535  4,634,961            316 

*  Inter-State     Commerce     classification. 

LATEST  REPORT. 

Earnings  for  six  months,  ending  Dec.  31,  1908,  compared  with  the  similar  period  in  1907,  were: 

Gross.  Net. 

1908 $8,088,654     $2,921,120 

1907 7,843,812      2,867,138 


Earned  on 

Surplus. 

(  ommon. 

$193,611 

329,258 

807,205 

664,158 

500,000 

1,050,812 

3,246,291 

2.3  % 

4,699,268 

4.1   % 

6,538,852 

4.81% 

DIVIDENDS. 

1900     1901 

1902      1903     1904 

1905 

1906 

1907 

1908 

2%      3i% 

ZYfo         00         2% 

0 

4% 

4% 

4% 

0          0 

000 

0 

0 

4% 

4% 

First  preferred. . 

Second  preferred. 

Common o  o  o  o  o  o  o  o  2% 


LOW  AND   HIGH  PRICES,  BY   YEARS,  SINCE  1900. 


L900 

1901 

1902 

1903 

1904 

191 S 

1906 

1907 

1 !  'i  18 

First  pf<l. . 

.36       Sept. 

4il      Jan. 

S9y4  Jan. 

44 '<  Aug. 

48      Juno 

52       May 

66)    Apl. 

41      Nov. 

50&  Jan. 

47  \i  Mch. 

60     Dec. 

79^  Aug. 

72      Jan. 

63      Dec. 

69%  Dec. 

73]/s  Feb. 

69j/>  Jan. 

79     Dec. 

Second  pfd 

.  14      Sept. 

16      Jan. 

28      Jan. 

17     Aug. 

17   ,s  June 

32J4  May 

43      May 

29^  Nov. 

393 1  Feb. 

20J4  Mch. 

28J4  Dec. 

53%  Sept. 

48      Jan. 

37 ya  Nov. 

55      Dec. 

59      Dec. 

58^  Jan. 

i,4'..  Nov. 

1  lommon  . 

.    5      Sept. 

6   .Jan. 

145-g  Jan. 

10     July 

13J/.  June 

22]  ,  Jan. 

29H  Jan. 

17      Nov. 

21      Feb. 

Dec. 

18     Apl. 

35&  July 

i      Jan. 

24%  Nov. 

301/S  Dec. 

40%  Oct. 

38%  Jan. 

59     Dec. 

GIBSON'S    MANUAL 


109 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 

Feb. 

Mch. 

Apl. 

May 

June 

1900  .   . 

.   istPfd. 

39  -44i 

43  "444 

43  -47i 

42  -46 

383-424 

40  -44* 

.  2d  Pfd . 

I4i-i5! 

15  -17 

164-204 

17  -20 

i5*-i7 

16  -19} 

.  Com . . . 

5i-6 

5§-6i 

6-7f 

6  -  7\ 

51-64 

5*-6f 

1901  .   . 

.   1  st  Pfd. 

40  -44i 

40  -48 

424-49i 

45i-564 

424-55 

5o3-53i 

.  2d  Pfd. 

16I-18 

I7i-2li 

m-24i 

20  -283 

18  -264 

22j-24| 

.  Com . .  . 

6f-  84 

7hul 

8  -124 

10I-18 

94-17 

I4i-i64 

1902  .   . 

.   istPfd. 

59i-63 

63  -7oi 

683-73* 

7°3-75i 

70  -73* 

694-71* 

.  2d  Pfd. 

28  -304 

30  -38} 

36i-46J 

4ii-47 

4o*-454 

42  -444 

.  Com . .  . 

144-iSi 

15^-23} 

22  -28J 

27  -33 

284-32 

30.1  -3 1 1 

1903  .  . 

.   istPfd. 

69^-72 

694-713 

64  -694 

62  -67 

62  -654 

56  -63 

.  2d  Pfd. 

441-48 

43  -46 

383-423 

35  -4o4 

284-38 

25  -29* 

.  Com . .  . 

284-31* 

28I-30I 

25  -283 

224-263 

183-25I 

15  -194 

1904  .  . 

.   1  st  Pfd. 

54  -58i 

52  -57* 

523-55} 

531-56 

50  -53 

48  -49 

.  2d  Pfd. 

28  -28! 

22  -264, 

22§-26f 

224-254 

19  -224 

1 74-20  \ 

.  Com . . . 

!5  ~l9 

144-18 

I5i-i8* 

i64-i8f 

144-16} 

134-16 

1905  .  . 

.   1st  Pfd. 

604-63 

614-64-I 

594-624 

59  -624 

52  -S8i 

57  -59 

.  2d  Pfd. 

351-37* 

361-391 

34~-37t 

35  -39* 

324-352 

341-37* 

.  Com . .  . 

22^-25-1 

243-26J 

23  -27  • 

25  -3»4 

24  -28 

26-I-274 

1906  .  . 

.  1st  Pfd. 

68  -72! 

7°§-73i 

694-724 

664-72I 

664-704 

67  -70I 

.  2d  Pfd. 

53  -56f 

504-54 

48  -51* 

47  -5if 

43  -49 

47  -523 

.  Com . .  . 

291-37 

32*-55f 

32*-35 

3!f-36 

30  -34? 

33  "34* 

1907  . 

.   istPfd. 

65  -69* 

66  -67* 

583-663 

57i-6i* 

56  -60 

57  -6of 

.  2d  Pfd. 

54  -58i 

531-58 

44  -55* 

463-49 

40  -47 

403-474 

.  Com . . . 

33  -38* 

32  -37i 

22H4 

25  -284 

21  -254 

224-25! 

1908  . 

.   istPfd. 

5o|-52f 

5U-521 

5^-564 

54  -603 

58  -60 

57  -59Jr 

.  2d  Pfd. 

4i*-44* 

391-43 

404-47-J 

44  -51*. 

48  -51J 

464-50 

.  Com . .  . 

23I-26I 

21    -2SJ 

224-253 

243-32 

294-33 

293-31* 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1900  . 

.  1st  Pfd. 

40J-42 

4IS-424. 

36  -41 

364-39* 

39$-443 

424-464 

.  2d  Pfd. 

16  -16* 

i64-i63 

14  -i64 

14  -i64 

16  -19 

17  -19* 

.  Com . . . 

6-  6| 

6  -  6| 

5-6" 

54-64 

5*-  7i 

6*-  83 

[901   . 

.  1st  Pfd. 

48  -53 

49f-58i 

53  -57l 

524-544 

534-5". 

55*-6o 

.   .  2d  Pfd. 

20j-24i 

21  -27 

234-274 

23  -25 

24  -28} 

24^  --*■■; 

.  Com . .  . 

12    -I5i 

124-15  * 

12I-154 

13  "I4§ 

i3f-i5s 

I3i-i54 

1902  . 

.    .   istPfd. 

72   -781 

77  -79i 

724-79 

69  -74l 

68  -73! 

66  -70 

.   .  2d  Pfd. 

43i"49* 

471-531 

471-53* 

43i-5i4 

424-49 

40  454 

.  Com  . .  . 

3of-35l 

32 1-35 

3o4-35i 

294-34* 

27  -32:t 

244-303 

1903  . 

.   .   istPfd. 

484-58* 

444-544 

47^-54 

47*-56} 

504-56 

5i*-55* 

.   .  2d  Pfd. 

20-1-28I 

17  -244 

18  -23} 

184-234 

194-22* 

21 4-24 1 

.  Com  . .  . 

10  -184 

11  -iSi 

iof  144 

1U-13* 

nf-134 

13  -16} 

1904  . 

.    .   1st  Pfd. 

48   -50j 

48  -52 

48  -51I 

5o3-55* 

53  -M 

55  -63 

.    .  2d  Pfd. 

I9J-22 

19J-22J 

21  -28 

26  -3 1 4 

30  -37*. 

33  -37  s 

.   .  Com . .  . 

i41-i6J 

10I-17 

1 5  4-20  J 

18  -23! 

21^-24;! 

i9*--'3s 

[90s  . 

.    .   istPfd. 

58-63 

614-64 

60   -62f 

614-634 

61  -64! 

64  -69^ 

.    .  2d  Pfd. 

37i-4o2 

391-443 

391-45 1 

42  -443 

42  -444 

444-55 

.   .  Com. . . 

27  -29* 

271-293 

27  -284 

274-29J 

25  -29 

28  -30 1 

1906  . 

.   .  1st  Pfd. 

67  -70J} 

683-7 1 f 

67^-60^ 

674-69I 

68  -69', 

663-'  »i'. 

.    .  2d  Pfd. 

45  -52| 

50  -53* 

49  -5 1 4 

503-589 

55^-5;; 

55  -59 

.   .  Com . . . 

3^-37 

363-38J 

35Ji-373 

364-40$ 

39l-39i 

35  -38* 

1907  . 

.    .   istPfd. 

57l-6of 

51  -59* 

5i*-56i 

424-53! 

41  -45f 

442-5-' 

.    .  2d  Pfd. 

44*-47S 

40  -45 1 

42  -44.I 

31 :;  -42  * 

29i-35 

34  -424 

.   .  Com  .  .  . 

244-273 

21  -27I 

22  -24I 

18  -22 

17  -i83 

177-24 

1908  . 

.    .   istPfd. 

58f-62i 

61  i-65 

64  -663 

64i-67, 

C>7  -7<>s 

694-79 

.    .  2d  Pfd . 

48f-52i 

52  -58 

57  -59i 

57  -59* 

59K>4'> 

594-644 

.   .  Com . . . 

3«2-32i 

32  -:/>'" 

35i-40 

391-43* 

4i*-49l 

483-59 

MM 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


1st.  Pfd.  2d   I'M. 

Nov.  2  ......  ...  59i-59i  67I-67I 

3 Election  Day. 

4 59l-6o  67  -67! 

5 S9J-6o  67J-68 

6 59J-6oJ  68  -68J 

7 60I-61I  68^-681 

9 6i|-62j  69  -69I 

to 62I-64  69  -69I 

11 63  -64!  69  -693 

12 631-633  69  -70 

13  ■•  •  ■  ••  ■•  63^-64  693-093 

'  l 63^-63!  69  -69! 

[6 63  -63$  691-69! 


Com. 

42  -42  f   Nov. 

42§-43 

4ii-43 
42i-43  \ 

43  -431 

43  -441 1   " 


441-481 
46I-48 
46  -47 
45f-46§ 
4Sf-461 


1st.  Pfd.       2d    Pfd. 


'7 
[8 


Com. 

69I-/0  45H6 

691-69!  43--4"! 

69  -69  451-46 

693-69i  441-453 

69  -70  441-45! 

69  -70  44l-46g 

693-70  46J-47 

70I-70I  46f-47l 

26 Thanksgiving  Day. 

27 623-63*        691-70  471-481 

28 631-63!        693-70  48f-49'-' 

3o 634-63$        695-69!  48I-49: 


....  63;-b4 

62 

19 62  -62 

20 61  -62 

21 6ll-6lJ 

23 62   -62^ 

24 62^-63 

25 •  •  63"-63! 


LOW   AND    HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


1  )ec. 


rst.  Pfd. 

1 69^-695 

2 691-70*, 

3 73  -7H 

4 -•■• 

7  ■ . 70I-71I 

8  7i!-73 

9 72f-74! 

i" 74  -74! 

11 721-74 

12 72\-J2\ 

14 72l-73i 

15 72!-73 

16 73!-74l 


2d    Pfd. 

63I-63! 

63I-63! 

62!-65 

65  -651 

641-65S 

644-68 

69  -70 

694-704 

684-70 

67i"-68! 

674-68 

68  -685 
67!-68i 

69  -70 


Com. 
48|-5oJ 

50I-51I 

49i-52l 

52J-541 

53i-54! 

54l-5Si 

57  -58 

58-59 

54  -561 

541-55 
55i-56? 
541-551 
551-571 


1st.  Pfd.         2d    Pfd. 


Dec.    17 


17 731-74! 

18 7ii-7$: 

19 74g-76 

21 751-76 

22 76-79 

23 

24 

25 

26 


69^-70 
691-69-1 
-o  -731 

73^-75 
741-76 
74  -743 

Christmas  Day, 
Extra  holiday. 
..   761-76J        741-74! 

29 76  -76I         74  -74} 

30 75-76  731-731 

31 76  -76f        73  -74 


77  -78! 
76  -76! 


Com. 

55&-57S 

551-57 
57  -58 1 
56I-58V 
571-58 
57  -57l 
56J-57! 


57  -571 
574-573 

571-57! 
57  -571 


MARKET  MOVEMENTS  OF  COLORADO  &  SOUTHERN,  FROM   1900  TO  1908,  INCLUSIVE. 


GIBSON'S    MANUAL  nr 


REMARKS. 

Colorado  &  Southern  lias  played  an  active  part  in  the  development  of  the  Reeky  .Mountain  region 
and  is  beginning  to  experience  the  benefits  of  useful  public  service  by   transacting  a  larger  business. 

In  the  annual  report  for  1907  there  is  a  discussion  of  the  relation  of  the  railroads  to  the  people 
and  an  argument  for  protection  of   the  railroad   interest    which   investors  may  read   with  satisfaction. 

The  last  $300,000  of  the  first  mortgage  4  per  cent,  bonds,  which  will  be  held  by  the  public, 
has  recently  been   listed  on   the   New    York   Stock  Exchange. 

Securities  owned,  June  30,  190S,  were  $11,732,190,  excluding  the  company's  own  bonds  in  the 
treasury. 

The  capital  stock  of  Colorado  &  Southern  has  remained  unchanged  since  iqoo,  but  the  bonded 
debt  has  increased  $38,000,000. 

A\  nile  retarded  somewhat  by  general  financial  conditions  in  1907-08,  construction  work  and  im- 
provement of  terminals,  especially  in  Texas,  have  been  pushed  with  considerable  energy,  and  the  out- 
look for  heavier  traffic  is  now  promising. 

Dividends  on   the  common  stock  were  begun  in  1908  by  declaring  2  per  cent.,  payable  Dec.  15. 

Officers:  President.  Frank  Trumbull;  Vice-President,  A.  D.  Parker;  Chairman,  Grenville  M. 
Dodge;  Treasurer  and  Secretary,  James  Steuart  Mackie.  Directors:  Grenville  M.  Dodge,  Harry 
Bronner.  Henry  Budge,  Walter  S.  Crandell,  Edwin  Haw-ley,  Henry  E.  Huntington,  William  Shillabcr, 
Frank  Trumbull,  Henry  Walters,  Levi  C.  Weir,  Hans  Winterfeldt  and  B.  F.  Yoakum, 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Thursday  in  November,  Denver,  Colo. 
Directors  meet  second  Thursday  in  each  month.  Main  office,  Denver,  Colo.  New  York  office,  71 
Broadwayr.     Traded  in  on  the  New  York  Stock  Exchange    (Listed   Department). 


MJ  GIBSON'S    MANUAL 


Colorado  Fuel  and  Iron  Company 

Bonded  indebtedness,  1908 $19,945,000 

Preferred  stock,  8  per  cent,  cumulative 2,000,000 

Common  stock 34.235.500 

Total  capital •. $56,180,500 

Fixed  charges,  1908,  per  cent,  of  net  income 4275 


">  car  ending  June 30.  Gross. 

1900 $10,350,030 

1901 12,246,546 

1902 13,860,593 

1903 16,653,960 

1904 *8,625,675 

1905 18,615,017 

i<jo6 22,320,046 

1907 23.792,299 

1908 22,099,880 


Net 

Net  P.  C.  ..1 

Income. 

Gross  Inc. 

Surplus. 

$2,349,682 

22.7 

$367,842 

2,142,671 

i/-5 

!*    284,079 

1,801,926  • 

13 

247.754 

1.990,982 

1 1.9 

450'356 

3-267 

**i,i34,502 

[,922,047 

10.3 

**i,877,403 

3,064,729 

13-7 

**  1, 293,236 

2,992,098 

12.6 

**i,077,i96 

2,880,494 

12.9 

**I,229,932 

*  For  the  financial  rehabilitation  of  the  company.  July  15.  1903,  certain  properties 
and  securities  were  sold;  other  properties  were  sold,  Nov.  12,  1903.  All  these  were  ac- 
quired by  the  Colorado  Industrial  Co.,  the  entire  stock  of  which  has  since  been  ac- 
quired by  Colorado  Fuel  &  Iron.  From  Nov.  12,  1903,  to  June  30,  1904,  the  properties 
referred  to  were  operated  independently  and  were  not  considered  in  the  annual  report 
for  1904. 

**De  licit. 


DIVIDENDS. 

1900 

1901 

1902     1903        1904 

I9°5 

ll_M> 

1907 

I90S 

Preferred    . 

.   407° 

8% 

8%         0             0 

0 

0 

0 

O 

Common    . 

.     0 

3** 

3 ! '            0             0 

0 

0 

0 

O 

The  large  amount  paid  on  the  preferred  in   1900  \vas  due  to  arrears   for  four  years,  which  were 
discharged  in  one  payment. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900  1901  1902  1903  1904  1905              1906  1907  1908 

Preferred..  117      Oct.  116      Mch.  130     Jan.  65      Dec.  58J4  Oct.  80      Aug.     80     July  31      Oct.  60      Aug. 

131J<SJan.  142^  Apl.  140      Mch.  L22      Jan.  95      Dec.  105      Mch.    112';.  Jan.  85-;  Jan.  65      Oct. 

Common...  29J4  Sept.  41$$  Jan.  73%  Aug.  24      Nov.  25}4  Mch.  38      May     40}$  May  14      Nov.  15;s  Feb. 

Dec.  136j-<  June  llOjjApl.  82}<  Jan.  58^  Nov.  V     Mch.     83-51  Jan.  57%  Jan.  40%  Nov. 


GIBSON'S    MANUAL 


"3 


1900 
1901 
1902 

1903 
1904 

1905 
1906 
1907 
1908 


I 'id.. 
Com 
Pfd.. 
Com 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com, 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 
Jan. Feb. Mch.  Apl.  May. 

121  -131*  125  -125^  122  -129$  127  -130  120  -126 

40A-  46*  42I-  48*  42I-   51^  39}-  si|  35J-  41* 

120J-122  117  -119  116  -128  127 ',-142',  138  -138 

41I-  56!  41I-  51!  42*-  56*  55i-io8i  85-197 

13c  -130  .........  132-140  138-138*  ......... 

84  -  88J  84*-  88  86A-109  95  -no*  95f-io8f 

122-122  ....- -....  .........  ......... 

73  -  82!  73l  -  76*  63  -  72;  54  -  66i  61  J-  70$ 

65-65  65-65  59*-  59*  63-63  ......... 

271-34*  30  -  33i  -5l-3i  •   28*-  33$  28-32* 

95  -  95  85  -100  100  -105  100  -104  95  -95 

43  -  48!  46  -  54  50$-  59  42|-  S7i  38  -  47* 

95  -112*  102  -no  100  -101  96  -101*  100  -100 

55i-  83!  60  -  78J  57  -  67!  45$-  67J  40$-  57* 

85-85*  .........  65-75  .........  57  -  57 

46*-  57 $  42  -  50*.  29-44;  33A-  38  27*-  t,? 

i9i-  20I  i5§-  20  16  -  24I  221-25-;-  24  ]-3 if 

July. Aug.  Sept. Oct.  Nov. 

120-120*  125. -125  118  -121  117  -117  123-130 

3 1  J-  36  32I-  36*  29*-  35£  3of-  40*  S7i-  54*. 

128  -135 131  -131  130-130  i28*-i30 

90   -IM'i  90   -IOO  92f-I04*  80*-   05!  Vli"   96 

135-135  .........  133-135  I304-I32  ......... 

88*-io2]  733-  93  76}-  83|  79I-  92*  77  -  9i 

100  -100  90-90  .........  90-90  ......... 

40  -  65]  40J-  54 1  40  -  513  25  -  41  24  -  32 .', 

64  -  65  65  -  65  65  -  65  58*-  73  75  -  92  | 

3o4-  38*  354-  37$  31?-  44  342-  44^  40! -  58! 

.........  80-92  93-93  93-94  91  -  91 

43*-  483  44l-  47*  4i  -  4''-l  43*"  48f  40$-  49* 

80-85  90-90  90-95  90-90  89-89 

44$-  55$  5i4-  61*  52  -  59-i.  504-  58$  49*-  57* 

••••-••••  65-65  40-40]  31  -  35  35-35 

30  -  33J  22  -  31  17]-  26!  14*-  20  14*-  17 

....- 60-60 65-65  6=;*-  75 

26§-  33I  32  -  38*,  30I-  37J  33I-  375  364-  40! 


June. 
120  -123 
29*-  37* 

*  98 '  - 1  .V  ■  '■ 

85  -ioii 

59  -  692 

60  -  60 
28*-  31 

39$-  45f 
85  -95 
444-  645 
55  -  60 
28  -32*. 

25-  2.»: 


Dec. 


1900 Pfd.. 

Corn. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


121  -122 

49$"  56* 
125  -125 

77  -  92$ 

'75-89 

65-65 
24$-  33 
90  -  95 
37-  58 
94$-  95  I 
44&-  5SJ 
98J-  98$ 
514-  58* 

17  -  22 
7-V  72J 
42 


LOW  AND   HIGH   PRICES.  BY   DAYS,  NOVEMBER,   1908. 


X..\ 


3 
4 
5 
6 

7 

9 

10 
1 1 


Low.       High. 

36*  362 

Election  Dav 

.V<1 

37$ 
38! 
39$ 

39* 
383 
38* 


38a 


Nov. 


23 
24 

25 


I  .'  »w. 
37 * 
37* 
39 


High. 
38$ 
39 
40 


26 Thanksgiving  Day 

27 39  39! 

28 M  3*1 

30 38  3')l 


LOW   AND   HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


Dec.     1 


9 
10 


4o{j 
39* 


I  ,ow. 
37i 


High. 

Dec.  22 37A  7,^2 

"     23 38*.  393 

24 39$  40;^ 

"     25 Christmas  Day. 

26 Extra  holiday. 

"    28 40!  40J 

-'< 39$  4i  1 

"     30 39$  4oi 

"    31 39$  40 1 


H4 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  COLORADO  FUEL  &  IRON,  FROM   1900  TO   1908,  INCLUSIVE, 

MINOR  TURNS  DISREGARDED. 


REMARKS. 

Colorado  Fuel  &  Iron  was  making-  substantial  gains  in  earnings  at  the  end  of  the  fiscal  year  of 
1907,  although  up  to  that  time  the  gain  in  gross  had  been  absorbed  by  the  higher  cost  of  labor  and 
materials  and  the  expense  attendant  on  two  casualties  at  the  mines.  The  company  hoped  to  continue 
the  gain  in  earnings,  but  the  reaction  in   trade  has  interfered  to  so'me  extent  with  the  results. 

The  physical  condition  of  the  properties  has  been  maintained  at  a  high  standard,  and  the 
company  is  able  to  do  a  larger  business  than  ever.  Officers  of  the  company  expect  that  with  a  revival 
of  business  the  gross  earnings  will  exceed  those  of  former  times  and  the  ratio  of  net  to  gross  will  lie- 
increased. 

It  was  reported  in  October.  tgoS,  that  Gould  interests  had  retired  from  active  control  of  the 
property,  although  George  J.  Gould  remains  a  director.  Five  of  the  new  directors  represent  Rocke- 
feller interests. 

Officers:  President.  Jesse  F.  "Welborn  :  Chairman.  Vice-President  and  Treasurer,  L.  M.  Bowers; 
Vice-President,  Secretary  and  General  Counsel.  D.  C.  Beaman.  Directors:  In  addition  to  the  fore- 
going, Frederick  T.  Gates.  Edwin  Ilawlev,  T.  II.  McClement,  Starr  T.  Murphy,  George  J.  Gould,  E.  H. 
Harriman,  Willard  P.  'Ward.  E.  T.  Jeffery"  H.  F.  Cooper,  and  .!.  A.  Writer. 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Monday  in  October,  Denver,  Colo.  Office, 
Denver,   Colo.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S    MANUAL 


115 


Columbus  CBb  Hocking  Coal  C&  Iron  Company 

Formed  Jan.  26,  [883,  under  the  laws  of  Ohio,  and  reorganized  in  1898.  Action  for  a  receiver- 
ship had  been  brought  in  1896,  but  was  dismissed,  hi  1898,  application  was  made  by  the  bondhold- 
ers for  foreclosure,  but  again  this  suit  was  discontinued;  and  there  was  a  voluntary  reorganization 
in  1898,  interest  being  reduced  from  6  to  5  per  cent.  All  of  the  old  preferred  stock  was  retired  in  1898, 
leaving  only  $18,900  in  existence,  and  $200,000  new  preferred  was  issued  in  1906/07.  The  company 
owns  a  large  amount  of  coal  and  iron  property,  with  a  number  of  furnaces,  in  the  counties  of  Athens, 
Hocking,  Perry  and  Vinton,  Ohio,  and  a  new  and  an  unusually  fine  plant  at  Kachelmacher  for  mak- 
ing brick,  from  which  much  is  expected. 

Bonded  indebtedness,  March  31,  1908 $1,400,000 

Preferred  stock,  6  per  cent,  non-cumulative 218,900 

Common   stock . 6,981,100 


Total  capital $8,600,000 


EARNINGS. 

Year  ending  March  31.  Gross. 

1900 $450,978 

1901 576,156 

1902 601,153 

1903 618,871 

1904 543,800 

1905 341,997 

1  Ml  II  I 527,065 

190/ 603,821 

1908 864,759 

Profit  &  Loss  surplus,  March  31,  1908,  was  $186,239. 


Surplus  for 

Net. 

the  Year. 

$101,138 

$49,075 

101,672 

49,347 

90,673 

50,027 

179,086 

99-573 

148,703 

72,023 

33-322 

def.  39,500 

103,828 

30,231 

139,670 

64,971 

189,227 

47.187 

DIVIDENDS. 

1900 

190 1 

[902       1903       [904 

1905 

1906 

1907 

1908 

Preferred    . 

.     0 

0 

000 

0 

0 

4i% 

6% 

Common    . 

.   0 

0 

1%        ii%        1% 

0 

0 

0 

0 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


1900 

1901 

1902 

1903 

'   1904 

1905 

1906 

1907 

1908 

1 1 '  2  Tune 
21     Apl. 

1_"  .on 
2Sy2  June 

14' s  Jan. 
24%  Oct. 

9]/2  Nov. 
22^  Feb. 

8      June 
19      Dec. 

\\yA  May 
20      Dec. 

17      May 
3D',  Nov. 

14      Dec. 
28^  Apl. 

14M  Mch, 
27\/2  Dec. 

The  preferred  stock  is  not  traded  in  on  the  New   York  Stock  Exchange. 


N 


ov.    2 

3 

4 
5 
6 

7 

<J 

10 

ii 


LOW  AND   HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 
Low.       High. 
Election  Day. 


IM( 
20 
21  J 
213 
21 J 


20§ 
21 

215 

22 

21* 


Low. 


High. 

21* 

22  i 


22g 


•  • •   2Ig 
.   .  .   22 

Thanksgiving  Day. 

.      ..      224,  22| 

.     .  .     22. \  24! 

•  ••     24"  25" 


u6 


GIBSON'S    MANUAL 


LOW   AND   HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


1  »ec.     1 


3 

4 
5 
7 
8 

9 


Low. 


26 

26 

251 

26} 


Low.       High. 

Dec.  -'_' 2 

23 z  26 

-M 

"  _'5 Christmas  1  >aj  . 

'"  2<> Extra  holiday. 

-  26 _■■  26 

"  29 25}  26 

"  30 25  J  252 

••   31   26 


REMARKS. 


Tlie  company  own-  no  securities,  except  80,700  shares  of  its  own  common  stock. 

Whenever  a  sufficient  number  ot  cars  can  be  obtained,  the  company  produces  normally  between 

■'  and  4.000  tons  of  coal  a  day.     In  November.    [907,    the   output    was   70.000   tons,    but    the    panic 

caused  a  change,  and  in  January,  1908.  the  tonnage  had   declined  to    19.000.     It   is   now   on   the   rising 
urrade. 

Officers:  President.  N.  C.  L.  Kachelmacher ;  Vice-President,  L.  C.  Lathrop;  Secretary  and 
Treasurer,  A.  L.  Thurman,  37  Broad  Street,  New  York.  Directors:  In  addition  to  the  foregoing,  T. 
I'.  Linn,  D.  X.  Postlethwaite,  C.  M.  Voorhees,  H.  S.  Haskins,  R.  F.  Little  and  H.  O  Seixas. 

Fiscal  year  ends  March  31.  Annual  meeting,  third  Wednesday  in  May.  Columbus,  Ohio.  Office, 
Columbus,  Ohio.     Traded  in  on  the  New  York  Stock   Exchange    (Listed   Department V 


GIBSON'S     MANUAL  117 


Consolidated  Gas  Company,  New  York 

Organized  Nov.  10,  1884,  under  the  laws  of  New  York,  as  a  consolidation  of  six  illuminating 
gas  companies  of  New  York  City,  viz:  the  New  York,  Harlem,  Manhattan,  Knickerbocker,  Munici- 
pal and  .Metropolitan.  Later  the  company  acquired  a  number  of  gas  and  electric  light  concerns 
which  gave  it  control  virtually  of  the  whole  gas  and  electric  light,  heat  and  power  business  of  the 
Borough  of  Manhattan.  It  also  supplies  some  of  the  northern  suburbs,  including  a  part  of  Westches- 
ter county.  The  company  now  contemplates  transferring  the  manufacture  of  gas  from  Manhattan  to 
Astoria,  and,  on  a  tract  of  350  acres,  has  -created  there  a  huge  plant,  capable  of  producing  150,000,- 
000  cubic  feet  a  year.     This  property  is  owned  by  a  subsidiary,  The  Astoria  Light,  Heat  &  Power  Co. 

Bonded   indebtedness $H4254,39I 

Capital  stock    (authorized  $100,000,000) 80,000,000 

Total  capital $194,254,391 


EARNINGS. 

Consolidated  Gas  makes  few  public  reports  of  earnings,  but  has,  from  time  to  time,  issued  a  bal- 
ance sheet,  from  which,  however,  very  few  facts  can  be  gleaned.  In  1905,  a  Legislative  Committee 
from  Albany  made  an  examination  of  the  affairs  of  the  company  and  submitted  a  report  of  the  com- 
pany's earnings,  covering  the  four  calendar  years  of   1901  to  1904,  both  inclusive,  viz: 

STEVENS  REPORT.  COMPANY'S  BALANCE  SHEET. 


Year 

Ending 

Gas 

Net 

Net  over 

Surplus 

Dec.  31. 

Sales. 

Income. 

Surplus. 

Interest. 

for  Year. 

1900. . 

$7,918,404 

1901 . . 

.$10,290,332 

$4,732,512 

14,095.755 

$7,328,000 

$1,500,000 

1902. . 

■    ii,499.439 

5,297,525 

2,622,837 

7,932,000 

2,100,000 

1903.. 

.    12,774,240 

5.793,951 

1 5,264,070 

8,475,080 

2,500,000 

1904- • 

.    13.167,610 

6,273,813 

*  1 8,804,335 

9,000,000 

2,600,000 

*  Includes   "capital   stock"   premium,  $14,322,217. 

Year  ending  June  30,  1907:  From  a  report  to  the  Public  Service  Commission,  it  appears  that 
Consolidated  Gas  earned  in  the  fiscal  year  $12,051,189,  gross.  Net  income  from  all  sources,  $4,039,191. 
This  was  not  quite  enough  to  pay  the  4  per  cent,  dividend  and  a  small  sum  was  taken  from  Surplus 
Profits  account  to  complete  the  payment.  Surplus,  June  30,  1907,  $1,989,489.  For  the  six  months,  end- 
ing Dec.  31,  1907,  according  to  a  report  of  the  Public  Service  Commission,  gross  earnings  were  $5,860.- 
439.  Net  income  from  all  sources  (operating  revenue,  $241,206;  other  income,  $2,498,806),  $2,740,012 
Surplus  Profits  account,  Dec.  31,  1907,  $2,239,959.  Gas  sales  suspense  account,  to  be  restored  to  custo- 
mers, $4,389,909,  this  being  carried  on  the  books  as  a  separate  account. 


DIVIDENDS. 

1900 

1901 

1902 

1903         1904         1905 

1906 

1907 

1908 

6% 

8% 

8% 

8%         8i%        81% 

5% 

4% 

4% 

nS 


GIBSON'S     MANUAL 


LOW    AND 

HIGH    PRICES,   BY 

YEARS, 

SINCE   1900. 

1900 

1901                 l"n- 

1903                 1904 

[90S 

1906                 1907 

' 

164     Sept. 

1'"'      Jan. 

187      Jan.        2D5      Dec. 
238     Apl.       230&Apl. 

164      AuK.      185      Feb. 
Ill      Jan.        220       Oct. 

175      Nov. 

214      Mch. 

pi.         74      Oct. 
181]  ,  Jan.        14(i'  ,  Mch. 

Jan. 

I67J4  Nov. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE   1900. 


Ian. 


[900 186J 

1901 187 

[902 213 

1903 2I5 

1904 189 

1905 1944 

1906 i68i 

1907 i33 

1908 96 

July 

1900 I/4-18 

1901 210^-22 

I9O2 22\\ 

1903 l8l| 

I9O4 192 

I905 l88 

I906 I32i 

I907 Il6] 

I908 '. 124 


[99 
I96| 

22' 1  i 
222 

lyoi 
204I 
181  i 

139 

io5:; 


Feb. 

[794-196 

Kii.  1-195 
216  -223I 

2I2J-22  1  1 

185  -loo] 

20I&-2II 
I56  -l8l 

133  "MO 
97  -103 


.Mch. 

i74i-i93 

192  -  _■  1 1  i ,; 
217  -2 2 j 
201  -213 
1  ss; -20 1 
204  -214 

142.1-157^ 

110  -140} 

96  -117] 


Apl. 


May. 


June. 


i8o| 

212 

202i 

197 

199 

I30S 

i23i 

112I 


i93 
238 

2.V  '  I 

213j 
-210.1 
■207 
U5 
■134 1 
■123 


18I 

[95 

2  1  '  I  1 

f95i 

202J, 

[844 

132] 
1 1 1 
119 


I.ju.l 

22X 
■227 
212.I 

202 

141 

i37l 

129 


Aug. 


Sept. 


Oct. 


Nov. 


1714 

218 

2lS{ 

,s7 
1 88  j 

186 
137 

1  i3i 
1214 


•1924 

22(> 

222 

1994 

204i 

193^3 

i47i 
121 

126 


Dec. 


-2254 

194* 
196J 

I92« 
141 
1 22  J 
141T 


i67i 
217  • 

222^ 

164 

1931- 
185  " 

135  " 

992- 
134  - 


i79l 

2294 

-225  i 

-187I 

1974 

193 

142:; 

119 

147I 


164  -175 

215^-226 
217  -226 

165  -176J 
195^-211 
180J-187 

[3Sl"i4ii 

961-107 

136  -1545 


i644- 
210] 
211J- 
1694- 
209^ 
182 
i37i 
74 
139 


179 
219I 

V7% 

-220 
1903 

1432 
102.I 

148! 


1724 

213 
209  - 

1734- 

214 
175 
137 
8o4 

143* 


•201 
-22? 
2i8| 

■i7!»l 
i9i 

5l 

1401 
96 

167* 


-18 


IOOj 

21I4- 
205 
178 
1934 
175 
1 374 
90 

1573 


•1974 
220 

■2174 

196V 

•2l6| 

i86| 

■141 
98a 
167 


LOW  AND   HIGH   PRICES,  BY   DAYS,  NOVEMBER,   1908. 


Low.       High. 

Nov.     2 144  H7s 

3 Election  Day 

4 1444  HH 

"       5 :442  1474 

6 145"  H6J 

"       7 1454  147 

"       9 WSl  H7i 

"     10 

"     u 1424  I44t 


High- 
I54i 


Low. 

Nov.  23 151 

24 iS3f  lb72 

157^  iS9i 

.    .  .   Thanksgiving  Day 

1574  l65 

i6i|  167J 

160J  163A 


LOW   AND    HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


Low.  High. 

1  >ec.     1  1623  [663 

2 163s  i<", 

"       3 163I  [64I 

"       4 1623  1654 

5 1624  [foi 

"       7 [I  i66i 

-      8 163J  K4I 

"       9 163!  "'3l 

"     i" 163C  165J 


I  a  IW. 

1  >ec.  22 159 

23 

24 ir,I4 

2=; Christmas   Day 

26 Extra   holiday 


High. 
162 
[62| 
i«3i 


28 
29 

30 
3i 


1 '  *2 : 
163 
162} 
l62| 


165 

if.4:; 
163  i< 
i64i 


GIBSON'S     MANUAL 


119 


MARKET  MOVEMENTS  OF  CONSOLIDATED  GAS,  FROM   1900  TO  1908,  INCLUSIVE. 


Tn  June,  1904,  the  stock  sold  down  from  212^g   to  188J4   ex-rights;  rights  about  16. 
The   fall   in  1906  was  on   the  80-cent  gas   law  and  reduction  of   the  dividend  from 
8J/2  to  5  per  cent. 


120  GIBSON'S     MANUAL 


REMARKS. 

total  capitalization  of  Consolidated   Gas  in  1901  was  $73,212,754.     It  has  since  increased  to 
$194,254,391. 

Securities  owned,  Dec.  31,  1904  (last  report),  $55,938,648. 

In  1904.  the  company  issued  $20,000,000  of  0  per  cent,  debentures,  convertible  into  stock,  at  par, 
at  any  time  up  to  Jan.  I,  1909.  The  outstanding  debentures  are  payable  July  1,  1909.  To  provide  for 
conversion,   the  capital  stock   was  raised   from  $80, 000,000  to  $100,000,000. 

In  1906,  a  law  was  enacted  at  Albany  to  compel  Consolidated  Gas  to  lower  its  rate  for  gas 
from  tlie  old  price  of  $1  per  100  cubic  feet,  which  bad  prevailed  since  1901,  to  80  cents,  except  in  out- 
lying districts.  The  company  contested  the  validity  of  the  law.  After  prolonged  litigation,  the 
United  Slates  Circuit  Court  pronounced  the  law  unconstitutional.  The  case  was  taken  to  the  United 
States  Supreme  Court,  which  appointed  the  hearing  for  Oct.  13,  1908,  and  later  postponed  the  argu- 
ment until  November.  Decision  was  rendered  Jan.  4,  1909,  and  was  adverse  to  the  company  to  this 
extent,  Chat  the  Court  requires  the  company  to  test  the  question  of  its  ability  to  earn  6  per  cent,  upon 
an  80  cents  basis.  If  experience  shall  demonstrate  the  impossibility  of  so  doing,  the  company  may 
apply  again  to  the  courts  for  a  rehearing.  The  company  is  (.March,  1909  )  refunding  to  customers  the 
amount  paid  by  them  in  excess  of  80  cents  per  cubic  foot.  Total  amount  deposited  under  order  of  the 
Courts,  and  to  be  refunded,  $9,038,629. 

The  company  continued  to  charge  $1  for  gas  until  after  the  decision,  but,  by  order  of  the  Court, 
deposited  all  money  collected  over  the  rates,  fixed  by  the  law,  with  the  Special  Master.  Dec.  31,  1907, 
the  amount  so  deposited  was  $6,337,340  In  the  Spring  of  1908,  application  was  made  for  return  of 
this  money  to  the  company,  but  was  refused,  pending  final  adjudication  of  the  case. 

Dec.  31,  1907,  there  was  due  the  company  from  the  city  of  New  York  the  sum  of  $6,184,341, 
payment  of  which  is  for  the  present  withheld. 

The  Circuit  Court  and  the  Special  Master  have  appraised  the  property  of  Consolidated  Gas  at 
$5-b957o35>  not  including  "securities  owned,"  which  would  add  many  millions  to  that  amount.  The 
Astoria  investment  was  appraised  at  $12,000,000,  and  the  Astoria  franchise  was  valued  at  $12,000,000 
by   the  Court  and  at  $30,000,000  by  the  Special  Master. 

Officers:  Chairman..  Harrison  E.  Gawtrv;  President,  (vacant);  Vice-President,  Walter  R.  Ad- 
dicks;  Treasurer,  James  A.  Bennett;  Secretary,  Robert  A.  Carter.  Trustees:  H.  E.  Gawtrv,  John  W. 
Sterling,  W.  Rockefeller,  George  F.  Baker,  F.  A.  Vanderlip,  Samuel  Sloan,  Moses  Taylor,  W.  R.  Ad- 
dicks,  S.  S.  Palmer,  A.   N.    Brady,  Arthur  H.   Elliott    Walter  P.  Bliss  and  Louis  M.  Greer. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  Monday  preceding  the  last  Friday  in  January. 
Directors  meet  last  Thursday  of  every  month.  Executive  Board  meets  every  Tuesday.  Main  office.  4 
Irving  Place,  New  York.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S     MANUAL  121 


Corn  Products  Refining  Company 

A  consolidation  of  the  former  Corn  Products  Co.  (which  was  organized  in  1902)  with  The  New 
York  Glucose  Co.,  The  Warner  Sugar  Co.,  of  Waukegan,  111.,  and  The  St.  Louis  Glucose  Co.  In- 
corporated under  the  laws  of  New  Jersey,  Feb.  6,  1906.  In  substance,  the  stockholders  of  the  old  Corn 
Products  Co.  surrendered  in  the  reorganization  one-third  of  their  holdings  in  order  to  acquire  an  entire 
interest  in  the  three  other  companies  named.  A  complete  merger  of  the  old  Corn  Products  Co.,  with 
the  new  one  was  ratified  June  29,  190S.  The  principal  controlled  properties  in  addition  to  those 
named  above,  are  The  Oswego  Starch  Co.,  The  National  Starch  Co.,  The  United  States  Glucose  Co., 
and  Cereal  Sugar  Refining  Co.,  while  there  are  a  number  of  other  smaller  ones.  The  company  manu- 
factures glucose,  starch  and  other  products  of  corn.     It  is  one  of  the  Standard  Oil  enterprises. 

Bonded   indebtedness,   Feb.  29,   1908 $2,385,000 

Preferred  stock,  7  per  cent,  cumulative 29,579,600 

Common  stock 49»379>7oo 

Total  capital $81,344,300 

-EARNINGS. 

Total 

Year  ending  Feb.  29.                                   Receipts.  Net.  Surplus. 

1902 Not  reported.  Not  reported.  $739,736 

1903 $4,142,522  $4,013,841  2,587,775 

I9°4 i,643>293  1,490,017  353,051 

1905 1,805,589  1,689,466  126,022 

1906 Not  reported.  Not  reported.  Not  reported. 

1907 2,351,269  41,540 

1908 3,556,236  1,035,608 

*1902  to  1905.  inclusive,  Corn  Products  Co.,  1907  and  1908,  Corn  Products  Refining  Co. 

General  profits  of  all  companies,  year  ending  Feb.  29,  1908:  Gross,  $6,023,397;  net  (over  in- 
terest, reserve  for  profit  sharing  and  other  deductions),  $2,846,743. 


DIVIDENDS. 

1903       1904 

1905 

I906 

1907 

1908 

7%         7% 

2|% 

3% 

6% 

6% 

3%         1% 

O 

0 

0 

0 

1902 

Preferred $1% 

Common o 

Previous  to   1906,  the  foregoing  dividends  were  those  paid  by  The  Corn  Products  Co. 


LOW  AND 

HIGH   PRICES,  BY  YEARS,  SINCE 

1902. 

1902 

1903 

1904 

1905 

1906 

1907 

1908 

Preferred    . . 

. .     79^  Dec. 

90      Mch. 
,  ,     26J4  Dec. 

3SH  Mch. 

60      Nov. 
85^  Jan. 
15j4Nov. 
35     Mch. 

65     Mch. 

82 %  Nov. 

954  May 

26J4  Nov. 

40     Aug. 
79     Jan. 
8H  June 
22yA  Feb. 

74y2  May 

85^  Apl. 
18J4  July 
28     Apl. 

46     Oct. 

88     Jan. 

8      Oct. 

2454  Jan. 

5(5      Jan. 
80      Aug. 
\0y4  Feb. 
20  y2  Aug. 

These  quotations,  1902  to  1905,  both  inclusive,   relate  to  the  stocks  of  The   Corn  Products   Co. 
hi  1906  and  subsequently,  Corn  Products  Refining. 


122 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Nov 

2 

■     731-733 

....... 

Nov.  12  . . 

••     75^7^ 

I'li-I.)! 

Nov.  23  . . 

. .  -  . 

18}- 19 

.. 

3  • 

Elecl 

Day. 

"     I3-- 

■      7"    76! 

I9:j-  m! 

■'     -'-1  ■  ■ 

•  •     76-7"! 

19  -19I! 

1. 

4  • 

■     74  -74 

[8     [9 

'■     14  .  . 

•     7>>\-7<>\ 

I'WIW 

-     25  .  . 

•  ■    7--1  r-l 

iQi-io? 

5  ■ 

■     75  ~75± 

[9    11! 

"     t6.. 

.     76    76 

19  -igi 

"    26.. 

Thanksgiving  I  )ay. 

" 

6  . 

■      75  -761 

i8J-i9fl 

"     17  •  • 

■       75>:   76 

19  -19 

•'  27.. 

..     76  -76* 

19  -191 

7  • 

■      76 

U)\-l<)!. 

-     [8  .. 

75i_753 

[9    [91 

••    28  . . 

■■     761-764 

19  -19 

9  • 

■     77 

lo!    20| 

[9  .  . 

•     75l-75i 

i81-i<j| 

30  . . 

■•     75l-7<> 

I8I-MI 

10  . 

—  1  -- 1 

in  ;-_'.>! 

"      JO  . . 

....... 

18  -I'll 

(i 

1 1  . 

7"  -7('-i 

I9§-20 

"     21  .  . 

...... 

....... 

LOW  AND   HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


I  ice. 


3 

4 

5 

7 
8 

9 
10 


Pfd. 
76  -76 

7?l-7^ 


751-76 
76  -76 
...-76 

75f-75§ 

76  -76 


Com. 

[8|  [8J 
I8J-I8J 
I85-I8-5 

1 X ',  1 8 1 

1  S .',  - 1 S  _'. 

is1.  [81 
18  -i8i 
18  -18I 

i7i-i8 


I  >ec.  1 1 

"     12 

14 

"     IS 

'•     [6 

"     17 

"     r8 

"     i9 

"     21 


Pfd. 

76 '-76' 
75  -76 
74^-75 
74  -74k 
73  -73^ 
73  -72,1 
7^,-72 

7IJ-7U 


Com. 

i7hiH 

1  lec.  22  . 

I73-I7-J 

"     23  . 

17I-18 

"     24. 

I7i-i7f 

25  • 

17  -17% 

"     26  . 

....... 

"     28  . 

i7l-*7i 

"     29. 

i7i-i7i 

30. 

i6i-i6J 

"     3i  • 

Pfd. 


Com. 


.......  17-17 

.......         I7i-i7s 

.......         17-17 

(  hristmas  Day. 
Extra  holiday. 
.......  17-17} 


I7S-I74 
I7I-I75 


REMARKS. 

No  separate  report  is  made  of  "securities  owned."  The  last  balance  sheet  valued  the  "plants  and 
securities"  at  $81,112,602. 

When  the  new  company  was  formed,  certain  of  the  works  of  the  subsidiary  companies  were 
fqund  in  a  deplorable  condition,  and  the  policy  was  adopted  at  once  of  devoting  a  large  portion  of  their 
profits  to  putting  the  plants  in  shape  to  compete  with  the  most  modern  works.  For  this  reason  the  com- 
pany has  not  felt  it  expedient  to  pay  the  full  amount  of  the  cumulative  dividends  on  the  preferred  stock. 
In  the  fiscal  year  ending  Feb.  29.  1908,  nearly  $2,000,000  was  spent  in  new  construction  and  better- 
ments. 

In  October,  1908,  the  company  borrowed  $1,000,000  on  5  per  cent,  notes,  to  run  6,  12  and  18 
months.  It  is  expected  that  the  notes  will  be  paid  from  the  proceeds  of  certain  real  estate,  which  the 
company  proposes  to  sell. 

In  March,  1909,  Corn  Products  started  up  all  its  factories,  on  full  hours,  for  the  first  time  since  the 
panic. 

Officers:  President,  E.  T.  Bedford;  Vice-President,  Wr.  J.  Matheson;  Treasurer,  F.  T.  Bedford; 
Secretary,  F.  T.  Fisher.  Directors:  E.  T.  Bedford,  W.  J  .Matheson,  F.  T.  Bedford,  W.  H.  Nichols, 
E.  B.  Walden,  F.  O.  Barstow,  Charles  M.  Pratt,  J.  A.  Moffett.  Rudolph  Winterman,  C.  M.  Warner,  Joy 
Morton,  G.  M.  Moffett,  Thomas  Kingsford,  J.  B.  Reichman  and  Wm.  W.  Heaton. 

Fiscal  year  ends  last  day  of  February.       Annual  meeting  fourth  Tuesday  of  March,   New  York. 
tors  meet,  quarterly,  third  Tuesday  of  March,  June.  September  and  December.     Office,  26  Broad- 
way,  New   York.     Traded  in  on  the  New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S     MANUAL  r.23 


Crex  Carpet  Company 


A  corporation,  formed  in  Delaware,  June  8,  1809,  to  take  over  the  Northwestern,  the  Minnesota 
and  the  Wisconsin  Grass  Twine  Companies,  the  Walter  A.  Wood  Harvester  \\  orks  in  St.  Paul,  Minn.. 
the  American  Furniture  &  Manufacturing  Co.,  of  Brooklyn,  X.  Y.,  and  the  Curled  Fibre  Manufac- 
turing ( '<>..  of  St.  Paid.  The  last  two  concerns  were  combined  July  3,  [902,  in  the  <  rrass  Products  1  >>  . 
$1,200,000  of  its  capital  stock  of  $1,500,000  being  owned  by  American  ( rrass  Twine.  In  December,  1902, 
the  Minnie  Harvester  Co.  was  formed,  capital  stock  $6,000,000,  all  owned  by  American  Grass  Twine, 
to  own  and  operate  the  Walter  A.  Wood  Harvester  Works,  in  competition  with  the  International 
Harvester  Co.  Some  of  these  ventures  were  not  entirely  fortunate,  and  the  company  found  the  carpet 
and  matting  business  its  best  feature.     The  capitalization  in  1907  was  $15,000,000. 

The  company  owns  26,000  acres  of  grass  lands.  Within  a  radius  of  50  miles  around  its  plant  at 
St.  Paul,  Oshkosh  and  Superior,  Wis.,  there  is  practically  an  unlimited  supply  of  grass.  Patents  have 
been  taken  out  in  nearly  every  civilized  country  on  the  globe.  Its  productions  include  hinder  twine, 
mattresses,  carpets,  china  matting  and   furniture  made  of  grass  twine. 

(  (ctober  14,  1908,  the  stockholders  voted  to  change  the  name  to  The  Crex  Carpet  Co.,  and  to 
reduce  its  capitalization  to  $3,000,000,  by  an  exchange  of  shares  on  the  basis  of  one  for  five.  The  new 
name  was  considered  to  be  more  intimatelj   connected  with  the  business,  which  has  given  the  company 

its  reputation. 

Capital   stock,  $3,000,000. 

EARNINGS. 

Few  annual  reports  have  been  issued  by  this  company.  The  only  ones  on  record  show  net 
profits  in   the  calendar  year  of  1906  of  $95,058;  and  in  1907  of  $141,377. 

DIVIDENDS. 


1900 
0 

1 90 1              [902                 K103             1904            1905           1906          1907 
0             3!%             2 1 '.;              0             0             0             0 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1901. 

1908 
2% 

1 90 1 

1902               1903            [904           1905               1906           1907             1908 

1908 

3'  r;  Dec. 
45    Nov. 

27    Dec.      6    Dec.       5  Aug.      4|Aug.       7  J  May     3    Oct.       3£Jan- 
62^  Aug.     29!  Jan.      14  Dec.     14   Jan.       nf  Jan.     A]  Jan.       io§  Oct. 

474  Oct. 
49!^  Dec. 

This  stock  was  first  traded  in  Nov.  25.  iocr,  on  the  Xew  York  Stock  Exchange.  It  disap- 
peared on  Oct.  16,  1908.  Oct.  19  Crex  Carpet  Co.  appeared  in  its  place,  the  price  in  the  initial  trading 
being  48. 

Note:  There  were  practically  no  transactions  in  the  stock  in  November  and  December,  1908. 
In  November,  on  one  day,  the  stock  sold  at  48.     In  December  there  were  a  few  trades  at  49  to  49f. 

REMARKS. 

The  company  claims  to  have  paid  off  its  floating  debt  and  that  it  has  increased  its  business  by 
advertising  and  to  have  experienced  a  steady  growth  in  the  popularity  of  its  products. 

In  January,  1905.  the  company  reported  that  $650,000  had  been  paid  into  its  treasury  by  former 
directors,   representing   unearned   dividends   declared   while  they  were  in  office. 

Upon  the  formation  of  the  new  company,  an  initial  dividend  of  2  per  cent,  was  voted,  payable 
in  December. 

Officers:  President,  John  M.  Robinson;  Vice-President  and  Treasurer,  George  E.  Lindley;  Sec- 
retary, W.  A.  Pfeil.  Directors:  R.  E.  Cochran,  John  Kilpatrick,  G.  E.  Lindley,  H.  E.  Moller,  J.  D. 
Probst,  J.  M.  Robinson,  N.  W.  Robinson,  T.  C.  Stump  and  J.  M.  Satterfield. 

Fiscal  year  ends  March  1st.  Annual  meeting,  first  Wednesday  in  March,  Xew  York.  Directors 
meet  monthly.  Main  office.  Dover,  Del.  Xew  York  office,  377  Broadway.  Traded  in  on  the  New 
Ycrk  Stock  Exchange  (Unlisted  Department). 


124  GIBSON'S     MANUAL 


Delaware  C&  Hudson  Company 

ided  indebtedness,  Dec.  31,  1907 $32,077,000 

«  apital  stock  42,400,000 


D  >tal  capital $74,477,000 

Mileage    R44 

Per  mile  capitalization $88,242 


<  Iperating 

expenses,  exclud 

ing 

taxes,   pel 

of  gross,  R. 

R.  department 

1  ■   t 
60. 1  2 

EARNINGS. 

Year  ending 

Gross 

Op 

.  Rev. 

Vet             Net  P.  C.  of 

Earned  on 

1  tec.  31. 

R.  R. 

Coal. 

Income. 

Gross  Inc. 

Surplus. 

1  1  immon. 

1 1 100   

..     $11,485,188 

$7.35i-ii3 

$6,129,264 

47.6 

$5,489,410 

9.16% 

lOOI     

12,178,683 

17.318,770 

7,602,748 

4764 

6,318,165 

9.63% 

\Cp2    

11 ,050,690 

1  2,320,904 

5,619,903 

39-47 

6,670,528 

7-i3% 

1 ■ "".;  

13,642,954 

20,543.417 

9,200,017 

40.1 

6,593.154 

11.37% 

1904 

15,071,124 

19,583.988 

8,256,404 

38.99 

6,800,573 

10.86% 

1905  

16,382,075 

20,949,555 

8,724,073 

37-83 

6,989,481 

"•43% 

1006 

17,050,029 

18,571,342 

9,387,010 

443 

7.483.282 

12.58% 

KP7   

•  ■       20,175,794 

23,184,766 

11,041,781 

45-6 

10,508,500 

15-25% 

*Before  deducting  taxes. 

''♦Figuring  the  railroad  traffic  alone,  and  excluding  profits  of  the  coal  department. 

LATEST  REPORT. 
Preliminary  report  of  earnings  for  12  months,  ending  Dec.  31,   1908,  compared   with   the  similar 
period  in  [907,  shows:  Gross.  Net. 

1908 $18,345,766        $7,534,045 

1907 i9-998,703  8,304.274 

DIVIDENDS. 
1900  [90]  1902  1903  1904  1905  1906  1907  1908 

S°/o  7%  7%  7%  7%  7%  7%  9%  9% 

LOW  AND  HIGH  PRICES,  BY    YEARS,    SINCE    1900. 


1900      1901      1902      1903      1904 1905 1906 1907  1908 

io64.  Sept.  105  May  153^  Nov.  149  Aug.  149  Mch.  17&4.  May  189  May  123  Oct.  141^  Feb. 

134!  Dec-   1854.  Apl-   184I  Jan-   183^  Feb.  ioo4_  Dec.  240!  Oct.  2345  Nov.  2274.  Jan.  i8i§  Dec. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan.                   Feb.                  Mar.  Apl.  May  June 

1900  113  -119  115  -"7  1143-119^  "5  'Il8$  «3  -"5$        "o  -"3$ 

1901   1264-162}  151  -1745  162-174^  171  -1854  105  -180J        164-170 

1902  170J-184I  i~ii-i75i  170-173$  i7of-i8o|  171  -184I        172-1765 

1903  171  -180}  176-1834  1645-177  161  -168  168  -181}        1665-1755 

1904  163-168*  154-168  149-1565  151^-160!  1523-158          15U-1564 

1905   180^-186  185-196  187-194;.!  183-196;'  178I-188          1794-190} 

njo6  2175-2294.  204-2194.  202  -209=]  190  -215  189  -215          2094-231 

1907   208  -227I  201  -214J  167-206  181  -193}  161^-190}        160 -171 

1908 147-168  14U-15-'.  I45i-I58j  152^-161!  156  -i66f 157  -162 

July                 Aug.                 Sept.  Oct.  Nov.  Dec. 

1900  110J-113I  in4-ii44  ro6$-inf  no  -114  1125-1174        n5$-i34' 

1901    154-168  157-170  159-160  1601-173;  168I-178I        168-178 

1902  175  -i8i|  177I-181  I7i$-i8i|  -178  153I-168          i53*-!74 

1903   1601-174:  149-167$  149-164  149  -158  151  -157          1621-1714. 

I   156     i    c|  159J-165  163-170  o«)i-i86|  181  -189I         181  -1904 

1905    t88^I04',  t93      225  21]     -221  2I4-2403  220-237              220-227J 

1906    205-22I4  216-226  2I4-229f  214^-2263  2134-2345            2154-232 

Kin"    1663    £73  147-1694  1524-1644  123-1574  U4-I35               I33I-I49 

[908  160  -160  167  -174  160}- 174^ 165  -169  1674-178}    175  -i8if 


GIBSON'S     MANUAL 


125 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.  2 167^-168 

"       3 Election  Day. 

"    4 im-ijii 

"      5 J7i  -i72 

"      6 iji*-1/"-! 

"      7 i73i-i74i 

"      9 :"3  -1/6! 

"     10 1742-176J 

"     11 174J-176 


Nov.   i-> 175  -175* 

"       13 i75-i-i/7i 

-  14 l77  -I78i 

"       16 177  -:77s 

"      17 l77  -1771 

-  18 1764-177! 

"      19 i75f-I764 

20 174,1-176 

"      21 i75i~I76i 


Nov.  23 i75l"I76 

"       24 I73i-i74^ 

"       23 175  -177 

26 Thanksgiving  Day. 

"       27 176  -177*1 

"       28 177  -177}, 

"       30 176  -177 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


2 176  -176^ 

3 175  -i75i 

4 176  -176J 

5 J76  -i77k 

7 

8 176  -177 

9 l77  -i77i 

10 i77i-i79 


Dec.    11 178-J-181 

"       12 179  ~17<A 

"       14 178^-180! 

"      15 17/2-178! 

16 179^-iSoi 

17 179  -181 

-      18 177  -1782- 

19 178  -178 

"      21 i76i-i77 


Dec.    22 177  -178 

"       23 179  -179 

"      24 i79k-l79k 

25 Christmas     Day. 

26 Extra    Holiday. 

"      28 I79l"i8ii 

29 180  -i8i§ 

30 180  -i8oJ 

31 180  -181 


REMARKS. 


.May  12,  1908,  the  stockholders  authorized  a  first  and  refunding  mortgage  for  $50,000,000  at  4  per 
:ent.  to  run  for  35  years,  $6,500,000  of  the  issue  to  retire  outstanding  first  mortgage  honds  and  $3,500,000 
for  issue  after  May  1,  1909.  July  9,  1908,  the  Public  Service  Commission  gave  authority  to  sell  $13,- 
309,000  of  a  proposed  $20,000,000  to  discharge  obligations  maturing  in  1908  and  for  construction  work  in 
progress,  decision  being  reserved  as  to  the  other  $6,691,000.  The  bonds  were  offered  by  Kuhn,  Loeb  & 
Co.  at  97I  and  interest  and  were  heavily  over-subscribed. 

It  will  be  noticed  from  the  table  of  Earnings  above,  that  the  gross  receipts  from  the  coal  de- 
partment have  for  several  years  exceeded  those  from  the  railroad  traffic.  Net  income  is,  however,  al- 
most 90  per  cent,  from  the  railroad  department. 

Securities  owned  by  the  company,  Dec.  31,  1907,  amounted  to  $32,203,146,  an  increase  of  over 
$8,000,000  from  the  previous  year.  Of  this  increase,  $5,000,000  consisted  of  securities  turned  over  to 
the -company  by  The  United  Traction  Co. 

The  total  capitalization  of  this  company  has  increased  from  $41,293,200  in  1900,  to  $82,477,000 
in  1907,  without  in  the  least  affecting  its  ability  to  pay  dividends.  The  price  of  the  stock,  however, 
shows  some  change. 

Included  in  the  bonded  debt  of  Delaware  &  Hudson  arc  $14,000,000  ten-year  debentures,  4  per 
cents,  dated  June  15,  1906,  which  are  convertible  into  the  company's  stock  until  June  5,  1912,  at  the 
rate  of  $1,000  of  debentures  for  $500  of  stock.  The  proceeds  of  the  loan  were  used  mainly  for  electric 
railway  acquisitions. 

It  has  been  the  policy  of  Delaware  &  Hudson  to  purchase  coal  lands,  as  opportunity  has  offered, 
and  it  is  now  the  proprietor  of  anthracite  coal  mines  having  an  estimated  minable  tonnage  of-  about 
64 1 ,000.000. 

Delaware  &  Hudson  has  leased  for  150  years  from  February,  1870,  The  Albany  &  Susquehanna 
Railroad.  April  1.  1906,  the  latter  company  issued  $40,000,000  forty-year  3$  per  cent,  bonds,  $10,000.- 
000  to  retire  outstanding  issues,  the  rest  convertible  into  Delaware  &  Hudson  stock  until  April  1, 
1916,  at  the  rate  of  $1,000  in  bonds  for  $500  in  stock. 

Officers:  President,  L.  F.  Loree;  Vice-President,  Charles  A.  Peabody;  Chairman,  R.  M  Oly- 
phanl  ;  Treasurer,  C.  A.  Walker;  Secretary,  F.  M.  Olyphant.    Directors:  Robert  M.  Olyphant,  Chauncey 


[26 


GIBSON'S     MANUAL 


M.  Depew,  John  Jacob  Astor,  R.  Suydam  Grant,  George  I.  Wilber,  Charles  A.  Peabody,  E.  II.  Harri- 
man,  Dumont  Clarke,  James  A.  Linen,  Leonor  F.  Loree,  William  S.  Opdyke,  I.  Rogers  Maxwell,  and 
Cornelius  \  anderbilt, 

....■   ends  Dec.  31st.    Annual  meeting,  second    Tuesday   in    .May.    New    York.     Directoi 
meet    lasl    Wednesdaj    of   every    month.     General  office,  32  Nassau  Street,  New  York.    Traded  in  on 
the  New   York  Stock   Exchange   (Listed  Department). 


MARKET  MOVEMENTS  OF  DELAWARE  &  HUDSON  FROM  1900  TO  1908,  INCLUSIVE. 

MINOR  TURNS  DISREGARDED. 


GIBSON'S     MANUAL  127 


Delaware,  Lackawanna  C&  Western  Railroad 

Bonded   indebtedness,   1908 None 

Capital  stock  (par,  $50) 26,200.000 

Total  capital    $26,200,000 

Mileage  957 

Per  mile  capitalization $27,377 

Fixed  charges,  [908,  per  cent,  of  net  income 28.80 

Operating  expense,  per  cent,  of  gross,  R.  R.  department.  60.2 

EARNINGS. 

Year  ending  U.R.Cross  Xet  p.  c.  Earned  on 

Dec.  31.  Op.  Rev.  Xet.  ofgrossinc.  Surplus.  stock. 

1900 $20,887,763  $8,107,509  37.2  $15,523,572  10.4% 

1 901    23,507,634  11,202,248  39.9  16,719,627  11.6% 

1902    21,398,764  8,115,338  33.6                   14,538,974  Deficit. 

[903    29,180,963  16,638,496  45.9                   18,790,213  18.5% 

1904   28.701,991  16.191,412  45.4  21,110.084  25.85% 

1905    31,951,064  17,061,967  414  23.808,513  34-1% 

[906    12M<<2.S7<>  16,989,812  39.]  24,395,584  22.2% 

[907     37,264.473  19,540,189  40.I  29,244,912  38.5% 

1908     32,898,495  18,930,191  36.9  34,638,996  40.8% 

♦Including  net  earnings  of  coal  department,  which  amount  to  between  three  and  four  millions  a  year,  and,  in   [90 
were  £4,224,021.  ...... 

**Figuring   the    railroad   traffic   alone,    from  the   company's    statements,    taxes    bemg    herein    included    111    operating 
expense. 

LATEST  REPORT. 

Earnings  for  cue  month  to  Jan.  31,  1909,  compared  with  the  corresponding  period  in  [908,  were: 

Gross.  Net. 

1909 $2,609,88..        $1,168,507 

1908 2,518,556  'iXX.J?-: 

DIVIDENDS. 
1900  1901  [902  1903  1904  [905  1906  7  "'"^ 

7%  7%  7',  7%  17%         in!';        20%        20%  20% 

An  extra  10  per  cent,  lias  been  paid,  as  above,  in  each  year  from  1904  to  1908,  inclusive. 

LOW  AND  HIGH  PRICES,   BY    YEARS,    SINCE    1900. 

1900      [901      1902      1903      [904      1905      1906     [907      1908 

171I  Sept.  i88|  ran.   231  Nov.  230  July   250!  Feb.  335  Jan.   437;  May  369J  Oct.  420  Jan. 
inn  Dec.  258  Dec.  3)7   h'el).   276'  Jan.   35' if  Dec.  498^  Oct.  560  May  510  Jan.  575  Nov. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan.  Feb.  Mar.  Apl.  Ma\  June 

tooo 174-180  177-186  1763-183;  177-182  176-178  1 7 5 i - 1 8 j 

1901  i88{-202  194-198!  192-220  214-224  200-J-224  233  -242I 

1902  253-281}  279J-297"  2781-288]  285-291^  270-285  278-278 

1903  262I-276'.  2'-,^    -27O  2543  -255  240    -255  250    -237  245    -253 

1004  264  -275  25o!-27D  251    268  2<>7  -2^3';  266  -276J  2-2 

I9°5  335-345  34<J-358  353 1-400  3/~-'i.VM  365-3*4'  380-381 

1906 459-472^  41.0  -474 :;  II"!  45"  458-455  437f-56o  522-55" 

1907  480-510  405  -505  445-4""  460-474  450-470  462-4623 

1908  420-500  47S-48o  175-490  485-540  520-524 


128 


GIBSON'S    MANUAL 


July 


[900    I7.w 

218-236 

[902  j;S|-- 

1   230  < 

1904  269  -273 

;   380  -425i 

"""»  49°  "55° 

[907  465i-47<> 

I  500  -519 


Aug. 


'/  S 


•182J 
220  -23] 

276  -281 i 

-'43  -248 
27 1    275 

4-42 -4/0 
5001-530 
440  -460 
499^-5 -'4 


Sept. 


171: 

217  -228 
268  -284I 

230  -238 
300 

450  -455 
540  -545 
404  -474 
500  -535 


Oct. 


Nov. 


1 73  I-180 
221 1 

255  ^75 

230 

290  -T,2y 

4S7i 

55o 

5'o  -5351 


175I-183 
232  -249 

23>  -255 

230J-240 

315  "334 

45-J-489 
54-'  -555 
400  -410 

535  -57? 


I  lee. 


182  -194J 
240  -258 
240J-262 
239I-272 
320  -3594 
445  -460 

515  -515 
400  -425 

550  -567 J 


Nov. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


3 Election  Day. 

4-' 535  "5394 

5 540  -545 


/  ■ 

9- 

10. 


5472-550 

555  "559* 

561  -567^ 

565  "575 


11 565  -570 


Nov.     12 

13 068  -57- 

14 

16 568  -568 

17 

18 560  -560 

"       19 565  -5"7 1 

20 

•       21 


Nov.  23. 

•'        24. 


25 561  -561 

26 Thanksgiving  Daw 

27 564*-567 

28 

30 


3- 

4- 

7  ■ 
8. 


LOW  AND  HIGH  PRICES,   BY  DAYS,  DECEMBER,  1908. 


9 555  -5"-i 

TO 


Dec.    11 564  -567^ 

12 

14 

"       15 

^ 55o  -559 

i/ 563  -564i 

18 555  "555 

"       10 

•'       21 


Dec.    22 . 

"       23. 
-'4  • 


25 Christmas     1  >ay. 

26 Extra    Holiday. 

28 555  -559 

29 550  -550 

30 559  -559 

3i 


REMARKS. 

The  capital  stock  of  this  company  lias  not  changed  in  amount  since   h><x).  and  the  bonded  debt 
of  only  $3,067,000  in  1900  has  been  reduced  to  $15,000,  by  payment  of  the  first  mortgage  bonds  at  ma 
turity,  Sept.  I,  1907. 

Securities  owned  by  the  company,  Dec.  31,  1907,  $18,259,593. 

The  company's  property  and  railway  line  are  reported  to  be  in  excellent  condition.  A  new  cut- 
off read  between  Slateford,  Pa.,  and  Port  Morris,  X.  J.,  is  being  arranged  for.  requiring  5  years  to  build. 
It  will  shorten  the  road  11 1  miles,  and  relieve  its  most  congested  point. 

In  the  annual  report  For  1907,  President  Truesdale  devotes  much  attention  t"  the  efforts  of  poli- 
ticians to  make  the  railroads  a  pawn  in  the  game  of  politics  and  to  the  evil  effects  of  completed  and 
pending  legislation,  both  on  the  financial  affairs  of  the  railroads  in  general  and  on  the  morale  of  their 
army  of  employees.  Mr.  Truesdale  declares  it  to  be  the  intention  of  the  company  to  contest  every  in- 
fringement on  its  constitutional  rights. 

Officers:  President,  W.  II.  Truesdale:  Vice-President,  E.  V..  Loomis;  Secretary  and  Treasurer, 
\.  D.  Chambers.     Directors:   Frederick  \V.  Vanderbilt,  William  11.  Moore,  Eugene  Higgins,  Henry  A. 
C.  Taylor,  J.  Rogers  Maxwell,  George  F.  Baker,  William  Rockefeller,  II.  McK.  Twombly,  James  Still 
man.  M.  Taylor  Pyne,  Harris  ('.  Fahnestock,  Frank    Work,    John    I  >.    Rockefeller,    Jr.,    and    William 
Fahnestock. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  Tuesday  before  the  last  Friday  in  February,  New 
York.  Directors  meet  last  Thursday  of  every  month.  Main  office,  90  West  Street,  New  York. 
Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


1-") 


Denver  C&  Rio  Grande  Railroad 

Bonded  indebtedness,  June  30,  1908  (see  "Remarks" ) $84,137,900 

Preferred  stock,  5  per  cent,  non-cumulative 45,761, 400 

Common  stock   38,000,000 

Total  capital   $167,899,300 

Mileage,  main  line  and  branches 2,499 

Per    mile    capitalization $67,186 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income 55-24 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis 63.96 

EARNINGS. 

Year  ending                Gross                                                 ***Nct  p.  c.  Earned  on 

June  30.                Op.  Rev.                 Net  income.        of  gross  inc.               Surplus  common. 

1900   $10,246,080                 $3.873»925                 374                   $1,976,300  0.6% 

iyoi    11,452,104                   4,439,880                 38.4                     2,707,223  1.9/0 

1902   17,036,828                  6,871,047                39.9                    3.377.643  °-9% 

i9°3   17.304-559                  6,884,426                39.3                    3.156,975  0.5% 

1904  16,446,434                  6,602,336                39.6                    3,090,160  0.6% 

1905   I7.P3I.507                  7.o54,68o                40.9                    3.223,347  0.7% 

C906  19,686,114                  7,844,067                39.3                    3.307.992  0.4% 

"1907  20,926,690              -7,683,929               35:8                   3,469,5*6  0.6% 

::'i9o8   20,386,431                  7>r94,300                34.3                    4,9265i2  2.36% 

^Reports  for  1907  and  1908  are  made  on  the  basis  required  by  the  Inter-State  Commerce  Commis- 
sion, which  shows  a  smaller  net  income  than  on  the  old  basis. 

***Takes,  by  this  road,  being  charged  to  operating  expense. 
**Net  earnings,  1907,  on  the  old  basis,  were  $8,400,309. 

LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  the  similar  period  in  1907;  were 

Gross.  Net. 

1908 $12,528,224  $3,737,747 

1907 i3-357,i44  4,412,937 

DIVIDENDS. 


1900  1901  1902  1903 

Preferred..    4%  5%  5%  5% 

Common. .  .  o  o  o  o 


1904 
5? 


1905 

5% 
o 


1906 

S% 
o 


1907 

5% 
0 


1908 

5% 
o 


LOW  AND  HIGH  PRICES,   BY   YEARS,    SINCE    1900. 


1900 


1  1  )(  )  1 


1902 


1903 


1904 


1905 


1906 


1907 


1908 


Preferred.  64^  Jnn.  80  Jan.  86J  Dec.  62  Nov.  64J  Feb. 

87ijan.  103]  Jun.  96 J  Aug.  ooi  Feb.  89  Dec. 

Common..  16$  Jan.  2oJJan.  35$  Dec.  18  Oct.  1S  Mch.  27]  May  36!  May 

34>  Dec.  53I  May  51$  Aug.  43  Feb.  35$  Nov.  393  Dec.  51;  Jan. 


83I  May  83  Oct. 
91  ]  Dec.  91 1  Jan. 


53  Nov.  39 1  Mch. 

83iJan.  83}  Dec. 

16  Nov.  14]  Feb. 

42J  Jan.  40J  Dec. 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY   MONTHS,  SINCE  1900. 


Jan. 


Feb. 


.  ...Pfd.  6»l  ; 

Com. 

; Pfd.  80    8 

Com.  29J  . 

1902 Pfd. 

Com.  424-46 

3 Pfd.  88  - 

Com.  39:[ 

I Pfd.  "  u-;  r 

Com.  toj  23J 

5 Pfd. 

Com.  30I-33I 

6 Pfd.  87 

Com.  38 

[907 Pfd. 

Com.  35J 

1908 Pfd.  :-,- 

Com.  19I-21I 


i8  -20J 

42  -454 

S7;-ooi 

39i  43 

64*7'  I 

89 

32  -34 

87f-9°J 

l-S-51 
79    81 

354-391 

41  -58 

I  t!-20| 


July 


[900 Pfd. 

Com. 





[902 Pfd. 

1903 Pfd. 

Com. 

[904 Pfd. 

1 

Pfd. 



■  Pfd. 

Pfd. 

1 

- : 

1 


64* 

i7 


»7l 

39 


-67! 
-18 1 

971 
-953 


76i-83J 

2I*-2<)! 

70 

21       22| 

32* 

371-44 
70    - 
-'7  -29i 
62  -67 

•^7:; 


Aug. 
66J-68$ 
18  -19I 

SSl-94^ 
4oi-46i 
923-963 
44  -5!f 
7^  -79 
20  -26* 

7"j-77i 
22  -2(54; 
86{-9o 
31I-36J 
84  -87f 

4^  -45l 

64J-70 

20   -28* 

65 1-68* 
26  -27! 


.Mar. 

7i  -• 
19    -4l 
100 

3/1- 
90J-92 
424-444 
85 1  -88 

36    . 
654-70 
18 
875 

322" 

861-88! 
42J-46J 
694-78^ 
284-37} 

394-59 

14^-21! 


Sept. 


654-68 

i74-x9f 
90  -07 1 

42  -5i4 
90  -96I 

424-51 
673-69 

194-254 
76J-82I 

24|-29^ 

88*-9o| 

334-37* 
85  -86 
41 3-44  i 
651-69 
22j-25| 

65    -^ 
2(51-28; 


Apl. 

694-75 

19 

42  i -474 
90S 
41  -47 
834-87 
334 

20     22| 
85    -90j 

31  -354 

85    90I 
40 

75  -77 
284-3  iS 
Sii-60 

l8f-2l| 


Oct. 


66  -71 

18J-20J 

OoJ-934 

424-45f 

88I-93 

4ol-46i 

64  -71 
18  -21I 

81  -84} 

283-3- I 
86  -So 7 

33  -353 
83 

39  -43 § 
56  -67 

1 73-M 1 

66   - 

27  -30 1 


May 

70 
i7f-io4 
893-994 
384-53* 
883-92 

4i  -434 
844-874 
31 1-37 
653-68! 
[9  -20 
83I-87 

27!  3i4 

s,:-ss 

36!  1 1 ! 
70  -75 
24  -30 

55  -7o 
194-27 


|l.    H 


Nov. 


79'. 
193-254 
92  -96$ 

44  -474 
88  -91 

383   141 

62  -681 

18  -20 
82  -87* 

29i  353 

SrVJ  88^ 

34  -35l 
83*.  • 

39  -43l 
53  -61 

16  -10! 
71  -78 
29  -354 


64I-' 

17  -is 

48f-5.>3 

904  ' 

4ii-43 
814-85J 

254-314 

7il 

19   -2I| 
854-89 

27^-30:! 

85 

391 
7of-73 

24  -26  j 

614-67 

24^-27! 


Dec. 


784-874 

242-344 

9if-96 

4i!-46 

86*  - 

354-41 

"73  734 

21  -23 
83f-89 
30  "34 
864-913 

344-393 
8  j  j  86 

4i  -43V 
55  -60 
184-22 
78  -83I 
32f-4o| 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.  Com. 

Nov.  •  2 71  -72  29-29 

3 tion   Day. 

4 7^\-7A  29  -29J 

5 714-72  294-294 

6 7'3  734  29 

7 72    72:  30  -304 

9 73  -73';  '304-3' 

734-734  3°3-32! 

" 74-74  318-32I 


Pfd. 

Nov.    12 744~75 

"       '3 75  -7<> 


76  -76 

77  -77 
7<%-77 

77  -77\ 
7^ 

■  761-76! 

2' 76    -764        324-324 


1  I- 
l6. 

'7- 
18. 
[9. 


Com. 

324  323 

32{h34l 

344-353 

32 1-3  I 

331-34 

333-333 

3-". 

32|-334 


Pfd.  Com. 

23 751-763     3i3-32l 

24 764-761     3"  3  32: 

25 •   764-763     32|  333 

26 Thanksgiving  Day. 

...   772-/S      ^\^-i 


28. 
30- 


77r7*      .-3  33 


|)i 


LOW  AND  HIGH  PRICES.  BY  DAYS.  DECEMBER.  1908. 


'Id. 


..  783 

.5 

1 784  79-3 

5 80    So1, 

7 80 


34 

34* 

35 

353 

35 


ni. 
34 
354 

37 
3<>' 

384 


Pfd.  Com. 

11 Sj!  83J  $74  594 

"       12 824-82I  374-384 

"      14 83  -83  36t-38 

■'       1; 821-82!  36  -37 

■       t6 35*  -361 

-       '7 81     81J  351  37 

r8 80J  s,  !  55     56* 

p. Kf-361 

"       21 


Doc. 


Pfd. 

22 81  -^2 

23 82-82 

24 -■•• 

25 Christm 


6   .... 


.  Extra 


28 80  -80 


29. 

30. 
31  ■ 


81  -Si  I 
Si  1  St; 
8l     8l* 


Com. 
35l  373 
374-381 
371-38 

as     Day. 

!  [bliday. 
38  -30 
383  393 
394-40* 

394-40? 


GIBSON'S     MANUAL 


131 


MARKET  MOVEMENTS  OF  DENVER  &  RIO  GRANDE   COMMON,  FROM  1900  TO 

1908.  INCLUSIVE. 


REMARKS. 

July  23,  [908,  the  stockholders  voted  to  absorb  Rio  Grande  Western,  already  owned  and  con- 
trolled by  Denver  &  Rio  Grande,  having  been  acquired  in  1901  through  an  issue  oi  $20,750,000  pre 
ferred  stock  of  the  parent  company.  It  was  also  voted  to  call  a  special  meeting  to  authorize  a 
Si  50,000,000  bond  issue,  $90,000,000  to  be  set  aside  for  refunding  underlying  bonds  of  the  two  emu 
panics,  $60,000,000  to  be  available  for  "other  purposes."  The  foregoing  propositions  were  ratified  by 
the  stockholders  September  10th.  In  January,  [909,  it  was  announced  that  the  new  consolidated  com- 
pany, called  Denver  &  Rio  Grande,  was  prepared  to  exchange  its  stock,  preferred  and  common,  lor  thai 
of  the  other  two  roads,  share  for  share,  except  that  Rio  Grande  Western  shares  get  2  shares  for  one  ol 
either  kind  of  the  old  stock. 

There  were  sold,  in  1908,  $10,000,000  six  per  cent,  notes  (amount  authorized  $1 5.000,000) 
secured  by  $22. 500.000  of  the  refunding  bonds  and  convertible  into  those  bonds  at  1 10  on  any  interest 
day.  With  the  proceeds  of  the  notes,  the  company  is  buying  $20,000,000  Western  Pacific  bonds,  to 
complete  that  road,  which  is  expected  to  be  finished  through  to  San  Francisco  before  September. 
[909.  To  refund  these  notes.  Si 7. 500.000  refunding  mortgage  5  per  cent,  bonds  were  sold  to  a  syn- 
dicate in  New  York,  Nov.  25,  [908.  The  initial  issue  of  $17,500,000  has  been  offered  to  the  public  in 
February,   1909,  at  920  and  interest. 


[32  GIBSON'S    MANUAL 


The  total  capitalization  of  Denver  &  Rio  Grande  has  increased  from  $102,885,000  in  1900,  to 
$167,899,300  in  1907. 

Securities  owned  June  30,  1908:  Rio  Grande  Western  stock,  $20,750,000;  bonds  in  treasury, 
$6,321,267;  securities  in  trust  company,  $10,118,064:  total,  $37,189,321.  The  company  also  reports 
"general   investment-."  $3,509,194. 

Officers:  President,  E.  T.  Jeffery;  Vice-President.  Charles  H.  Schlacks ;  Chairman,  George  J. 
Gould;  Treasurer,  Jos.  W.  Gillulv;  Secretary.  Stephen  Little.  Directors:  George  J.  Gould.  E.  T.  Jef- 
ferv,  Edwin  Gould,  Howard  Gould,  A.  H.  Calef,  Winslow  S.  Pierce,  Arthur  Coppell,  Charles  11. 
Schlacks  and  Joel  F.  Yaile. 

Fiscal  year  ends  June  30th.  Annual  meeting,  third  Tuesday  in  October,  Denver,  Colo.  Direc- 
tors meet  first  Thursday  of  each  month.  General  office,  Denver,  Colo.  New  York  Office,  195  Broad- 
way.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  at  the  London  Stock 
Exchange. 


GIBSON'S    MANUAL  I33 


Detroit  United  Railway 


A  union  of  all  the  street  railroad  lines  in  the  city  of  Detroit,  Mich.  Incorporated  Dec.  31,  1900. 
The  companies  now  embraced  in  the  consolidation  include  a  number  in  the  territory  adjacent  to  the  city, 
and  are : 

City  Electric. 
Detroit  &  Flint. 
Detroit  &  Northwestern. 
Detroit  &  Pontiac. 
Detroit  &  Port  Huron. 
Detroit  Citizens'. 
Detroit  Electric. 

Detroit,  Fort  Wayne  &  Belle  Isle. 
Detroit,  Monroe  &  Toledo  Short  Line. 
*Detroit,  Plymouth  &  Northville. 
Detroit  Suburban. 
■   ^Detroit,  Ypsilanti,  Ann  Arbor  &  Jackson. 
* Jackson,  Ann  Arbor  &  Detroit. 
Sandwich,  Windsor  &  Amherstburg. 
Wyandotte  &  Detroit  River. 

"These  three  lines  have  been  reorganized  as  The  Detroit,  Jackson  &  Chicago  Railway. 

Among  the  properties  of  the  company  are  the  People's  Electric  Light  plant  of  Windsor,  Out. 

Bonded  indebtedness,  Dec.  31,  1908  $22,637,000 

Capital  stock  12,500,000 

Total  capital   $35,137,000 

Mileage,  1907  741 

Per    mile    capitalization $47,418 

Fixed  charges,  1907,  per  cent,  of  net  income 61.76 

Operating  expense,  per  cent,  of  gross 64.07 

EARNINGS. 

Year  ending  Net  Earned  on 

Dec.  31.  Gross.  Income.  Surplus.  stock. 

1900   $2,575,276  $1,150,777  4.09% 

1901    2,919,171  1,345,472  $170,129  5.36% 

1902   3,961,402  1,731,864  444,894  6.26% 

1903    4,386,975  1,811,861  756,759  6.49% 

1904   4,541,805  1,821,490  976,463  5-96% 

1905   5,i25,563  2,128,116  1,397,637  8-I2% 

1906  6,063,182  2,403,318  1,546,272  7-2% 

1907   7,073.246  2,668,707  1,996,363  6.7% 

1908    7,114,760  2,620,594  2.491,165  6.7% 

DIVIDENDS. 

1900  1901  1902  1903  1904  1905  1906  1907         1908 


o 


I',  4%  4%  4%  4\%  5%  3$%  o 


LOW  AND  HIGH  PRICES, 

BY  YEARS,  SINCE   1901. 

1 901 

1902           1903 

1904 

1905              1906               1907 

1908 

75  Oct. 
82  Aug. 

75  June      55  Oct. 
97  Sept.      90  Jan. 

6oJ June 
79f  Dec. 

76}  Jan.       79$  Dec.       31}  Dec, 
96}  Dec.      102  Feb.        80J  Jan. 

32J  Apl. 
56    Nov. 

This  stock  has  seldom  been  active  at  the  New  York  Stock  Exchange. 


i.U 


GIBSON  *S      MANUAL 


LOW  AND  HIGH  PRICES.  BY  DAYS.  NOVEMBER.  1908. 


2 N  O  V .      [2 

3 Election  Day.  "       13 

4 45-45  'I 

5 "      "' 53i-53J 


Nov.   23. 

-'4- 


53i-53i 


6 

7 

" 47     17 

I" 

" 50J  5"! 


1 7  •  54 

[8 5" 

i" 5 

20 54 1  54  1 

2i 53l  533 


26 Thanksgiving  I  >a\ 

27 


28 54^54^ 

30 54;  55i 


I  IfC 


3- 
4- 

5- 
7- 
8. 

9- 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 
I  >ec.     11 Dec.    22 


23 

24 

25 Christmas  I  *ay, 

26 Extra   I  [oliday. 

28 '. . 

29 

30 

3i 


REMARKS. 

This  company  has  been  exposed  to  aggressive  action  bj  the  City  Council  of  Detroit,  and  has 
n  compelled  to  fighl  against  a  number  of  adverse  ordinances.  March  3,  [902,  the  U.  S.  Supreme 
Court  overruled  an  ordinance,  requiring  the  Citizens'  line  to  sell  8  tickets  for  25  cents.  May  1.  1907, 
Supreme  Court  of  Michigan  denied  the  right  of  the  city  to  la\  street  railroad  tracks  and  lease 
them  to  an  operating  company.  July  24,  1907,  an  injunction  was  made  permanent,  restraining  the  city 
From  compelling  the  company  to  give  20  seconds  service  on  seme  of  its  lines.  July  2$.  1907,  another 
injunction  was  granted  against  an  ordinance,  which  allowed  the  company  to  use  certain  short  stretches 
of  line.  1  in  which  the  city  alleged  the  franchise  had  expired,  only  on  condition  that  5  tickets  be  sold 
for  15  cents,  good  over  the  respective  entire  lines. 

Securities  owned.    11/07,   were  $2,969,569. 

The  capital  stock  of  this  company  has  remained  unchanged  since  the  consolidation  in  1900.  The 
bonded  debt  has  increased  about  $6,000,000. 

In  October,  11107.  the  fall  dividend  was  passed.  Earnings  were  nearly  equal  to  those  of  the  year 
before,  but  owing  to  the  state  of  the  money  market,  it  was  considered  best  to  devote  earnings  toward 
improvements. 

Officers:     President,  J.  C.  Hutchins;  Vice-President,  E.  W  .  Moure.  Treasurer,  George  H.  Russel; 

retary,  Edwin  Henderson.     Directors:      I.  C.   Hutchins,  E,  W.  Moore.  George  II.  Russel,  R.  B.  Van 

Cortlandt,  C.  M.  Swift,  F.  \V.  Brooks,  J.  M.  Wilson,    Vrthur  Pack,  Alonzo  Potter  and  A.  I.  Ferguson. 

al   year   ends    Dec.   31st.     Annual   meeting.  tir>t   Tuesday  in    February,   Detroit.     Din 
meet.  firsl    Wednesday   of  each   month   in    Xcw   York,  fourth   Wednesday  of  each  month  ill   Detroit. 
Office,  Detroit.  Mich.    Traded  in  on  the  New   York  Stock  Exchange  (Listed  Department),  and  on  the 
Montreal  Sto.k  Exchange. 


GIBSON'S    MANUAL 


135 


Distillers'  Securities  Corporation 

Incorporated  in  New  Jersey,  Sept.  18,  1902,  as  a  virtual  reorganization  of  The  I  >istilling  Companj 
of  America.  The  constituent  properties  of  the  company  arc  engaged  in  the  manufacture  and  distribu 
tion  of  wliiskey,  alcohol  and  spirits  and  the  compounding  and  blending  of  them. 

Bonded  indebtedness,  June  30,  1908 $15,938,000 

Capital  stock  30,726,538 

Stock  with  Mercantile  Trust  Co.,  against  outstanding  stock  of 

Distilling  Co.  of  America,  and  subsidiaries    [,752,302 


Total  capital    $48,416,840 


Year  ending 
June  30.  Gross. 

1902    $85,371,819 

1903    82,730,706 

1904   79,167,166 

I9°5    71,210,446 

1906   Not  reported. 

1907   

1908   


EARNINGS. 

Net  p.  c. 


Net  income. 
$3,306,860 
3,966,631 
3,678,464 
3,727,215 
4.054,815 
4,541,696 

2,454,39! 


of  gross. 


3-87 

4-79 
4-65 
4-15 


Surplus. 

$3,75-v"4" 

5,333,466 

5,725»99I 
5,977,863 

5.7 1  .v7i3 
6,638,171 

5,675,886 


Earned  on 

Ci  >  1 1 )  1 1 1 1  hi 

5-3% 
6.; 

5-2% 
4.8% 

6.5% 
7.9% 
1.14% 


1902 
o 


1903 

■1',; 


1904 

4'.; 


DIVIDENDS. 

1905  1906 


1907 
5f% 


1908 
2% 


4%        ay< 

Note:  The  dividends  of  the  fiscal  year  of  1907-1908  were  paid  in  part   from  the 
LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1902. 

1906 


;urpliu 


1902 


1903 


1904 


1905 


1907 


27  Dec.     20     July     19!  June     34J  Jan.     51     Jan.     25  Dec. 
33  Dec.     34f  Jan.     40^  Dec.      54^  Sept.  74J  Sept.  78  Feb. 


1908 
2/1  Feb. 
38f  Dec. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1902. 

Mar. 


Jan. 


Feb. 


1902 -. .  . 

1903 3°  -34l 

I9n4 23^-26^ 

1905 34i-39i 

1906 51  "54i 

i9n7 °9i-75 

1908 29^-35 


31  -32i 

22f-24f 
36  -38^ 

52*-59§ 

7oi-78 

27i-33 


29^-32 
23  -24i 

371-47 
53i-62f 
62  -76} 

28f-35 


Apl. 

28-31' 

20I-25I 

4oi-47i 
52  -6if 

68^-731 
3oi-34l 


May 

264-29*!- 
20  -22J 
40  -45 

61  -Ji!, 
3l|-37l 


July 


Aug. 


Sept. 


Oct. 


Nov. 


June 

25  -27I 

4i3-43< 
56T634, 
62 

33 


-67 


-351 


Dec. 


1902 

1903 20  -28 

I904 20|-22g 

1905 4°i-44l 

1906 54i-6oi 

1907 64I-69] 

1908 33f-37l 


20  -23! 

21^-27! 
42  -44 
59  -63* 
41  -65 
35i-38i 


2C^-24f 
26  -30J 

4i*-43i 
60^-74! 

5of-58 
28 


-352 


204-24 :; 
28  -343 
42  -474 
67i-72i 
371-541 
291-32 


21  -233 

32I-39* 

43-T48 

68J-72i 

37l-43l 
3of-38i 


27  -33 

21    I    -5' 

35i-4Qi 

i";  54-' 

25  -43i 

,i4  1   .v   1 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.     2 3°§-3°l 

3 Election  Day. 

4 30f-3if 

5 3i*-34 

6: 331-343 

7 35i-36 

9 35  -361 

10 341-35? 

11 34    34' 


Nov.    12 34  -341 

"      13 34i-35* 

"      14 35  -35l 

"      16 34i-34" 

"      17 34-35 

"      18 341-34S 

"      19 331-33! 

20 33i-33l 


Nov. 


21 33S-33J 


23- 

24. 


21  1 Thanksgivi 

27 ■•• 

28 

3" 


33f-33l 

333-35' 

3l!-35" 
ng  1  lay. 

34 '-35 
34f-34^ 

34'-35 


[36 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.      ] 

2 .Ul-34} 

3 341-341 

4 34*-35 

5 344-35 

7 34i-34s 

8 34^-36} 

9 36  -37} 

*'      10 37  -382 


Dec.    h 363-38 

"      12 36J-37 

"      14 361-363 

"      15 35  -364 

"      16 35f-36i 

"      17 35i-35f 

"      18 35-354 

"      i9 35S-35;; 

"      21 35  -35^ 


Dec.   22 


22 

23 

24 

25 Christn 

26 Extra 

28 

29 

30 

3i 


353-36J 
364-371 

363-37i 
las  Day. 
Holiday. 
374-38I 
374-38i 
371-374 
374-375 


MARKET  MOVEMENTS  OF  DISTILLERS'  SECURITIES     CORPORATION    FROM 
1908,  INCLUSIVE,  MINOR  TURNS  DISREGARDED. 


1902    TO 


REMARKS. 

Securities  owned,  1908,  amounted  to  $5,698,472. 

This  concern  owns  over  90  per  cent,  of  the  stock  of  the  Distilling  Company  of  America.  Its 
plants  are  maintained  in  a  high  state  of  efficiency  and  the  fiscal  year  of  1907  was  the  hest  in  its  history. 
The  panic  of  1907  compelled  the  corporation,  however,  to  reduce  the  dividend  from  6  per  cent,  to  the 
conservative  basis  of  2  per  cent,  a  year. 

The  Free  Alcohol  law,  which  took  effect  Jan.  1.  1907,  led  to  the  formation  of  The  U.  S.  Industrial 
Alcohol  Co.,  whose  business  has  yielded  good  results.  The  Distilling  Co.  is  largely  interested  in  that 
company  and  expects  to  derive  much  benefit  from  it. 

The  poor  results  of  the  fiscal  year  of  1908  arc  attributed  to  the  abnormal  conditions  of  the  times. 
The  business  depression  caused  a  severe  reduction  in  sales,  while  an  enormous  increase  in  the  price 
of  grain  led  the  management  to  reduce  to  a  minimum  the  production  of  fine  whiskeys,  which  has  al- 
ways been  a  profitable  source  of  income.  Whiskey  requires  four  years  to  mature  and  when  manufac- 
tured is  stored  in  bonded  warehouses.  By  reason  of  the  curtailment  of  credit,  maturing  whiskey  was 
withdrawn  from  bond,  thereby  reducing  stocks  to  the  lowest  point  known  in  history.  Conditions 
have  improved  to  such  an  extent,  as  to  warrant  the  belief  that  dividends  can  be  maintained  without 
drawing  upon  the  surplus. 

Officers:  President,  E.  J.  Curley ;  Vice-President,  Willard  P.  Ward;  Secretary  and  Treasurer, 
R.  C.  Rami.  Directors:  E.  J.  Curley.  J.  E.  Hulshizer,  L.  L.  Gillespie.  Amory  G.  Hodges.  Willard  P. 
Ward,  and  Alfred  W.  Hansell. 

Fiscal  year  ends  June  30th.  Annual  meeting,  third  Wednesday  in  October,  Jersey  City,  N.  J. 
Directors  meet  quarterly,  fourth  Wednesday  of  March,  June.  September  and  December,  and  otherwise 
subject  to  call.  Office,  40  Exchange  Place,  New  York.  Trade"d  in  on  the  New  York  Stock  Rxehange 
I  I  Unlisted  I  )epartment). 


GIBSON'S    MANUAL 


137 


Duluth,  South  Shore  CS,  Atlantic  Railway 

Bonded  indebtedness,  June  30,   1908 $23,477,013 

Preferred  stock,  6  per  cent.,  non-cumulative 10,000,000 

Common  stock   12,000,000 


Total  capital    $45,477,013 

Mileage    ! 593 

Per  mile  capitalization   $76,689 

Fixed  charges,  1908,  per  cent,  of  net  income 1  (.0.6 

Operating  expense,  per  cent,  of  gross 75-42 

EARNINGS. 

Year  ending  June  30.  Gross.  Net  income.        Surplus. 

1901    $2,484,21 1  $829,280  Deficit. 

1902  2,690,569  1 ,008,036  def.  $1,936,566 

1903  2,772,135  1,028,710  def.  1,970,417 

1904  2,524,612  786,639  def.  2,254,867 

1905  2.706,936  870,004  def.  2,460,420 

1906  3.°57.77S  1.014,851  def.  2,616,756 

1907  3,280.865  1,042.583  def.  2,672,292 

1908  2,986,958  764.576  def.  3,028,954 

DIVIDENDS. 

No   dividends   have   been   paid   on   cither   class  of  stock  of  this  company  for  many  years. 

LOW  AND  HIGH  PRICES,  BY   YEARS,    SINCE    1900. 


1900 

1901              1902               1903 

1904             1 905 

1906 

1907 

1908 

Preferred. 

Common. 

.20^  Nov. 
12      July 

4      June 

22yi  Sept.     3s¥a  Sept.     295-6  Feb. 

13^  Jan.       185-6  Jan.       10       Nov. 

1254  Sept.    24      Aug.     ig]/2  Feb. 

4J/2  Feb.     10     Jan.        7      Aug. 

28K'  Nov.       441/z  Nov. 

g%  Aug.      21      May 
i4"s  Nov.      22.54  Nov. 

Sl/s  June      1 1  &  May 

45      Jan. 
32      Apl. 
22%  Jan. 
16      July 

39      Jam 
10      Nov. 
19/^  Jan. 
6^  Oct. 

333A  Nov. 

11  yA  Feb. 

185-4,  Naiv. 

6      Feb. 

LOW  AND  HIGH  PRICES, 

BY  DAYS,  NOVEMBER,  1908. 

Nov. 


Pfd. 
2 26  -26 


Com. 


Election  Day. 

.  27  -27  16  -16 

.  .......  isi-i5i 

. .  26  -284  16   16 

.  284-29!  16  -i6£ 

9 29  -29J  16  -16J 

10 28^-29  16J-16I 

11 29  -29I  ....... 


3- 
4- 

5- 
6. 

7- 


Nov. 


Pfd. 

12 29^-29! 

13 29^-302 

14 3o-3°f 

16 29^-30 

17.... 
18.... 
19.. 
20. . . . 
21 ... . 


30  -31I 
3i|-33l 

•3I2-32I 

30J-31 
3ii-32 


Com. 

i6£-i6i 
i6f-i7i 
i6£-i6f 

i6i-i7i 

i7f-iSf 

i7l-i7l 
17  -17 

i/i-iS 


Nov. 


Pfd. 
32  -32* 


Com. 

171-Ul 

17  l-i7i 


23... 

24.... 

25 314-3*4  .  l7h*7% 

26 Thanksgiving  Day. 

27 " -■■■ 


28. 
30. 


3U-3i^ 


I7S-I7* 


De 


1 


3- 

4- 
5- 
7- 
8. 

9- 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 
3oi-32 


2 31  -31 


3°  -32 
3ii-3i' 
32  -32 
32  -32 

3'j-3if 


10 3i^-3T2 


Com. 


17 
17 
17 


-17 
-17 
-17 

-i7i 


16J-16I 


Dec. 


Pfd. 

11 314-3^ 

12 

14.... 


i5- 
16. 

i7- 
18. 
19. 


3°f 

3°i 
30 


3of 
3o5 
■30 


29  -29-J 


Com. 
i6hi7i 


16  -16 

153-151 

15  -15 


21 29  -29 


Dec. 

22 

n 

23 

a 
it 

24 

25- 
26 

28 
29 

tt 

30 
31 

Pfd. 


29!- 


!9l 


Com. 

1 5i-i5l 
I54-I5! 

29i-29i     i5!-!5! 

Christmas    Day. 

.Extra  Holiday. 
154-174 
174-17! 

i5!-i64 

16J-16I 


29J-32? 
324-33 


[38  GIBSON'S    MANUAL 


REMARKS. 

Interest  on  the  4  per  cent,  bonds  of  this  company  is  guaranteed  by  the  Canadian  Pacific  Railway, 
which  owns  $6,100,000  of  its  common  stock;  $5,100,000  of  its  preferred,  and  $18,107,000  of  its  bonds. 
There  was  due  to  Canadian  Pacific,  June  30,  1908,  for  guaranteed  interest  advances,  June  30,  1908,  the 
sum   of  $4,797,955. 

Securities  owned  June  30,   1908,  were  $890,165. 

There  has  been  practically  no  increase  in  the  capitalization  of  the  company  since  1901. 

Officers:  President,  Wm.  F.  Fitch,  Marquette,  Mich.;  Vice-Presidents,  Walter  R.  Baker  and 
George  H.  Church:  Treasurer,  E.  W.  Allen;  Secretary,  James  Clarke.  Directors:  Sir  William  C.  Van 
Home,  Walter  R.  Baker.  Charles  Drinkwater.  Richard  B.  Angus,  John  W.  Sterling,  R.  P..  Hebden.  A. 
B.  Kldredge,  George  II.  Church,  James  O.  Bloss,  and  William  F.  Fitch.  Fiscal  year  ends  June  30th. 
Annual  meeting,  third  Thursday  in  September,  Marquette,  Mich.  Main  office,  Marquette,  Mich.  New 
York  office,  458  Broadway. 


GIBSON'S      MANUAL 


[39 


Erie  Railroad 

Bonded   indebtedness,  June  30,    1908 $210,963,900 

First  preferred  stock.  4  per  cent,  non-cumulative   47,892,4(10 

Second  preferred  stuck,  4  per  cent,  non-cumulative    16,000, o< « 1 

Common  stock    1 12,378,900 

Total  capital   $387,235,200 

Mileage 2,171 

;  Per  mile  capitalization $126,263 

Fixed  charges,  1908.  including  taxes,  per  cent,  of  net  income.  .  .  .  96.08 

(  Iperating  expense,  per  cent,  of  gross,  new       basis      (compared 

with  70.79  in  1907) 82.17 

*So  large  an  element  in  the  total  capitalization  of    Erie  is  due  to  the  securities,  which  it  has  purchased  and  owns,  that  it 
eems  proper   to   deduct    them,  $113,117,415   in   amount,   from  total   capitalization    before   computing   this    item. 


EARNINGS. 

Year  ending              Gross  Net  income,  Net  p.  c. 

|nne  30.                Op.  Rev.  less  taxes.  of  gross  inc. 

1900   $38,293,031  $10,264,534  26.5 

1901    39,102,302  12,141,260  29.9 

1902    40,894,433  14,663,041  34.2 

1903    45,830.413  15,096,202  30.9 

1904   45,201,163  15,026,043  31.6 

1005    45.7-24.738  15,261,017  31.5 

1906   50,002,634  16.307,639  31.2 

1907   53>OI4.827  17,950,413  32. 

*i9o8  50,007,603  1 1 ,669,038  2 1 .7 

*Inter-State  Commerce  Classification. 
:  \fter   appropriations    for   additions   and   improvements. 


**Earned  on 

Surplus. 

common. 

$4,615,600 

6,278,030 

0.2% 

8,449,615 

1.63% 

9.645.I43 

3-i% 

11,043.352 

0.4% 

11,490,5.11 

0.44% 

1 1 ,979,462 

0.47'; 

[3.633.577 

1.529? 

[3,979,909 

LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31.  1900.  compared  with  the  similar  period  in  1907.  were: 

Gross.  Net. 

1908 $29,793,690  $7,641,542 

[907 31,187,961  5.578,037 

DIVIDENDS. 


1900 

1 901 

1902 

1903 

1904 

T905 

MM  > 

1907 

I908 

First  pfd.  . 

0 

1'/; 

3% 

.■.'■'. 

4% 

4% 

4% 

2% 

O 

Sec'd   pfd.. 

0 

0 

0 

0 

0 

2% 

4% 

2<fo 

O 

Common    . 

.     0 

0 

0 

0 

0 

0 

0 

O 

O 

1900 


LOW  AND  HIGH  PRICES,   BY    YEARS,    SINCE    1900. 

1903 


1901 


1902 


1904 


1905 


1906 


1907 


1908 


First  preferred..   30-H  Sept.  5934  Jan.     60^  Dec.     62^  Apl. 

63^  Dec.  75       Dec.     75.34  Jan.     74      Feb. 

Second  preferred  15      Sept.  39J4  Jan.    413-2  Dec.    44      July 

4334   Dec.  62.34I  Dec.     63.34  Jan.     64.^  Feb. 

10;/  Sept.  24T4  May    28.34  Dec.    23     Aug. 

Common 27  .Mi  Dec.  44.34  Sept.  44^5  Jan.      42-36  Jan. 


S5H  May  74ji  May  74.34  Dec.     28      Nov.  243-6  Mch. 

77      Dec.  85^  Aug.  83      Jan.     75^  Jan.     51$  Dec. 

5834  Dec.  78^  Aug.  7634  Jan.     67      Jan.     41       Dec. 

33       May  SSJ4  Jan.  6234  May    20       Nov.  16       Mch. 

1 1    s  Nov.  52J4  Aug.  50%  Jan.    4434  Jan.    36      Nov. 

21]      May  3734  May  383^  May.    I2J4  Nov.  12       Mch. 


"40 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES 

BY  MONTHS,  SINCE 

1900. 

• 

Jan. 

Feb. 

Mar. 

Apl. 

May 

June 

1900. 

...1st  Pfd. 

3ii-33£ 

33i-384 

37   43 

39  -434 

354-394 

32  -38 

...2d  Pfd. 

i5f-i6J 

I9i20f 

19  -2l£ 

194-23-s 

184-19I 

17  -i84 

. .  .Com. 

iif-nf 

"3-134 

12J-14I 

13  -14S 

"I-13 

I0f-I2§ 

1901. 

...1st  Pfd. 

59f-°9i 

62f-68i 

63*-7°i 

67-8-724 

60  -724 

694-734 

...2d  Pfd. 

394-464 

404-46 

42  -61 

55  -6o4 

464-594 

554-59 

. .  .Com. 

24I-31 

27  -3of 

27h37i 

35t-43l 

244-423 

403-454 

1902. 

.  ..1st  Pfd. 

69I-753 

67f-7°i 

664-694 

67^-71 

653-7oi 

67  -69 

...2d  Pfd. 

55  -63! 

554-58 

53i-555 

52g-57 

5i  -55 

5i  -534 

. .  .  Com. 

373 "44s 

2,7'i-Aol 

351-381 

36I-41 

352-394 

364-38 

1903. 

.  ..1st  Pfd. 

67s-73t 

67  -74 

653-68J 

624-684 

654-69} 

624-685 

...2d  Pfd. 

5iS-59? 

544-644 

5i  -571 

474-561 

53  -582 

52  -58 

. .  .Com. 

38J-42S 

36^-42 

331-371 

3i4-353 

323-36* 

284-354 

1904. 

.  ..1st  Pfd. 

66I-69J 

6i*-66f 

6i4-65i 

63  -66ft 

55S-634 

56  -594 

...2d  Pfd. 

47  -5°i 

374-474 

37*-43t 

384-434 

33  -383 

331-354 

. .  .  Com. 

274-294 

22  -27! 

22f-27j 

244-27! 

214-25 

22S-24J 

1905. 

.  ..1st  Pfd. 

7Si-82i 

79i-8ii 

79f-83i 

76  -824 

744-79t 

774-82 

...2d  Pfd. 

55i-67| 

644-66J 

651-714 

614-714 

61  -674 

644-714 

. . .  Com. 

37S-44I 

43  -47l 

441-481 

41  -471 

374-435 

394-444 

1906. 

...1st  Pfd. 

80-83 

77  -8oi 

76  -79-i 

754-793 

75  -8o3 

77  -794 

...2d  Pfd. 

73  -76} 

67  -74 

664-70! 

624-71 

624-72* 

67  -72 

. .  .Com. 

46I-50J 

41I-48I 

414-45 

394-454 

384-47 

40  -46S 

1907. 

.  ..1st  Pfd. 

•  69  -75| 

67I-71I 

57-68i 

51I-60J 

531-563 

55  -59 

...2d  Pfd. 

57f67 

58  -62J4 

341-58 

35i-4if 

334-394 

35  "39 

. .  .Com. 

33f-44l 

32|-37f 

21 4-344 

22*-26f 

20  -254 

20f-23J 

1908. 

...1st  Pfd. 

3ii"35f 

25I-31I 

241-35 

293-36 

33  "43 

323-42 

...2d  Pfd. 

22J-26J 

19  -224 

16  -25 

i9i"25i 

234-3o4 

224-30 

.  .  .Com. 

I4f-i7* 

124-15I 

12  -174 

134-194 

174-231 

i7f-23l 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1900. 

...1  st  Pfd. 

32  -34 

324-345 

30§-34i 

334-364 

343-41 

404-63 2 

...2d  Pfd. 

i6|-i6| 

I5I-I7I 

15  -i7f 

164-193 

I8J-2I4 

204-434 

. .  .Com. 

iof-n 

iof-iof 

io^-nj 

104-124 

12  -144 

14  -27s- 

1901. 

...1st  Pfd. 

631-73 

63  -72I 

67  -72I 

67f-7of 

70  -734 

694-75 

...2d  Pfd. 

47  -5§i 

48  -59 

53  -59l 

523-574 

56  -6of 

531-62? 

. .  .Com. 

34  -43§ 

354"444 

381-441 

381-44  ' 

41  -433 

38  -43s 

1902. 

...1st  Pfd. 

684-71 

68  -71 4 

66  -71 A 

654-694 

634-68 

604-69 

...2d  Pfd. 

523-55 

53  -58 

52^-58 

494-551 

444~524 

414-524 

. .  .Com. 

36|-39i 

38i-42i 

37  -43i 

365-404 

323-33t 

28f-393 

1 903 . 

...1st  Pfd. 

634-694 

624-684 

62f-67| 

644-67f 

654-674 

664-694 

...2d  Pfd. 

44  -S7i 

44  -53l 

44  -52 

45  -534 

474-504 

484-5i4 

. .  .Com. 

27i-34-J 

23  -3*4 

23I-30I 

252-29 

252-274 

274-305 

1 Q04 . 

...1st  Pfd. 

•  58i-63f 

6oi-65i 

65l-68f 

67t-74^ 

704-744 

7i4-77 

...2d  Pfd. 

34i-39l 

36  -41  4 

40J-47I 

46  -544 

50J-5S2 

53  -584 

. .  .Com. 

23S-264 

242-284 

284-324 

3i4-4i J 

374-4IS 

33  -4i 

1905. 

...1st  Pfd. 

81J-85" 

834-854 

8Ti-83! 

802-821 

794-824 

794-812 

...2d  Pfd. 

70I-75  1 

733-781 

72f-77i 

71 4-734 

704-754 

7 1 4-75 

. .  .Com. 

44t-48« 

45«-52| 

47J-524 

464-504 

46.1-503 

464-493 

1906. 

...1  st  Pfd. 

754-79 

77i-79s 

76f-78i 

754-772 

754-764 

741-761 

...2d  Pfd. 

63l-7oi 

69I-72I 

68i-73f 

664-71 

664-683 

644-684 

. .  .Com. 

384-434 

461-474 

45  -49l 

43  -40 

4ii-46 

414-464 

1 1 107 . 

...1st  Pfd. 

58-62 

454-591 

45  -5if 

37  -46 

28  -404 

334-373 

...2d  Pfd. 

40  -44 

29i-4ii 

35l-39i 

274-36 

20  -28 

22f-27| 

. .  .Com. 

225-26] 

18  -24 

I9f-22 

f64-2o8 

124-184 

1  si- 1 73 

1 1 l< 18 

...TSt    Pfd. 

344-4*1 

36f-4i* 

394-464 

42] -46! 

434-5o 

46S-512 

...2d   Pfd. 

241-31 

28  -31 

29^-365 

344-374' 

35S-404 

378-41 

. .  .Com. 

19  -25i 

22-1-25 

23S-31  1 

291-324 

304-36 

3iS-353 

GIBSON'S     MANUAL 


141 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nc 


3- 

4- 

5  ■ 
6. 

7  ■ 

<)■ 

10. 


2dPd. 
35t"36f 

'.'.'.'.'.'.'.'.'.  364-36* 

36J-374 

37i-37f 

374-374 

37$"3S4 

38  -38I 

11 38^-40* 

12 39J-40J 

13 40  -4°i 


14. 
16. 


39t"40l 

394-40 


istPd.       Com. 

433-444    304-31 4 
Election  Day. 

444-44J     3 1 4-3  it 


444-451 
45  -46 
464-47 

461-47* 

471-48 

484-5o 

48f-49* 

49  -49l 

48J-49' 

49  -49* 


3^324 
3if-32f 
32f-33i 
32f-33* 
331-34 

34  -36 

35  -35f 
354-35$ 
34i-35l 
344-35s 


Nov. 


2dPd.      ist-Pd.        Com. 


17 394-394 

18 39  -39l 

19 384-394 

20 371-38* 

21 38  -38$ 

23 37h-38 

24 381-381 

25 381-39* 

26 

27 38-384 


30 374-37S 


481-49$  344-354 

■48t-48J  344-34? 

48  -484  33*  341 

474-48  3^  -33s 

47I-48  32*33; 

47447$  324-33 1 

47  -484  33  "34* 

474-484  32$-34f 
Thanksgiving. 

474-47$  33    33 H 

474-474  33  -33l 

47  -474  323-334 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


1st  Pd.   2d  Pd.    Com. 


7 
8 

9 

in 

1 1 


1 463-474 

2 463-47* 

3 46$-47 

4 473-483 

484-493 
48$-49f 
5o 
5o4 
50$ 


494- 
49$" 

5o  - 
494 


5°S 


12 494-494 

14 49*-5of 

15 48i-49f 

16 48f-49 


371  37$ 

38  -38 

384-40 
394-40 

39$-39$ 
40  -40* 

404  -4 1 
40^-40! 
40  -40 
40  -403 

39  -40 


32f-33§ 
324-334 
324-32! 
32$  344 

334-345 

331-34* 

344-35? 

343-35^ 

344-354 

33$"343 

334-35$ 

34$-34$ 

34  -35 

344-354 


Dec. 


istPd.   2d  Pd.   Com. 


17 47*-48* 

18 47*-48 

19 47t-484 

21 463-474 

22 471-484 

23 483-49* 

24 

25 

26 

28 494-5o4 

29 5o*-5i4 

30 5o*-5i 

31 50I-51J 


334-34s 

32$-33* 

32$-33§ 

324-33 

32$-33$ 

331-345 


384-39 

384-384 

39  -39s 

38-38 

385-385 

39  "394 

484-492  •••-•••  33$"34$ 

Christmas  Day. 

Extra  Holiday. 

39$"4o4    34t-35 

4o4-4of     344-351 

39$-393    344-343 

4o5-4o4     344-34! 


REMARKS. 


In  August,  1907.  the  directors  of  Erie  Railroad  voted  to  pay  the  4  per  cent,  dividends  on  the 
two  classes  of  preferred  stock,  in  scrip,  bearing  interest  at  the  rate  of  4  per  cent.,  and  to  run  10  years; 
and  application  was  made  to  the  Public  Service  Commission  for  the  proper  authority.  March  1,  1908, 
permission  was  refused  on  the  ground,  that  no  capital  would  be  secured  for  the  company  by  the  issue 
of  warrants  payable  at  a  future  date. 

In  April,  1908,  the  company  authorized  the  issue  of  $15,000,000  of  three  year  six  per  cent,  notes, 
a  portion  of  them  to  refund  $5,500,000  of  similar  one  year  notes,  due  April  8th.  In  June,  owing  to  the 
business  depression,  farther  measures  of  relief  were  necessary,  in  order  to  meet  the  payment  of  $3,160,- 
480  of  coupons,  on  the  prior  lien  and  general  lien  4  per  cent,  bonds,  due  July  1st.  Special  arrangements 
were  made  with  J.  P.  Morgan  &  Co.,  and  E.  H.  Harriman  and  the  coupons  were  paid  in  cash. 

Securities  owned  by  the  Erie  Railroad,  June  30,  1908,  amounted  to  $113,117,415.  of  which  $12,- 
011.300  consisted  of  New  York,  Susquehanna  &  Western  stock.  Early  in  190S,  the  company  was 
reported  to  be  selling  its  holdings  of  Lehigh  Valley  Railroad  stock. 

The  convertible  bonds  of  this  company,  4  per  cents,  (authorized  issue,  $50,000,000),  are  exchang- 
able  for  common  stock,  upon  a  basis  to  be  fixed  when  the  bonds  are  issued.  Series  A,  $10,000,000,  can 
be  exchanged  until  April  1,  1915.  on  the  basis  of  $1,000  of  bonds  for  $2,000  of  stock  par  value.  Series 
B,  $12,000,000,  are  convertible  until  Oct.  1.  1917,  on  the  basis  of  $1,000  of  bonds  for  $1,666.66  of  stock. 

The  capitalization  of  Erie  has  increased  since  1900  from  $312,648,000  to  $387,235,200. 

Arrangements  have  been  made,  under  which  the  interest  and  coupons  of  Erie,  incurred  or 
issued  before  April  1,  190S,  and  maturing  on  or  before  July   1,   1909,  may  be  purchased   for  cash  and 


N- 


GIBSONS     MANUAL 


deposited  and  pledged  under  the  Indenture,  securing  the  collateral  trust  notes,  as  additional  security  for 

the  -  1  his  increases  the  security  n>r  the  not 

Feb.  [3,  1909,  the  Public  Service  Commission  at  Albany,  by  a  vote  of  ,^  to  _\  granted  a  1  <  >  1 1  i_r  de- 
layed permission  for  the  issu  llateral  trust  bonds,  coupled 
with  tlie  requirement,  however,  that  go  pei  cent,  of  the  holders  of  the  $11,380,000  coupons,  falling  due 
during  a  period  of  five  years  on  tin-  $35,885,000  general  lien  bonds  and  $21,015,000  convertible  bonds  in 
the  hands  of  tin-  public  shall  exchange  said  coupons  before  Aug,  1.  1909,  t"<>r  an  equal  amount  of  tin- 
new  bonds.  Application  was  made  t<>  the  Commission  to  modify  the  conditions  referred  t<>  hut  this 
was  refused. 

Officers:  President,  F.  I'.  Underwood;  Vice  President  and  General  Solicitor,  G.  F.  Brownell; 
Treasurer,  I>.  W.  Bigoney;  Secretary,  David  Bosnian.  Directors:  George  F.  Baker,  James  J.  Goodwin, 
Win.  Pierson  Hamilton,  E.  II.  Harriman,  James  X.  Hill,  William  C.  Lane,  John  G.  McCullough,  Ogden 
Mills,  Alexander  E.  Orr,  Norman  B.  Ream,  <i.  A.  Richardson,  Louis  I..  Stanton,  Charles  Steele. 
Francis  Lynde  Stetson,  II.  McK.  Twombly  and  F.   I  >.  Qnderwi 

Fiscal  year  ends  June  30th.  Annual  meeting,  fust  Tuesday  in  October,  New  York.  Directors 
meet  on  call.  ( )ffice,  50  Church  Strict.  New  York.  Traded  in  on  the  New  York  Stock  Exchange  (  Listed 
I  >epartment). 


MARKET  MOVEMENTS  OF  ERIE  RAILROAD.  COMMON,  FROM  1900  TO  1908.  INCLUSIVE. 


GIBSON'S     MANUAL 


143 


Federal  Mining  C&  Smelting  Company 

Incorporated  in  Delaware,  June  25,  1903,  to  acquire  silver  and  lead  mines  and  operating  plants  in 
the  Cceur  d'AIene  district  of  Idaho  and  a  smelting  establishment  at  Everett,  Wash.,  the  latter  having 
since  been  sold.  The  properties  which  came  into  the  company  at  the  start  were  The  Empire  State  Idaho 
Developing  &  Mining  Co.  and  The  Standard  Mining  Co.  Numerous  other  mines  have  since  been 
bought,  and  at  all  of  them  there  are  good  modern  concentrating  electric  and  Other  plants.  A  six- 
year  contract,  beginning  Sept.  I,  1903,  enables  the  company  to  sell  its  entire  output  to  The  American 
Smelting  &  Refilling  Co.  In  May,  1905,  a  controlling  interest  was  sold  to  The  American  Smelter-' 
Securities   Co. 

Preferred  stock,  7  per  cent,  cumulative,  preferred  also  as  to  as- 
sets, but  having  no  right  to  vote  except  on  an  increase  of 
preferred  stock    $12,000,000 

(  !i  mimon  stock   6,000.000 

Total  capital    $18,000,000 


EARNINGS. 

Year  ending 

Aug.  31.                                          Gross.  Net.  Surplus. 

1904 $4,908,925  $1,492,083  $143,807 

1905 4,569,-131  1 ,242,698  484,241 

1906 Not  reported  2,685,300  1,522,084 

1907 "  2,532,350  1 .836,593 

1908 "  1,067,037  1,790,046 

After  writing  off  $,^00,000  for  development. 


Earned  1  in 
( !( immon. 

No  Data. 
12.23'; 

32-33! ' 

:"-'3--M'  J 

0.72', 


DIVIDENDS. 

1903             1904             1905  1906            1907             1908 

Preferred  i\%            7%             7%  7%            7%            7% 

Common   o                   4*%             IO%  x7%            '4*%             ° 

LOW     AND     HIGH     PRICES. 

Preferred 71    Nov.             75    Jan.  92  Sept.            47  Oct. 

90    Nov.           no!  Nov.  112J  Jan.             07  Jan. 

Common    43^  Nov.             60    Jan.  143  June            50  Oct. 

62$  Nov.           145    Nov.  199  Jan.             163  Jan. 


BY    YEARS,    SINCE    1904. 


59    Feb. 

89    Auk. 

7SiJuiy 

94    Aug. 


LOW  AND  HIGH  PRICES,   BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Pfd.         Com. 

2 84^-84^      ....... 

3 Election   Day. 

4 S4i-S4:,      ....... 

5 85  -87I     ....... 

f> - -... 


1  Nov. 


/  • 
9. 
to. 

1 1  . 


88 

-88.! 

87A 

-88 

881 

-88J 

85  -85 


Pfd. 


Com. 


12 - -.  .  . 

13 88  -89      85  -90 

14 874-883      ....... 

16 88    88|     89  -90 

17 888-881     ....... 

18 88  -88       ....... 

19 - "••• 

20 - -. . . 

21 -...     72I-72!, 


Pfd.         Com. 

Nov.  23 - -.  . . 

"     24 88.1-884     Soi-85 

"     25 884-89      83    83 

"     26 Thanksgiving  hay. 

"     27 - -... 

"  '8 

••  30'.".'.!!!!     '.'.'.-'.'.'.     83-83 


i,4  GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,   BY  DAYS,  DECEMBER,  1908. 


Pfd.        Com.  Pfd.  Com.  Pfd.        Com. 

Dec.      1 - -•••  Dec.  11 84  -S4  .......  Dec.    _'_' - -.  . 

2 86    863      .......  "  12 82    NjI  .......  "     24 - 

-  3 86-86      .......  "  14 81-82  .......  "     24 - 

4 - -...  "  15 81  -81  .......  "     25 Christmas  Day. 

^ 86-86      .......  "  [6 82J-84  .......  "     J'. Extra  Holiday. 

-  7 83-85!     ......  "  17 - -■••  "     28 83-83       ...... 

S - -...  "  [8 Sol-80!  .......  "     29 - -.. 

9 - -...  "  [9 81-81!  .......  '■     30 Si',-82       ...... 

•     ro - -...  -  21 842-85  .......  "     31 •...- -.. 


REMARKS. 

When  Federal  Mining  &  Smelting  stocks  were  admitted  to  the  New  York  Stock  Exchange, 
annual  reports  were  promised  by  the  company.  The  reports  actually  made  are  meagre  and  represent 
perfunctory  compliance  with  the  requirements  of  the  Exchange. 

Dividends  on  the  common  stock  were  suspended  February,  1908,  without  explanation,  hut  this 
action  was  supposed  t.'  he  <luc  to  the  general  depression  in  the  metal  trade,  and  the  brief  report  for 
Aug.  31,  1908,  confirmed  the  idea.  After  paying  one-half  per  cent,  on  the  common  in  tin-  fiscal  year 
there  was  a  deficit  of  $46,546. 

The  output  ni  the  mines  was  reduced  in  the  early  part  of  1908.  owing  to  the  low  price  of  lead. 
The  outlook  is  now  better  and  the  output  normal. 

Officers:  President,  Charles  Sweeney;  Vice-President,  Edwin  Packard;  Treasurer,  F.  \V.  Hills; 
Secretary,  Frederick  I.  Kilner.  Directors:  Eugene  J.  Barney,  Joseph  Glendennin,  Edgar  L.  New- 
house,  F.  W.  Hills.  John  R.  McGowan.  W.  E.  Merriss.  Edwin  Packard.  Judd  Stewart,  Charles  Sweeney. 
Edward  Brush,  1".  T.  Gates,  Henry  I-;.  Cooper  and  James  M.  Satterfiehl. 

Fiscal  year  end-  Aug.  ,,i-t.     Annual  meeting,  third  Mondaj  in  October.    Directors  meet  or  call. 

Office,  32  Broadway.  New  York.      Traded  in  on  the  New    York  Stock  Exchange  (Listed  Department). 


GIBSON'S    MANUAL  145 


Federal  Sugar  Refining  Company 

This  enterprise  was  originally  incorporated  in  New  Jersey,  Feb.  19,  1902,  capital  $100,000,  to 
establish  a  sugar  refinery  at  Yonkers,  N.  Y.  Later,  papers  were  filed  at  Trenton,  permitting  an  in- 
crease of  the  capital  stock  to  $50,000,000,  one-half  of  it  to  be  6  per  cent,  cumulative  preferred.  A  few- 
millions  were  subscribed.  In  November,  1904,  stockholders  were  given  the  privilege  of  subscribing 
for  an  amount  of  preferred  stock,  at  par,  equal  to  their  holdings,  and  were  given  a  bonus  of  $500  in  com- 
mon stock  for  each  $1,000  of  preferred  subscribed  for.  When,  in  March,  1907,  the  company  applied  to 
the  New  York  Stock  Exchange  for  admission  of  its  stock,  there  had  been  issued  $6,677,200  of  common 
stock  and  $3,322,800  of  preferred.  May  3,  1907,  the  company  was  reincorporated  under  the  laws  of 
New  York,  with  a  capital  of  $10,000,000,  divided  as  above.  The  company  owned  the  entire  $100,000 
of  the  capital  stock  of  the  Yonkers  enterprise,  and  it  took  over,  dollar  for  dollar,  the  old  stock  issued 
under  the  New  Jersey  charter. 

Federal  Sugar  uses  a  new  process,  patented  by  Clans  A.  Spreckles  and  Charles  A.  Kern,  which 
substitutes  for  bone  dust  as  a  purifier  a  new  solvent,  produced  by  the  action  of  sulphuric  acid  upon 
such  bodies  as  rosin,  rosin  oil,  essential  oils  and  fats,  fatty  oils  and  fatty  acids  in  such  proportions 
that  there  are  no  injurious  effects  upon  the  sugar  produced.  It  is  also  claimed  that  the  loss  of  sugar  in 
refining  is  materially  reduced. 

Preferred  stock,  1907,  6  per  cent,  cumulative,   subject  to   call   at 

125,  and  convertible  at  any  time  into  common  stock  at  par.  .       $6,677,200 
Common  stock 3,322,800 


Total    capital $10,000,000 


EARNINGS. 

When  Federal  Sugar  was  admitted  to  the  New  York  Stock  Exchange,  the  company  promised 
to  make  an  annual  report  "to  its  stockholders,"  but  it  has  not  seen  the  way  clear  to  oblige  the  public 
with  the  publication  of  the  information. 

DIVIDENDS. 

I9°5  1906  1907  1908 

Preferred    12%  3%  3%  6% 

Common   o  o  o  n 


LOW  AND  HIGH  PRICES  BY  YEARS. 


1907  1908 

Preferred    44f  May  75  Jan. 

100    May  100  July 

Common   42    Jan.  55    July 

62! June  68i  June 


These  shares  were  first  listed  in  1907. 


146  GIBSON'S    MANUAL 


LOW   AND   HIGH    PRICES  BY  MONTHS. 


1907.  1908. 

Preferred.  Common.  1 'referred.  Common. 

January    -...  .......  7s  -  85  ....... 

February 76  -  85*  42-60  78.V-  86j  ....... 

March    80-83  .......  85-87  ....... 

April    80J-  90  54-54  89-90  ....... 

May    44J-100  55-60  89-90  ....... 

June    - . . .  55  -62^  91  -  98  64|-68i 

July  85-85  60-624  95I-100         55-63" 

August    -...  50-55  95-98  60-62 


:: 


September    -...  .......  93i"  95l 

October    -...  54*-54i  ....... 

November -...  .......  90-90 

December -...  .......  ....... 


REMARKS. 

It  is  commonly  believed  that  American  Sugar  Refining  now  holds  a  large  interest  in  this  com- 
pany. 

Officers:  President,  Claus  A.  Spreckles ;  Vice-President,  Clarence  H.  Mackay;  Treasurer,  Dumont 
Clarke;  Secretary,  Pierre  J.  Smith.  Directors:  Tn  addition  to  the  foregoing,  W.  W.  Cook,  George 
Crocker,  and  George  A.  Fernald. 

Fiscal  year  ends  Aug.  31st.  Annual  meeting  of  the  1907  company,  none  has  yet  been  held  and 
date  has  not  been  fixed.  Directors  meet,  the  second  week  of  each  month,  on  call.  Office.  138  Front 
Street,  New  York.     Traded  in  on  the  New  York  Stock  Exchange   (Unlisted  Department). 


GIBSON'S     MANUAL 


147 


General  Electric  Company 


Incorporated  under  a  special  charter  in  the  State  of  New  York,  April  15.  1892.  with  a  view  to 
combining  two  great  concerns,  The  Edison  General  Electric  Co.  and  The  Thomson-Houston  Electric 
Co.  Since  1892  other  interests  have  been  acquired,  including  The  Sprague  Electric  Co.,  The  Thomson- 
Houston  Co.,  Ltd.,  of  England,  and  The  Stanley  Electric  Manufacturing  Co.  In  1904  the  company- 
organized  and  bought  all  the  stock  of  The  Electrical  Securities  Corporation,  whose  province  is  to  hold 
the  securities  of  electric  light,  power  and  railroad  companies.  General  Electric  possesses  a  large  num- 
ber and  variety  of  patents  and  extensive  manufacturing  plants  at  Schenectady,  X.  Y. ;  Lynn  and 
Pittsfield,  Mass.;  and  Harrison.  X.  J.  An  estate  of  about  700  acres  near  the  city  of  Erie,  Ta.,  was 
purchased  in  1907  for  the  erection  of  an  additional  plant,  but  further  proceedings  were  suspended  in 
consequence  of  the  business  depression.  The  company  manufactures  electrical  machinery,  locomo- 
tives and  supplies  and  the  Curtis  steam  turbine.     It  has  copper  mining  interests  in  California. 

Bonded  indebtedness,  Jan.  31 .  i<)o8 $14,974,750 

Capital  stock   65,167,400 

Total  capital    $80,142,150 

EARNINGS. 

Year  ending  Net 

Jan.  31.  Gross  sales.  Income. 

1900    $22,379,464  $5,479,130 

1001    28,783,276  6.243.792 

J902    32.338.037  8,598,241 

J9°3  36.685.598  10,277,170 

1904  41 .699,618  7.865.37/ 

1905  39,231.328  6,795,218 

1906  43,146,902  7,394,266 

1907  60,071,883  8,502,238 

1908  70,977,168  f),048,683 


"'** Earned  <>n 

Surplus. 

stock. 

$2,313,031 

16.51% 

6,628,534 

27.22% 

15,287,141 

34.01% 

:;--4.482,702 

19-5% 

7.293,689 

14.41% 

9,569,196 

12.51% 

1 2,027,295 

1 1 .64% 

15,110,797 

"•54% 

16,513,836 

10  T 

♦Including  $2,057,685  enhancement  of  value  of  stocks  and  bonds  owned. 
♦♦Surplus  account  reduced  heavily  in   190.3  by  stock  issued   to    restore   the   redu 
♦♦♦After  writing  ofT  patents,  etc.,  a  sum  usually  amounting  to  between  oik 
in    190S. 

LATEST  R^~ 

Orders   received    for  the   nine   month1" 
1908   $30,054.92. 

T9°7   49.677.500 

1906  45.395-887 


DIV 


1900     1 90 1     1902     1903 
64%     9%     8%     8% 


LOW  AND  HIGH  PRICES,  B\ 

1900 

1901                1902               1903               1904 

120  Jan. 
200  Dec. 

183^  Jan.     170-J  Oct.     136  Sept.     151      June 
289J-  Dec.     334     Apl.     204  Feb.      1944    Xov. 

148 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mar. 


Apl. 


-May 


June 


1900. 
1 90 1 . 
1902. 
1903. 
1904. 
11)05. 
1 1  M  > . 
1907. 
1908. 


120  -124! 
1831-192! 
2765-283* 
183  -198 
1693-179-} 
i8il-i9of 
172  -181! 
155^-163 
in  -125 


1233-129* 
1904-218 
280  -298 
191  -204 
1564-172 

1 854-1891 
167  -i77i 
156  -i6i| 
113  -119 


124  -13U 
210  -219 
296  -324! 
187  -1974 
1594-170 
1841-192 
165I-172} 
1364-158! 
1 144-128! 


1 284- 1 40 1 
215  -234 
322  -334 
179  -194! 
I593-I65 
171  -191 
1621-174! 

145  -150 
1284-136 


1324-1393 
200  -233 

300  -328 
180  -194 

152  -159 
169  -177J 
161  ',-169 
I35I-I48I 
1324-142 


July 


Aug;. 


Sept. 


Oct. 


Nov. 


126J-1363 
231  -269I 
304  -32i4 
1 724- 1 81 4 

151  -1595 
1724-176? 
1603-1734, 
136  -1424 
1301-138! 


Dec. 


1900. 
1901. 
1902. 
1903. 
1904. 
1905. 

TQ06. 

1907. 

1008. 


1274-131! 
245  -268! 
1815-315 

153  -177 
156  -166! 
172  -180! 
1601-167! 

1351-141 
1 304-1484 


130  -140! 
2464,-268 
184  -1962 

1481-168! 

162  -i664 
178  -186 
1664-1714 
120  -138 
142  -148 


1325-1414 
251  -2674 
182  -1974 
136  -164 
165  -176 
178  -183 
1644-169 
123  -130 
1344-148 


I35i-i45 

2474-2593 

1704-189 

139  -153} 
170  -178I 
179  -190J 
1651-184 
894-125 
137  -i4Si 


142  -1714 
256  -2814 

175  -187 
146  -1574 
1 724 -1 944 
1814-190! 
171I-181 
1034-116! 
144  -160! 


1664-200 
271  -289! 
171  -183 
1554-180 
1815-192 

174  -187I 
156  -1784 
1 074-1 18 
1 55I-162! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.     2 144  -145I 1  Nr.v. 

3 Election  Day. 

4 I45i-i47?l  " 

"        5 i47i-i533  " 

6 1524-154 

7 153  -iS5i  " 

"        9 153  -J54l  " 

"      10 153-1543  " 

"       n 152  -i53i  " 


12. 

13- 
14. 
16. 

i/- 
18. 
19. 
20. 
21. 


152  -i53i|Nov-  23 

154  -158 
1553-157 

155  -156^ 
i55i-i56i 
154  -156 
*53i-i54i 
152  -153* 
i53J-'53i 


i523-i53i 

24 i55  -156 

25 1.543-1551 

26 Thanksgiving  Day. 

27 I55i-i55* 

28 i553-i6o 

30 159  -160! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


£ 


0 


Dec. 


1 . 
2. 

3- 
4- 

5- 
7- 
8. 

9- 

10. 


1601-162! 
160  -162! 

158  -i6of 
1574-1581 

157  -158 
1584-159 
1583-159 
1594-160 


Dec.    11. 
12. 

14. 

15- 
16. 

17- 
18. 
19. 

21 . 


158  -160 
158  -158 
158  -158 

1563-157 
1 564-161! 
1 574-161 
157  -158! 
157  -i58i 
1 554-1 574 


Dec.  22 1565-158 

"  23 1573-158 

"  24 158-158 

25 Christmas   Dav. 

"  26 Extra  Holiday. 

"  28 159  -1605 

"  29 159  -1604 

"  30 1573-1594 

"  31 1574-159 


REMARKS. 

By  vote  of  the  stockholders,  Aug.  17.  1898,  there  being  a  deficit  on  the  company's  Profit  &  Loss 

account',  it  was  resolved  to  correct  the  impairment  of  capital  by  a  voluntary  reduction  of  the  capital 

stS^cl£  to  three-fifths  the  former  amount.     After  litigation,  the  arrangement  was  carried  out.     July  15, 

i$Q2.  <$  stock  distribution  of  66  2-3  per  cent,  was  made,  the  stock  surrendered  in   1908  being  thus  re- 

^FutiJ^.    The  old  7  per  cent,  cumulative  preferred  stock,  of  which  $2,551,200  had  been   issued,  was  all 

^retiged  in  1901^ 

.'    •        Securities  owned,  Jan.  31,   1908,  amounted  to  $18,000,000. 

In  icjp;g^General  Electric  sold  $13,000,000  ten-year  5   per  cent,   debentures  at  par  to  its  stock- 
holders.   These  bonds  are  convertible  into  the  company's  stock  at  par,  after  June  1,  1911,  and  are  re- 
.'  deemabliJcafter  thaSWate  named  at  105. 

The^btal^pittrli/^ion  of  General  Electric  has  increased  from  $26,127,200  in  1900  to  $80,142,150 


§&&      in  I9°8 


9 


GIBSON'S     MANUAL 


149 


Officers:  President,  C.  A.  Coffin;  First  Vice-President,  E.  W.  Rice,  Jr.;  Treasurer,  Henry  W. 
Darling;  Secretary,  M.  F.  Westover.  Directors:  Gordon  Abbott,  Oliver  Ames,  C.  A.  Coffin,  W.  M. 
Crane,  T.  Jefferson  Coolidge,  Jr.,  Frederick  P.  Fish,  George  P.  Gardner,  Henry  L.  Higginson,  J.  Pier- 
pont  Morgan.  J.  P.  Ord,  Robert  Treat  Paine,  2d,  Marsden  J.  Perry,  E.  \Y.  Rice,  Jr.,  Charles  Steele,  and 
S.  L.  Schoonmaker. 

Fiscal  year  ends  Jan.  31st.  Annual  meeting,  second  Tuesday  in  May,  Schenectady,  N.  Y.  Direc- 
tors meet  on  call.  Main  office,  Schenectady,  N.  Y.  New  York  office,  30  Church  Street.  Traded  in  on 
the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  Boston  Stock  Exchange. 

MARKET   MOVEMENTS   OF   GENERAL  ELECTRIC   COMPANY  FROM    1900  TO   1908, 

INCLUSIVE. 


General  Electric  is  one  of  the  companies  whose  stock  shows  by  its  recent  lower 
range   of   price    the  effects   of   increased   capitalization. 

In  July,  1902,  there  was  a  66  2/3  per  cent,  stock  dividend,  on  which  $16,812,600 
of  new  shares  were  issued,  and  the  stock  came  down  from  its  previous  high  of  334 
to   170"$  in  October. 

The  new  stock  issues  of  June,  1904,  and  December,  1905,  also  caused  declines. 


GIBSON'S     MANUAL 


Granby  Consolidated  Mining,  Smelting  C&  Power  Co.,  Ltd. 

A  copper  mining  concern,  incorporated  under  a  special  charter  in  British  Columbia,  March  29, 
[ooi.  The  mines  lie  in  the  vicinity  of  Phoenix,  B.  C,  and  the  company  owns  smelting  works  at  Grand 
Forks,  B.  C,  a  great  water  power  on  Kettle  River,  a  large  area  of  valuable  lands,  and  an  interest  in 
The  Crow's  Nest  Pass  Coal  Co.  Its  productions  are  cupper  and  a  moderate  amount  of  gold  and 
silver. 

Capital  stock  i par  originally  $io,  but  changed  in  1906  to  $100) 

EARNINGS. 
Year  ending 

June  30.  (  iross.  Xet. 

I903  $2,271,253  $296,298 

1 !  KM  *2,9(56,347  283,514 

1005  2.749,145  712,649 

[90 4.751.059  1,823.617 

I9°7  4.521,549     i-W.937 

1908  3,790,184      606,522 

♦After   deducting   freight   to   New   York,   refining  cost,  etc. 
'"After    appropriating    $228,999    for    depreciation    fund. 


to  Sioo) . . 

.  $13,500,000 

Earned  on 

Surplus. 

Stock. 

$683,535 

2.22% 

833-4I9 

2.12% 

1  p554>875 

5.28% 

2,547,739 

'3-4% 

2,75  5,75° 

>l-77c 

2.455,181 

2.  oj', 

DIVIDENDS. 


1 1 H  >2 
O 


I903 
1% 


I904 
o 


1905 

o 


1906 

12% 


1907 
12% 


I908 

4% 


LOW  AND  HIGH  PRICES. 

Tins  stock  was  not  traded  in  on  the  New  York  Stock  Exchange,  prior  to  1907     It  sold  in  thai 
year  at   [31,  Jan..  and  down  to  60.  Oct.     In  1908  the  range  has  been,  low,  78:,\  Jan.:  high,  icx)i,  July. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


\'.i\ . 


3 Election    Day. 

4 994-101 

5 IOli-IOli 

6 io2i-io3i 


9 io4JL-io5i 

10 104  -104 

11 109  -109 


Nov.     12 -..-....  I  Nov. 

'3 -•••• 

14 -•••• 

in 109  -109 

'7 -•••• 

18 [o8$-io8j 

19 1 07  - 1 07 

20 

21 106  -106J- 1 


24 107  -108 

25  ■■••• -•-.. 

26.  . .  .Thanksgiving    Day. 

2/ -.. 

28 -.. 

30 -.. 


LOW  AND  HIGH  PRICES,  BY  DAYS.  DECEMBER,  1908. 


1  . 
2. 

3- 
4- 

5- 
/  • 
8. 


106  -106 


10 105^-105^ 


Dec.     n 105  -105* 


12. 
14- 


15 io3  "I04i 

16 -.... 

17 1031-103* 

18 -.... 

19 -••-■ 

21 


Dec.     22 -.  .  . . 

23 -•••• 

24 106  -107 

25 Christmas  Day. 

26 Extra    Holiday. 

28 106  -106 

"        29 -.... 

"        30 -.... 

"        3i -••.. 


GIBSON'S     MANUAL  151 


REMARKS. 

Net  cost  of  the  copper  smelted  in  1907  was  reported  at  10.14  cents  a  pound,  against  8.35  cents  the 
previous  year.  Strikes  in  the  Columbia  coal  fields  in  1907,  and  a  coke  shortage  increased  expenses  materi- 
ally.    In  1908,  the  cost  of  copper  produced  was  10.24  cents  a  pound. 

The  company  has  a  large  quantity  of  ore  in  sight  and  contemplates  an  increase  of  smelting  capacity 
at  an  early  date. 

Total  tonnage  of  Granby  and  foreign  ore  in  this  fiscal  year  of  1908  was  882,611  dry  tuns  against 
1105,915  tons  the  previous  year.  Copper  production,  21,126,926  tons  against  16,403,497  the  year  before. 
While  the  tonnage  was  larger,  the  price  of  copper  was  much  lower. 

Officers:  President,  J.  Langeloth;  Vice-President  and  General  Manager,  Jay  P.  Graves;  Treasurer, 
G.  W.  Wooster;  Secretary,  Northrup  Fowler.  Directors:  George  Crawford  Clark,  George  Crawford 
Clark,  Jr..  Jay  P.  Graves,  H.  L.  Higginson,  B.  Hochschild,  Arthur  C.  James,  J.  Langeloth,  George  Martin 
Luther,  W'iliam  A.  Nash,  Wm.  H.  Nichols,  W.  H.  Robinson,  Sanford  H.  Steele,  Edwin  Thome,  A  L. 
White,  and  Payne  Whitney. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Tuesday  in  October,  New  York.  Directors  meet 
first  Tuesday  of  each  month.  Main  office,  Grand  Forks,  B.  C.  Xew  York  office,  52  Broadway.  Traded  in 
on  the  Xew  York  Stock  Exchange  (Listed  Department),  and  on  the  Boston  Stock  Exchange. 


i52  GIBSON'S     MANUAL 


Great  Northern  Iron  Ore  Properties 

The  iron  ore  deposits  belonging  to  The  Great  Northern  Railway  and  situated  in  Minnesota 
were  held  for  its  benefit  by  The  Lake  Superior  Co.,  Ltd.  They  underlie  an  area  of  65,091  acres.  In 
October,  1906,  39,296  acres  were  leased  to  The  Great  Western  Mining  Co.,  in  behalf  of  The  United 
State  Steel  Corporation,  which  guaranteed  the  lease.  The  conditions  permit  the  lessee  to  terminate 
the  arrangement,  Jan.  1,  1915,  or  to  continue  the  lease  until  the  ore  is  exhausted.  Other  parts  of  the 
properties    are    leased   to   other   parties. 

Experts  estimate  the  total  amount  of  ore  at  400,000,000  to  600,000,000  tons,  but  J.  J.  Hill  believes 
that  the  total  is  nearer  to  1,000,000,000  tons. 

The  Steel  Corporation  agreed  to  pay  a  royalty  of  $1.65  per  ton  of  standard  ore,  containing  59 
per  cent,  of  metallic  iron,  the  royalty  to  be  increased  3.4  cents  a  ton  each  year  and  to  take  out  750,000 
tons  in  1907,  increasing  the  amount  750,000  tons  a  year  until  a  maximum  production  of  8,250,000  tons 
a  year  is  reached.  The  minimum  payment  for  1907  for  49  per  cent,  ore  was  fixed  at  $1,168  per  ton 
and  for  66  per  cent,  ore  $1.9874,  royalties  to  be  graded  according  to  richness  of  the  ore  and  all  royal- 
ties to  be  increased  3.4  cents  a  year. 

For  the  purpose  of  the  lease  to  United  States  Steel,  the  ore  properties  were  transferred  to  trus- 
tees, to  be  held  in  trust  for  the  benefit  of  such  persons  as  were  stockholders  of  record  of  Great  North- 
ern Railway,  Dec.  6,  1906;  and  certificates  of  beneficial  interest  in  the  proceeds  and  profits  of  Great 
Northern  Ore  Properties  were  issued  to  those  stockholders,  equal  in  number  to  the  number  of  shares 
each  one  held  in  Great  Northern  Railways.  The  company  announced  that  the  profits,  after  deducting 
the  cost  of  freighting  to  the  upper  lake  docks,  would  be  divided  at  least  once  a  year  among  the  hold- 
ers of  the  Ore  certificates. 

Number  of  shares,  no  par  value  stated   (1,500,000  authorized),  1,495.720. 

EARNINGS. 

Xo  reports  are  published  on  this  subject. 

DIVIDENDS. 

$1  per  share  was  paid  Sept.  16,  1907.  On  March  16,  1908,  $1  per  share.  No  dividend  has  since 
been  declared. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1906. 
1906 1907 1908 

7of  Dec.                        38  Nov.                        48^  Jan. 
85_Dec. 85  Jan. 75$  Nov. 

The  stock  was  first  traded  in  on  the  New  York  Stock  Exchange,  December  6,  1906,  to  be  bought 
and  sold  at  dollars  and  cents  a  share,  but  had  been  traded  in  at  the  curb  market  as  early  as  November 
23,  at  86*  to  88,  and  had  sold  as  high  as  92L 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1906. 

1906  1907  1908  


Jan.   .  . 
Feb. 
March 
April   . 
May    . 
June    . 
July    ., 
Aug.    . 
Sept.    , 
Oct.    . 
Nov.    . 
Dec.   . 


....... 

73  -85 

48*-555 

....... 

69-78 

50  -53 

....... 

50  -72I 

5i*-59i 

....... 

56i-64 

55i-59i 

....... 

49^-63 

57§-63f 

....... 

49S-57* 

57£-62f 

....... 

55  -6i| 

58i-69 

....... 

44  -56J 

65i-68* 

....... 

52  -58* 

52*-67| 

....... 

37  -52J 

571-63 

....... 

38  -44* 

63  -75i 

7of-85 

435-5ii 

70  -74% 

GIBSON'S     MANUAL 


153 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.     2 63  -65 

3 Election  Dav. 

65  -66| 

66-67 

67 

72  -73i 

7i5-73 

10 7H-72i 

11 70  -71  £ 


723 


Nov. 


12. 

13- 

14. 

16. 

17- 

18. 
19. 
20. 
21 . 


70  -71 f 
71 1-7  Si 
73i-75 

73  -74 

74  -75 
73i"74l 
73i-74i 
7ii-73i 
7if-73 


Nov.   23 

"      24 


72-73 

7-^-74 

74  -74* 

tb Thanksgiving  Day. 

74  -74i 

74  -74* 


28. 
30- 


72i-74 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


1. 
2. 

3- 
4- 
5- 
7- 
8. 

9- 
10. 


72f-73 
7^h7.3i 

72  -74! 

73l-74i 

73  -74 

73  -74 
73  -74 
73i-73f 
73  -73i 


Dec. 


11 . 
12. 
14- 

15- 
16. 

i7- 
18. 

19. 

21 . 


73  -73l 
72|-73f 
7-1-731 
7ii-72| 

72*-73i 

7ii-73i 

71  -72 

71  -72i 
7"  -7i4 


Dec.    22 70^-72} 

"     23 73-74 

24 72|-73l 

"       25 Christmas  Day. 

26 Extra    Holiday. 

"      28 

"      29 

"      30 

"      3i 


73  -732 

73i-74 

72j-73i 

72f-73i 


MARKET    MOVEMENTS  OF    GREAT  NORTHERN  ORE  FROM   1906  TO   1908,  INCLUSIVE. 


_fi 

l<JOfe      I907 

1908 

1 

8? 

] 

«C 

1 

JJ 

T 

JZ< 

1 

JU 

I 

| 

12 

' 

I 

JU 

bi 

A_ 

_& 

61 

1 

60 

I 

Ji 

j 

£ 

Jk 

1 

-^ 

II 

Ji 

J 

-5a 

[ 

HI 

-% 

Jta 

1 

jh 

iifl 

_51 

Ji! 

REMARKS. 

The  first  dividend  of  $1  a  share  in  1907  was  not  earned  under  the  lease  to  United  States  Steel, 
which  had  not  begun  to  move  any  ore.     The  money  was  already  in  hand  and  was  therefore  divided. 

Offices  and  Officers:  See  Great  Northern  Railway.  Trustees,  Louis  W.  Hill,  James  N  Hill, 
Walter  J.  Hill  and  E.  T.  Nichols. 

Fiscal  year  ends  Dec.  7th.     Traded  in  on  the  New  York  Stock  Exchange  (Unlisted  Department). 


154  GIBSON'S     MANUAL 


Great  Northern  Railway 


Bonded   indebtedness  June  30,    1908    (less    $28,441,970    bonds 

held  in  the  treasury $331,966,848 

Preferred  stock 209,962,750 

Common    stock     ($20,000,000    originally    authorized,    but    none 

issued,  and  right  to  issue  formally  surrendered  in  1898) 

Total  capital    $541,929,598 

Mileage  6.362 

Per  mile  capitalization   *$57>378 

Fixed  charges.  1908.  per  cent,  of  net  income   33-24 

Operating  expense,  per  cent,  of  gross,  new   basis 66.43 


♦Ascertained  after  deducting  from  total  capitalization  the  large  mas*   of  "securities  owned"  by   this  company. 


EARNINGS  OF  THE  SYSTEM. 

Xet  P.  C. 

Year  ending  Gross  Net  Income,  of  Gross  **Earned  on 

June  30.  Op.  Rev.  less  Taxes.  Inc.          Surplus.  Stock. 

1900   $31,099,057  $16,314,018  48.9         $4,511,548  94  7" 

1901    30.564-387  13-887,779  43-1           6,422,658  7.     % 

1902   38,858,513  20,015.946  48.9         11,079,101  10.4% 

1903   42,137.690  21,049.390  48.4         15,040,932  10.3    Jo 

1904  41,414.804  19.942,534  47.1         17,950,571  9.9% 

1905   45,032,085  22,703.768  48.7        22,767,569  1 1.5  fo 

1906  53,076,661  25,809.818  47.3         27,603,558  10.3  % 

*I907   56,267,137  23,953.017  40.           28,029,308  9.1% 

*ioo8   54,429,633  20,164,476  35.8       t27.191.800  6.16% 


*Inter-State  Commerce  classification. 

**After  appropriations   for   improvement   and   replacement  of  equipment. 

fAnd   in   addition    thereto,    insurance,    improvement   and  depreciation  funds  to  the  amount  of  $19,911,386. 


LATEST  REPORT. 

Farnings  for  seven  months  to  Jan.  31,  1909,  compared  with  the  same  period  in  1907,  were: 

Gross.  Net. 

1908 S33,535.54i $13,873,803 

1007 37,579.657  14.327.707 


DIVIDENDS. 

1900    1901     1902    1903    1904   1905    1906    1907    1908 
7%    7\Jo  7  %  7%    7%  7%  7%  7  %  7  Jo 


GIBSON'S     MANUAL 


155 


LOW  AND  HIGH  PRICES,  BY    YEARS,    SINCE    1900. 

1900 

1901                1902              1903              1904               1905              1906 

1907 

1908 

144}  June 
191^  Dec. 

1674  May      i8i£Mch.      160  Oct.      170     Mch.      236  Jan.      ^178  Dec. 
208    Mcli.     203    Dec.       209  Jan.      242^   Dec.       335  Apl.        348  Feb. 

1074  Oct. 
1893  Jan. 

113^  Feb. 
148*,  Dec. 

*Ex-ore  certificates,   December,   1906. 


LOW  AND  HIGH  PRICES,  BY   MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mar. 


Apl. 


May 


1900 166-174^  156  -161  i  156-166]  157-168 

1901   188  -200  189  -194^  n)4  -208  179  -203I 

1902 183-191  183-1-190!  181^-187  184J-1875 

1903 2005-209  200  -203  200  -200  190  -190 

1904 177  -177 170-186  173-180 

1905 236-254  250-300  290-310  -'70-335 

1906 283  -326J  3054-348  3081-327  282  -327  i 

1907 164-189!  159  -1713  126-163^  129J-141.', 

1908 115I-125:}  1133-121I  117  -124I  121I-129I 

July  Aug.  Sept.  Oct. 

1900 150-154!  I5i*i53i 

1901  172  -186  173  -188 

1902 i86§-i95  191  -198 

1903 r73  -190  165  -175 

1904 175  -180 

1905 281  -294^  287  -326 

1906 275  -298}  293I-334 

1907 130-1385  114  -133} 

1008 131  -!372  135  -140 


150  - 
■67; 
182  ■ 
188I 

175  ■ 
265  ■ 

275 
123 

125I 


157* 
191 1 
186 
1894 

175 

296 

■138* 

1341- 


Nov. 


M9H53* 

179  -189-J 

190  -202] 
170  -170 

3ui-327f 
324  -341 
1231-132 

125^-139* 


I49j-i66i 
183  -196J 

182  -195 

160  -175 

185  -195 

3U  -327* 

314  -338] 

107H3U 
129I-134J 


161A-183 
192^-2021 
182  -189 
168  -168 
196  -230 
264  -315 
3i4  -333* 
109  -1 i6§ 

133   "Hit 


*Ex-ore  certificates. 


June 


1441-158 
1S4  [-187 

184  -I9<>S 


278  -284 

278J-309 
122    -132-i 
I28J-I34J 


Dec. 


I77i-i9i| 
181  -192 
186  -203 

216  -2424 
268  -292 
^178  -320 

II2§-I22j 
139   -1481 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.     2 

"        3 

"        4 

5 
6 

"       7 
"       9 

10 
-      n 


133  -I34J 
Election  Day. 

I34f-i36§ 

136J-1 374 
136  -1 37 4 
138  -139I 
1391-140! 

139H4041 
i37l-i39i 


Nov.  T2. 

"  [3- 

"  14- 

'•  16. 

"   17- 

"   18. 

19. 

20. 

"  21. 


i38i-i39i 
139  -140! 

139J-141 

I39l-i4i4 

1405-141! 

i394-i4ii 
I38t-i39f 
1374-1392 

i37i-i3«il 


Nov.  23 
"   24 


i36!-i38s 

I374-I398 

••••  139  "Hoi 

26 1  hanksgiving  Day. 

27 '  i394-i4oi 

2& i4o4-i4i§ 

30 1394-141* 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


1 . 
2. 

3- 

4- 
5- 
7- 

8. 

9- 

10. 


1394-1404 
1394-141! 
139  -142I 

1424-145I 

143  -H4t 

143  -1434 
1434-144 

144  -1443 
U34-i44$ 


Dec. 


11 . 
12. 
14- 

15- 
16. 

17- 
18. 
19. 

21 . 


I42f-i444 
1423-1433 
I43i-i45f 
I43f-i454 
145  -1454 
H34-I45I 
143  -144! 
[434-1444 
1411-144 


Dec.    22 1424-1443 

23 144I-145I 

24 I45i-I464 

25 Christmas  Day. 

26 Extra   Holiday. 

"      28 1464-147! 

29 1461-1481 

30 1464-1475 

"      3i 1464-147* 


1 56 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  GREAT  NORTHERN  PREFERRED.  FROM  1900  TO  1908. 
INCLUSIVE.     (MINOR  TURNS  DISREGARDED.) 


26,  1906,  Great   Northern,  pfd.,  sold  down  to  178,  ex-Great  Northern  Ore  certificates. 


REMARKS. 

The  growth  of  the  Great  Northern  System  has  been  one  of  the  marvels  of  development  in  the 
Northwest.  The  company  occupies  a  strong  financial  position  and  has  been  able  to  make  liberal  ex- 
penditures annually  for  improvements,  new  equipment  and  maintenance.    In  1890  it  leased  the  St.  Paul, 


GIBSON'S     MANUAL  157 


Minneapolis  &  Manitoba  Railway  for  999  years,  and  controlled  or  leased   fifteen  small   roads,   which 
have  now  been  merged  with  the  senior  company,  by  vote  of  Oct.  10,  1907. 

In  the  fiscal  year  of  1907,  reduction  in  rates,  some  of  them  voluntary,  some  of  them  forced  on 
the  company,   cost  the  company   a   reduction   in   net  earnings  of  about  $1,000,000. 
April,   1908,  Union  Pacific  owned  $12,650,960  of  Great  Northern  stock. 

In  January,  1907,  stockholders  subscribed  for  $60,000,000  new  stock  at  par,  payable  in  install- 
ments to  April,  1908,  the  proceeds  to  apply  on  additional  equipment  and  extensions  and  the  purchase 
of  securities  of  subsidiary  companies. 

Tuly  11,  1908,  the  District  Court  of  Minnesota  at  St.  Paul  decided  the  suit,  brought  by  the  state 
to  compel  Great  Northern  to  pay  a  tax  of  4  per  cent,  of  gross  earnings  for  1905.  The  company  vol- 
untarily paid  3  per  cent,  and  held  that  it  was  exempt  from  farther  taxation  by  the  original  terri- 
torial charter  of  the  Minnesota  &  Pacific  Railroad  in  1857.  The  Court  held  that  the  limitation  did  not 
apply  to  any  of  the  branch  lines,  built  since  1857.     The  amount  involved  was  $120,737. 

Securities  owned  by  Great  Northern,  June  30,  1908,  amounted  to  $176,889,227,  of  which  $109,- 
114,309  represents  Great  Northern's  half  interest  in  1,076,130  shares  of  Chicago,  Burlington  &  Quincy 
stock. 

The  total  capitalization  has  increased  from  about  $230,000,000  in  1901  to  $541,929,598  in  1908. 

Passenger  travel  has  expanded  since  the  compulsory  reduction  of  rates  from  3  to  2  cents  a 
mile  in  Minnesota,  but  not  sufficiently  to  offset  the  loss  of  revenue.  In  the  year  ending  June  30, 
1908,  local  passenger  earnings  in  Minnesota  were  $794,591  less  than  they  would  have  been  under  the 
old  rates  and  the  earnings  from  inter-state  passengers  were  $689,383  less.  In  fact,  the  total  revenue 
from  passenger  travel  has  decreased  in  each  one  of  the  States  which,  by  legislative  enactment,  lias 
reduced  local   fares  below  the  3-cent  basis. 

Dec.  24,  1908,  the  State  Court  of  Last  Resort  in  Minnesota  decided  that  the  law  of  1904,  increas- 
ing the  State  tax  on  gross  earnings  from  3  to  4  per  cent.,  was  valid  as  to  all  the  lines  of  the  State,  includ- 
ing those  under  territorial  charters,  by  which  it  was  claimed  taxation  was  perpetually  limited  to  a  lower 
rate.    The  amount  of  back  taxes  involved  was  about  $500,000. 

Officers:  President,  Louis  W.  Hill;  Chairman,  J.  J.  Hill;  Secretary  and  Third  Vice-President, 
E.  T.  Nichols;  Treasurer,  E.  Sawyer.  Directors:  Robert  I.  Farrington,  Edward  Sawyer,  William  R. 
Begg,  Henry  W.  Cannon,  William  B.  Dean,  Samuel  Thome,  Frederick  YVeyerhauser,  and  Louis  W. 
Hill. 

Fiscal  year  ends  June  30th.  Annual  meeting,  second  Thursday  of  October,  New  York.  Direc- 
tors meet  on  call.  Main  office,  St.  Paul,  Minn.  New  York  office,  32  Nassau  Street.  Traded  in  on 
the  New  York  Stock  Exchange   (Listed  Department). 


ts8 


GIBSON'S     MANUAL 


Green  Bay  C&  Western  Railroad 

A   debentures,  Dee.  31,  1907,  5  per  cent,    non-cumulative    $600,000 

B    debentures,   non-cumulative   after   stuck,    but    entitled    to    all 

earnings  after  5  per  cent,  on  tbe  other   two  issues 7,000.000 

Capital   stock    2,500,000 

Total  capital    ' $10,100,000 

Mileage  226 

Per  mile  capitalization $44,690 

Fixed  charges,  1907,  per  cent,  of  net  income None   except  taxes. 

Operating  expense,  per  cent,  of  gross 66.3 


EARNINGS. 
Year  ending 

Dec.  31.  Gross.                     Net. 

1901  $527,31^      $172,010 

!9Q2  502,354       U9.523 

1903  579.595       208,289 

1904  592.397       205,586 

!905  586,420       191.913 

1906  636,121       215,895 

1907  666,838       224.578 

After   deducting   sums   set    aside  for  general   improvements. 


*Earned  on 

Surplus. 

Stock. 

$151,912 

5.11% 

53.434 

5-02% 

I7I.723 

3-76% 

58,309 

5-42% 

65,223 

5.28% 

71,117 

5-23% 

85.693 

5-58% 

DIVIDENDS. 


A  debentures.  . 

Stock    

B   debentures.  . 


1900 

2i% 

o 


1 90 1 

3% 
3% 
o 


1902 

4% 
4% 
o 


!903 

4% 
4% 
o 


1904 

4% 
4% 
o 


T9°5 

5% 
5% 
o 


1906 

5% 

5% 
o 


1907 

5% 
5% 
o 


1908 

5% 

5% 


LOW  AND  HIGH  PRICES,  BY    YEARS,    SINCE    1900. 


1900 


1901 


1902 


1903 


1904 


1905 


mni 


1907 


1908 


A  debentures. . 5354  Mch. 

66   Dec. 
Stock 40   Nov. 

49;  8  Dec. 

B  debentures..    5*4  Sept. 

8yi  Dec. 


65  Apl. 
6754  Feb. 
50  Feb. 
595-4  Apl. 
7'A  Jan. 

11  y2  Api. 


70 
90 

75 

90 

9 


Jan.  73 

May  85 

Jan.  76 

May  76 

Jan.  10 


29K'  Oct. 


Dec. 
Jan. 
Oct. 
Oct. 
Aug. 
271/2  Jan. 


70  Aug. 
86J/  Nov. 
82  Dec. 
82  Dec. 
11  June 
20^4  Nov. 


83 
90 


Feb. 
Jan. 


8iV2  Dec. 
92J4  Jan. 


17       May     Ii-H  Oct. 
24^  June   23I/2  Jan. 


75 
75 
7i 
71 


Oct. 
Oct. 
Apl. 

Apl. 


5**  Oct. 
14H  Jan. 


71 
84 


Mch. 
Nov. 


8      Jan. 
17I/2  Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


2. 

3- 

4- 
5  • 
6. 

7- 

0. 

10. 

11 . 


Deb.  A.     Deb.  B. 
Election  Day. 


14  -14 


Nov.    12. 

13- 

"       14- 
"       16. 


Deb.  A.     Deb.  B. 


-...      16  -16I 

17 -.  ..     16  -i6| 

18 84  -84       16  -16 

19 -■•■     I5f-i5f 

20 - -. . . 

21 - 


Nov. 


23... 
24. .. 
25 . . . 
26... 

27.  . . 

.     Tl 

Deb.  A.     Deb.  B. 

......      15  -15] 

......      15  -15 

anksgiving  Day. 

28 
30... 

......      15  -15 

GIBSON'S     MANUAL 


159 


Dec. 


3 

4 

s 

7 
8 

9 

10 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Deb 


A.     Deb.  B. 
15  -15? 

IS  -isl 

i4l-i5i 

i5i-i5l 

i6J-i6i 

iof-17 

1 6-}-i  6* 

16J-17 


Nl 


1 1 
12 
14 
15 
16 

<7 
18 

19 
21 


Deb.  A.     Deb.  B. 
.......      16-16 

.......      16-16 

.......     i6i-i-i 

Christmas  Day. 

Extra  Holiday. 


16J-17 


rhese  securities  are  extremely   inactive  at  the  Stock  Exchange. 


REMARKS. 

(  )ii  this  little  road  there  are  no  fixed  charges  nor  can  any  bonds  be  issued  without  the  consent 
of  ~$  per  cent,  of  the  stock. 

Officers:  President,  S.  S.  Palmer:  Secretary  and  Treasurer,  Mark  T.  Cox,  New  York:  General 
Manager.  J.  A.  Jordan.     Directors,  In  addition  to  the  foregoing.  C.  Ledyard  Blair  and  \Y.  J.  Wilson. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  second  Thursday  in  March,  Green  Bay.  Wis. 
Main  office,  Green  Bay.  New  York  office,  40  Wrall  Street.  Traded  in  on  the  New  York  Stock  Ex- 
change  (Listed   Department). 


i6o 


GIBSON'S     MANUAL 


Havana  Electric  Railway 


Incorporated  in  New  Jersey,  Jan.  6.  1899,  lo  acquire  The  Havana  City  Railway  &  Omnibus 
Co.  in  Cuba.  The  company  is  in  possession  of  a  franchise,  which  will  not  expire  until  1958,  and 
which  permits  it  to  carry  freight  over  part  of  the  system.  It  operates  55  miles  of  trolley  railroad 
and  a  number  of  stage  lines.     Cars  are  built  and  repaired  at  its  own  shop. 

I'.onded  indebtedness,  Dec.  31,  1907 $8,972,561 

['referred  stock,  6  per  cent,  non-cumulative    7,500,000 

Common    stock    5,000,000 


Total  capital    $21,472,561 

Mileage 55 

Per  mile  capitalization   (which,  however,  includes  cost  of  stage 

!'nes)     $390,502 

Fixed  charges,  1907,  per  cent,  of  net  income    48.3 

Operating  expense,  per  cent,  of  gross 57.5 

EARNINGS. 

Year  ending  Dec.  31.  Gross. 

1902  $864,865 

1903  1 ,103,098 

1904  1 ,270,625 

1905  1,542,870 

1906  1,919,103 

J907  2,143,122 

1908  2,276,807 

After  deducting  sums  set  aside  for  sinking  fund  on  bonds. 


Net. 

♦Surplus. 

$312,843 

445,328 

$545 

545,8/9 

138,153 

766,817 

509,074 

664,730 

128,742 

911,161 

241,796 

■030.383 

442,763 

DIVIDENDS. 


Preferred 
O  immon 


1900 
o 
o 


1901 
o 
o 


1902 
o 
o 


1903 

o 
o 


1904 

o 
o 


1905 

o 

o 


1906 

3% 
o 


1907 

5% 
o 


1908 

6% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1905. 


1905 


1906 


1907 


1908 


Preferred    50     June  TJ\   Ian.  72     Apl.  70  Jan. 

82     Dec.  97!  May  86§  Jan.  84  Dec. 

Common    15     Apl.  33^  Jan.  24^  Oct.  20  Mch. 

38!  Dec.  53     Aug.  47    Jan. 40  Dec. 

These  securities  were  admitted  in  the  New  York  Stock  Exchange  in  April,  1905. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.  Com.    I 

Nov.     2 -...     32I-32J  Nov. 

3 Election  Day.  " 

"         4 - --..  " 

"        5 - -..•  " 

6 - " 

7 -•••     32.I-32.I 

9 -•••     32  -32*  " 

"       10 -...     32  -32*;  " 

•       11 -■■■     32i-32}  " 


12. . . . 
13.... 
14.... 
16.... 
17.... 
18.... 
19.... 
20. . . . 
21 


Pfd. 


Com.    I 
32^-32}  Nov. 


32|-33i 
33i-34 


34  -35 
34i-34l 


Pfd. 


Com. 


23 " -• 

24 - "•• 

25 " -•■ 

26 Thanksgiving  Day. 

27 " -• 

28 - -... 

30 - "... 


GIBSON'S     MANUAL 


161 


Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 


8.... 

9 

10 


Com. 


3 84  -84      34  -34 

4 - "••■ 

5 - -■■■ 


34  -34 

341-343 


Dec.  11. 

"  12. 

"  14. 

"  is- 

"  16. 

"  17- 

"  18. 

"  19- 

"  21. 


Pfd. 


84 


84 


Com. 


34^-34i 
34f-35i 
35f-3&* 

37i-37i 


36^-37 


Dec. 

22 

23 

24 

25 

26 

28 

29 

30 

3i 

Pfd.  Com. 

.......     36!-363 

•••-•■•     37  -37 
.......     38}-38^ 

Christmas  Day. 
Extra  Holiday. 
.......      38-38! 

.......     381-39 

.......     39J-40 

•••-•••     39i-39^ 


REMARKS. 

The  track  mile  earnings  of  this  company  in  1907  were  $36,000  and  it  is  considered  that  addi- 
tional mileage  will  soon  be  required  to  handle  the  increased  traffic.  The  company  has  improved  its 
track,  power  plant  and  rolling  stock  and  introduced  various  other  betterments. 

No  securities  are  owned  by  the  company  other  than  $165,977  °f  'ts  own  issues. 

An  initial  dividend  of  I  per  cent,  on  the  common  stock  was  paid  in  December,  1908. 

Officers:  President,  Warren  Bicknell,  Cleveland,  O. ;  Vice-President,  David  T.  Davis;  Secre- 
tary and  Treasurer,  H.  Kraemer.  Directors:  Carlos  dc  Zaldo,  Frank  Steinhart,  James  Rattray,  Hein- 
rich  Runken,  Robert  Mather,  Walter  G.  Oakman,  Warren  Bicknell,  David  T.  Davis,  and  Antonio 
San  Miguel. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  last  Tuesday  in  February,  Jersey  City.  Directors 
meet,  second  Wednesday  in  each  month.  New  York  office,  52  Broadway.  Traded  in  on  the  New 
York  Stock  Exchange  (Listed  Department). 


162  GIBSON'S     MANUAL 


Hocking  Valley  Railway 

Bonded  indebtedness,  June  30,  1908 $23,621,000 

Preferred  stock,  4  per  cent.,  non-cumulative,  but  shares  equal- 
ly with  common  after  4  is  paid  on  both,  preferred  as  as- 
sets      1 5,000,000 

<  '  nnmon  stock  1 1,000,000 

Total  capital    $49,621,000 

x  I  ileage 347 

Per   mile    capitalization 8143,000 

Fixed   charges,    1908,    including  taxes,   per  cent,  of  net  income..  54-66 
Operating  expense,  including  taxes,  per    cent,    of    gross,    new 

basis    *73-74 


*On  the  old  basis,  in  1907,  the  percentage  was  68.19. 


EARNINGS 

Xet   P.  C. 

of  Gross 

F.arned  on 

**Net  Income. 

Inc. 

Surplus. 

common. 

$2,071,447 

43-9 

$938,983 

7-097o 

2,342.056 

48.6 

1,579,647 

7.62% 

2>59I,74o 

44-5 

2.306,563 

10.     % 

2,898,033 

43- 

3,230.300 

1 1.4  % 

2,423.765 

38.58 

3.703.888 

7-58% 

2,428.033 

37-37 

4.I33.876 

7-52% 

2,716.072 

39-4 

4,721.99! 

9.85% 

2,642.675 

35-9 

4783.931 

6-43% 

2.514.282 

36.8 

4,709,982 

6.02% 

Year  ending  Gross 

June  30.  Op.  Rev. 

1900    $4,417,266 

1901     4,653,258 

1902    5.316,522 

1903    6,049,698 

1904  5.725483 

1905  6,013,214 

1906  6.439,809 

:;:i907  6.907,048 

*i9°8  5.84L763 

*Inter-State  Commerce  classification. 
**Taxes  being  charged  to  operating  expense. 

LATEST  REPORT. 

Earnings  for  seven  months  ending  Jan.  31,  1909,  compared  with  the  same  period  last  year,  were: 

Gross.  Net. 

1908 $3,857,692     $1,296,237 

i9°7 4,047.548  1,294,258 

DIVIDENDS. 

1900   1901  1902   1903   1904  1905  1906   1907   [908 

Preferred    ....       3i%      4%      4%       4%       4%      4%      4%        4%        4% 
Common    ....  o         \\<?o      3%        3%        3%       3%       3%         Zl%      4% 

LOW  AND  HIGH  PRICES,  BY    YEARS,    SINCE    1900. 


190a 

1901 

1902 

1903 

!■>■., 

1905 

1906 

IQ07 

1908 

Preferred 
Common 

...58      Jan. 

74)4  Dec. 
■  ■■30lA  Jan. 

42%  Dec. 

69J4  Jan. 
88^  Dec. 
41      Jan. 
75I/2  Dec. 

81%  Jan. 

98^  Dec. 
66      Jan. 
106     Aug. 

77      Oct. 
99^4  Mch. 
63       Scot. 
106Vz  Feb. 

77 
95 
60 
94 

Mch. 
Dec. 
May 
Dec. 

90      Jan. 

97'4  Nov. 

86ys  Jan. 

I2IJ4  Dec. 

92^'  Nov. 
ggii  June 

113J-S  1  eb. 

135       Apl. 

64 

94 

63 

"5 

Nov. 

Jan. 

Nov. 
Jan. 

69       Mch. 

93      Dec. 

62       Feb. 

Dec. 

GIBSON'S     MANUAL 

163 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan.                    Feb.                    Mar.                   Apl.                  May 

June 

1900 Pfd. 

Com. 

1901 Pfd. 

Com. 

1902 Pfd. 

Com. 

1903 Pfd. 

Com. 

1904 Pfd. 

Com. 

1905 Pfd. 

Com. 

1906 Pfd. 

Com. 

1907 Pfd. 

Com. 

1908 Pfd. 

Com. 

1900 Pfd. 

Com. 

1901 Pfd. 

Com. 

1902 Pfd. 

Com. 

1903 Pfd. 

Com. 

1904 Pfd. 

Com. 

1905 Pfd. 

Com. 

1906 Pfd. 

Com. 

1907 Pfd. 

Com. 

1908 Pfd. 

Com. 


58  -  62}  60J-  644  62-J-  67I  65J-  67J  63J-  67I 

3°*-  34*  33b  344  32  -38  37  -  4*4  36*  -40* 

69J-  72I  71  -  76  73i-  J7i  74  -  764  7°  -  80 

41  -  45*  43i-  49!  47i-  55l  49  -  55*  4°h  57 

81  i-  842  823-  85i  83  -  86|  87I-  92I  89  -  924 

66  -  71 1  66.1-  694  67|-  734  734-  854  79  -  88 

95*"  98!  97  -  99  96J-  994  92h  96*  92h  96* 

964-105$  ioof-1064  99  -104I  944-1014  95  -105 

83$-  85  80  -  85  77  -  81&  8o|-  81  77  -  80ft 

72  -  77I  70  -  76*  74  -  74J  68  -  72%  60  -  67! 

90  -  93*  90J-  924  9i|-  964  924"  95  91!"  923 
86f-  91  89-93  9i  I-  99  92-96  87  -  90] 
94i-  95*  94  -  95i  934"  965  94'.-  98!  93  -  984 

ii4i-H9  II34-II5  113I-124  124  -135  123  -130J 

874-  94  874-  90  834-  91  84  -  85  834-  834 

115  -115  - 80-80  - - 

70-80  70-704  69-69  75-75  85  -  85 

68  -  75  62  -  69  634-  73  69  -  77  744-  90 

July  Aug.                   Sept.                  Oct.                 Nov. 

61  -  64  61  f-  634  594-  63!  624-  654  634-  72f 

34  -  35*  344-  354  3oJ-  344  3H-  38!  35*-  4o| 

73  -  76f  73*"  7<5£  73  -  7&>  73h  77  -fib-  82 
49  "  54  485-  53*  49*-  55  5if-  &\  56  -  644 
893-  93  9i4-  974  90  -  94i  88  -  924  88  -  94* 
843-  96  93*-io6  934-103  88  -  984  874-  99} 
80  -  92  79  -  834  794-  8o4  77  -  82f  80  -  84! 
71-944  65S-  72  63-69  664-  724  694-  74! 
804-  82!  80  -  91  87  -  90  88  -904  88  -  91] 
64  -684  68  -  844  77  -  843  804-  83  80-864 
92f-  93*  91*-  944  92  -  93  9J4"  94  93  -  974 

91  -  91  914-  934  90  -  92f  92  -  93*  934-"94 
94f-  954  96  -  98  93*-  95  93f-  95  924-  944 

126-126?,  .........  ii84-ii84  .........  123-123 

....-...:  83-83  774-  80  654-  80  64  -  704 

••••- -•■•■  .........  74-74  63-65 

.........  81-844                  83                      85  88  -  894 

85  -  884  85  -  87  82  -  85                  85  00  -  95 


63I-  674 
324-  384 
764-  794 
534-  553 
90  -  93 
82f-  873- 

90  -  95 

91  -1004 

79  -  834 
61  -  674 

924-  95* 

90  -  93 

95*-  992 
121  -134 

834-  834 

82  -  82 
82  -  88 

Dec. 


70f-  743 
384-  424 

%o\-  884 

6o4-  754 
93  -  983 
95  -102 

834-  m 
71  -  74J 
903-  95 

86  -  94 

924-  95  £ 

1124-1214 

934-  94 

69I-  70 
66  -  66 

90  -  93 
97  -104* 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


N01 


Pfd. 


Com. 


3- 

4- 
5- 
6. 

7- 

9- 

to. 
11 . 


Election  Daw 


S8  -88 


90  -90 


95  -95 


Pfd. 

Nov.    23 -. . . 

"      24 88  -88 

25- 


Com. 


26 Thanksgiving  Day. 

27 89  -894     924-924 

28 - -... 

30 - -... 


Dec.        1 . 
2 

"        3- 

"        4- 
5- 

it  *- 

/  • 
8. 

9- 

"      10. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 


Com. 


90  -90  ....... 

.......  07-97 

904-90*  984-98* 

.......  993-993 

.......  993-993 


Dec. 


11 
12 
14 

15 
16 

17 
18 

19 
21 


Pfd. 
92  -92 


Com. 
1024-103 
1 024- 1 024 
1 04^-1044 
104  -104 


ioo^-iooi 


92  -92 


Dec. 


22. . 

23- • 
24.. 

25- • 

26... 

28.. 

29.. 

30.. 

3i-- 


Pfd. 


Com. 


93  -93  •■•■- 
Christmas  Day. 
Extra  Holiday. 


103  -103 


i'-4  GIBSON'S     MANUAL 


REMARKS. 

In  [899,  Hocking  Valley  secured  control  of  Toledo  &  <  Ihio  I  entral.  The  latter  road  is  operated 
separately. 

In  Juno.  [903,  a  large  interest  in  Hocking  Valley  amounting  to  $6,< (24,200  of  the  common  stock, 
-  acquired  by  Baltimore  &  Ohio,  Chesapeake  St  (  >hio,  Erie,  Lake  Shore  &  Michigan  Southern,  and 
Pittsburgh,  Cincinnati,  Chicago  \-  St.  Louis. 

Operating  expense  in  n)o8  i>  reported  as  about  5!  per  cent,  larger  than  in  the  previous  year, 
This  is  due  to  the  exclusion  from  operating  revenue,  under  the  new  systei  ounts,  of  various  con- 

siderable  items,   which   now    appear   a^   "other   income."' 

Securities  owned.  June   30.    [908,   were  $12,871,760. 

Profit  and  loss  account  was  debited  in  the  report  for  1008  with  $055,621,  representing  the  value 
of  stocks  of  coal  companies  written  off.  The  equity  to  the  stocks  in  question  has  been  conveyed  to 
The  (.'entral  Trusl  Company  of  New  York,  and  will  be  reconveyed  if  the  commodity  clause  of  the 
Hepburn    Rate    Law   is  proved   to  be   unconstitutional. 

The   total   capitalization  has   increased   $7,670,000  only  since  1900. 

Officers:  President,  X.  Monsarrat;  First  Vice-President,  Ralph  W.  Hickox;  Secretary  and 
Treasurer,  W.  X.  Cott.  Directors,  in  addition  to  the  foregoing:  Charles  1'..  Alexander.  S.  1'.  Bush,  R. 
M.  Callaway.  A.  II.  Gillard,  C.  G.  Hickox.  James  II.  Hoyt,  1'.  W.  Huntington.  1).  Milbank.  F.  li. 
Sheldon  and  K.  S.  Warner. 

Fiscal  year  ends  June  30th.     Annual  meeting,  first  Tuesday  in  October,  Columbus,  Ohio.    Dif< 
tors  meet  on  call.    Main  office,  Columbus.  Ohio.    New   York  office.  36  Wall   Street.      Traded   in  on   the 
New   York  Stock  Exchange   (Listed   Department). 


GIBSON'SMANUAL  165 


Illinois  Central  Railroad 

Bonded  indebtedness,  June  30th,  1908 $176,053,275 

Capital   stock    (see   "Remarks") 95,040,000 

Leased  lines  stock,    10,000,000 


Total  capital  $281,093,275 

Mileage    4-593 

Per  mile  capitalization   $61,200 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income 51.22 

Operating  expense,  including  taxes,  per  cent,  of  gross,  net  basis.. .  .  :|:7t.72 

11  In  1907,  on   the  old  basis,  the  percentage  was  70.77. 


Year  ending  Gross 

June  30.  Op.  Rev. 

1900  $32,611,967 

1901  36,900.4'  >o 

1902  40,821,030 

1903  45,186,076 

1904  46,831,136 

1905  49.508,451 

1906  51,636,405 

*i9°7  55.272.8o7 

*i9o8  52,830,426 


EARNINGS 

Net  p.  c. 

Net  Income, 

of  Gross 

•"•'Earned  on 

less    Taxes, 

Inc. 

*"  Surplus. 

Common 

$12,184,382 

34-8 

$5,171,808 

5.06%  • 

13.563,850 

34-4 

5,374,546 

6.24% 

16,358,4.15 

36.8 

5,482,184 

6.11% 

16,949,269 

34-8 

5,719,687 

6.2  % 

14,812,063 

29.9 

5,993,998 

6.05% 

17,158,451 

32.8 

6,582,906 

7-57% 

18,455,924 

33-6 

6,257,001 

7.04% 

22,191.550 

35-6 

8,745,502 

8.1  % 

19,462,529 

33-2 

8,985,927 

8.74% 

♦Inter  State   Commerce   Commission  classification. 

♦♦Including   equipment,   pensions   and   insurance    funds.      See   "Remarks,"   as   to   Surplus   Dividend    Fund. 

***Aftcr  deducting  from  $1,700,000  to  $4,900,000  a  year  for  improvements. 

LATEST  REPORT. 

Earnings  for  seven  months  to  Jan.  31,  1909,  compared  with  the  similar  period  in  1907,  were: 

Gross.  Net. 

1908 $34,073,899  $7,707,883 

1907 36,533,136  8,114,065 

DIVIDENDS. 

1900  1901  1902  1903  1904  1905  1906  1907  1908 

6%  6%  6%  6%  6%  7%  7%  7%  7% 

LOW  AND  HIGH  PRICES,  BY   YEARS,    SINCE    1900. 


1900      1901      1902      1903      1904      1905      1906  1907  1908 

IIO  June  124  May  137  Jan.   125$  July  125!  Feb.  152-J  Jan.   164  May  116  Nov.  122*  Feb 

132}  Dec.  154J  June  173*  Aug.  151  Jam  159  Dec.  183  Sept.  184$  June  172  Jan.  149$  Nov. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan.  Feb.  Mar.  Apl.  May  June 


1900  1103-114$  112  -114I  ii2$-ii6$  114I-116J  m$-ii4l  110-114$ 

1901  I28i-i36  1271-134  130  -139$  1381-146$  124  -149:1  142-1545 

1902  137  -141*  1374-143*  1381-1423  14U-153J  i5o-i55f  150-161$ 

1903  146  -151  1404-147  1364-142-!  1301-1383  I33f-i39i  i3oi-i36i 

1904  129-134]  1253-1304  126I-131  1291-131$  i28$-i30$  1283-132 

1905  1523-1603  155  -163I  158-164  I57-I70  155  -162I  1573-167^ 

1906  174-182  168-1793  165-1723  1653-176I  164-182  i74$-i84$ 

1907  158-172  155  -162I  134-155  145  -1 5o  I34H-H5  135-144 

1908  123-133  I22$-I28f  124-130  123-1363  I33J-I42  125I-1353 


1 66 


GIBSON'S     MANUAL 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900 
1901 
1902 
1903 
1904 

'90S 
1906 
1907 
1908 


IIl|-I20i 

n6J-n8i 

ii4*-ii7i 

n6|-ii9f 

118I-126J 

i234-i323 

145  -154! 

Mii-148 

141 2-147] 

138I-147I 

138  -142I 

136  -140] 

I59I"1;0.' 

164  -i73i 

147  -1/3* 

141  -155 

1394-1484 

i37l-i47f 

I25i-i34l 

126^-134^ 

126]- 1 34 

1274-132! 

127  -131 

128  -132 

13  IJ-I37:' 

i32*-!39 

137  -T4of 

1 393- 1 45  -5 

1411-158* 

i49i-!59 

i65f-i7Si 

170J-180J 

I744-I83 

177  -183 

1 73I- 1 80 

173  -1783 

171J-180 

1 73i-i78i 

171I-177 

1714-177 

172^-180 

165  -176 

MiJ-145 

127^-141 

134  -142 

118  -1351 

116  -125 

120  -127 

128^-1425 

i35i-i43l 

I334-I46 

1361-141* 

i39*-i49l 

1424-149! 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Dec. 


I39i-i40§  Nov.    12. 


3- 
4- 

5- 
6. 

7- 
9- 

10. 

11 . 


Election  Day, 
140I-142 

Hii-1424 
1413-141J 

I434-I444 
142^-144! 

143  "I44i 
I42i-i43i 


13- 
14. 

16. 

17- 
18. 
19. 
20. 
21. 


I424-I444 
143^-146! 
147  -149 
i47i-i49f 
1484-149! 
i46!-i49 
i46|-i47i 
145  -1463 
144  -146 


Nov.  23 144^-145! 

24 I45i-i474 

25 .147  -147I 

26 Thanksgiving  Day. 

27 146  -147 

28 146J-147 

30 I46?-I47i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


1 . 
2. 

3- 

4- 

5- 

7- 
8. 

9- 
10. 


147  -1484 

I474-H9I 
I47f-i49 

1484-149 
147  -148* 

I46f-i47! 
i47§-i475 

I47!-I48* 
I47i-i48i 


Dec. 


11 . 
12. 
14. 

15- 
16. 

17- 
18. 
19. 
21. 


147  -148* 

147  -i47l 
i46*-i48f 
I45I-I47 
146^-148 

1454-147 
1444-146 
145  -146 
142H45} 


Dec.  22 144  -145* 

"  23 146  -147 

"  24 146  -147 

"  25 Christmas  Day. 

"  26 Extra  Holiday. 

"  28 147  -1474 

"  29 1463-148I 

"  30 146H-148J 

"  31 148  -149 


MARKET  MOVEMENTS  OF  ILLINOIS  CENTRAL  FROM  1900  TO  1908,  INCLUSIVE. 

MINOR  TURNS  DISREGARDED. 


GIBSON'S     MANUAL  167 


REMARKS. 

May  18,  1908,  Illinois  Central  stockholders  voted  for  an  issue  of  $28,512,000  of  new  stock,  increasing 
the  capital  stock  to  $123,552,000.  One-half  of  the  new  issue,  or  $14,256,000,  was  offered  at  par  to  stock- 
holders of  record,  May  28,  1908,  the  remaining  half  (or  convertible  bonds  against  the  same)  to  be  put  out 
when  required.  The  new  stock  is  entitled  to  all  dividends  declared  after  Sept.  17,  1908.  The  general  object 
was  to  provide  for  the  floating  indebtedness  of  the  company,  which  amounted  to  $30,450,000  in  tin- 
Fall  of  1907. 

Securities  owned,  June  30,  1908,  are  reported  at  $93,348,575. 

Illinois  Central  controls  by  ownership.  Central  of  Georgia;  Chicago,  St.  Louis  &  New  Orleans; 
Yazoo  &  Mississippi  Valley;  St.  Louis,  Alton  &  Terre  Haute;  and  Ohio  Valley  Railroad. 

The  total  capitalization  of  this  company,  in  1900,  was  $190,873,925  ami  has  since  been  increased 
$9 1 ,000,000. 

The  Surplus  Dividends  Fund  of  Illinois  Central,  which  is  not  carried  on  the  books  as  a  liability  but 
is  represented  in  other  ways,  is  now  reported  at  $81,408,187. 

It  has  been  the  policy  of  this  companv  to  replace  worn  out  cars  and  engines  with  modern  equipment, 
piece  by  piece,  charging  the  cost  to  operating  expense.  This  can  no  longer  be  done  under  Inter-State  Com- 
merce Commission  rules.     A  replacement  fund  has  therefore  been  created,  ample  for  the  purpose  in  view. 

Nov.  11,  1908,  the  directors  authorized  a  refunding  mortgage  of  $110,000,000  and  of  this  amount 
$20,000,000  were  promptly  sold  to  Kuhn,  I.oeb  &  Co.  $58,000,000  of  the  new  bonds  are  to  retire  a  similar 
amount  of  first  lien  bonds  as  they  mature;  $32,000,000  will  be  employed  for  acquisition  of  new  lines,  im- 
provements, etc.  The  other  $20,000,000  will  clean  up  the  floating  debt  and  supply  working  capital.  The 
total  issue  may  be  extended  to  $120,000,000.  In  that  case,  the  additional  $10,000,000  will  be  for  the  sole 
purpose  of  acquiring  The  Indianapolis  Southern  Railway. 

The  Louisville,  New  Orleans  &  Texas  Railway,  predecessor  of  Yazoo  &  Mississippi  Valley,  has 
given  notice  that  it  has  on  hand  $2,940,000  of  proceeds  of  land  sales,  applicable  to  the  purchase  of  in- 
come bonds.  Of  the  $10,000,000  issued,  $9,904,000  were  owned  by  Illinois  Central  and  pledged  as  part 
security  for  its  4  per  cent,  gold  bonds  of  1953. 

Officers:  President,  James  T.  Harahan.  Chicago;  Vice-President,  I.  G.  Rawn  ;  Treasurer,  Edmund 
T.  II.  Gibson,  New  York  ;  Secretary,  Alexander  G.  Hackstaff.  New  York.  Directors:  Walter  Luttgen, 
John  W.  Auchincloes,  J.  T.  Harahan,  Charles  M.  Beach,  Cornelius  Yanderbilt,  J.  Ogden  Armour,  E.  H. 
Harriman,  John  Jacob  Astor,  Charles  A.  Peabody,  R.  YV.  Goelet,  John  G.  Shedd,  A.  G.  Hackstaff  and  ex- 
officio  Charles  S.  Deneen,  Governor  of  Illinois. 

Fiscal  year  ends  June  30th.  Annual  meeting,  third  Wednesday  in  October,  Chicago.  Directors  meet 
third  Wednesday  of  each  month  in  New  York.  Main  office,  Chicago,  111.  New  York  office,  115  Broadway. 
Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S      MANUAL 


Interborough-Metropolitan  Company 

A  hul. ling  company,  incorporated  under  the  laws  of  New  York,  Jan.  -'4.  1906,  as  a  combination  oi 
The  Metropolitan  Street  Railway,  which  controlled  by  lease  or  otherwise  practically  all  the  surface 
car  lines  in  New  York  City;  The  [nterborough  Rapid  Transit  Company,  which  operated  the  New  York 
city  subway  and  which  had  leased  The  Manhattan  Railway  (elevated  lines)  for  999  years  from 
April  ist,  1903;  and  The  Metropolitan  Securil  npany,  which  owned  the  entire  stuck  of  The  New 

York   City    Railway.      The   management   of   practically  the  whole  local  transportation  system  of  New 
York  city  was  brought  under  one  control  by  this  combination. 

■  k  hi    The   Metropolitan  Street   Railway  was  exchanged  For  that  of  the  new  company  en  the 

basis  1.1  Sim  in   preferred  and  $55  in  common    Stock  for  $100  of  Metropolitan. 

Stuck  of  Interborough  Rapid  Transit  was  exchanged  for  twice  its  par  value  in  4 '  .■  per  cent,  col- 
lateral tru-t  bond-  of  the  new  company. 

Metropolitan    Securities    stockholder-    were    given,   in   exchange   for   their  stock    17;  per  cent,   paid), 
per  cent,  in  common  stock  of  the  new  company. 

Collateral    trust   41;    per   cent,   bunds,   Dec.   31,    1907 $f 7,825, 000 

Preferred  stock,  5  per  cent,  cumulative,  preferred  as  to  assets 
also,  but  without  voting  power,  except  while  there  is  de- 
fault  of  dividend- 45.740,000 

I  ommon    stock 93,262,192 

Total   capital $206,827.10-' 

EARNINGS. 
Year  ending 
Dec.  31.  I  < '  t  a  1  receipt-  Expens<  Fixed  charges.      Surplus  of  year. 

1907 $4,753-5"!  $212,184  S3. 155,885  $766.9*6 

rcjog 3.348.044  190,042  3.156.403  7'v'".; 

DIVIDENDS. 
Two  and  one-half  per  cent,  was  paid  on  the  preferred  in  1906,  and  3-4  in  1007.    Nothing  since. 

LOW  AND  HIGH  PRICES  OF  THE  STOCK. 


1906                        1907  1908 

Preferred    72    Dec.  14     Nov.  17J  Feb. 

87J   May.                         Jan.  49*    Dec. 

Common  34!  Dec.                  5    Nov.  6}  Jan 

55 j   Ma\  39     Jan.  20      1  >e& 


LOW    AND    HIGH    PRICES,    BY    MONTHS. 


Jan.  Feb.  Mar.                      Apl.                       May  June 

Pfd.       .......  .......  .......  85  -86*  73i"85l 

Cm.     .......  .......  .......  50-51J  SO  -55i  33- 

Pfd.       7»}-75i  5*  -68*  58*63  51  42H0* 


tn.    I'l-tu                   .36}  22i-33l  -M'i                          -'61  15-18- 

.Pfd.      1x1-23!             17--22*  17.1  20-30  27I  »7i-33J 

8?                 -.7  s>                  72-11*               9j  ml  12* 

July                     Aug.                   Sept.                    Oct.                      Nov.  Dec 


Pfd.  758-81  75} -79?  :M 

Com.  34*  34-41  3,-}-393  35*  34*\38 

Pfd.  43  -47i                                           3'  '5  -26  14  17 

Tom.  [Si  8  -1                                                   \l                         S    "  "8* 

Pfd.  20J-323  3i                           35  27I                         17\  34]  19 

Com.  11     [2  "i-i3i  10-12}                     .11  10  -15I  14-20 


GIBSON'S    MANUAL 


I 69 


Nov. 


Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 


Com. 


_> -. . .      10  -10 

3 Election  Day 

4 29^-29! 

29i-3i* 


6 3°£-3if 

7 3°f-3ii 

9 3oi-3!i 

10 3ii-32i 

11 31  -32i 


ioj-ioi 
10  -iof 
ioj-iof 
io^-io* 

iof-ll 

ioj-nf 


Nr 


Pfd. 
12 3if-33§ 

13 33  -35 

14 

16 


1 1 


•  •  34f-36+ 

■  •  3Sh37i 

17 35i-37 

18 34i-3°! 

19 34-35 

20 334-344 

21 334-341 


Com. 
ill 

Ilf-I2 

12    -14 

I31-M3 
134-141 
I4i-i5 
14  -I4i 
12I-14-} 

134-131 


Com. 


Pfd. 

Nov.  23 33i-34i 

"  24 341-36 

"  25 35i-36f 

"  26 Thanksgiving   Day 

"'  27 35^-36       I42-I5i 

"  28 35i-35f    i4i-iSi 

"  30 34i-35       i4i-iS 


13  -133 
I3f-Hf 
I4i-i5i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 

1 35  -3^f 

2 34i-35i 

3 

4.  ..  . 
5 . . . . 
7.... 
8.... 


345-35 
343-36i 
36  -36 

35i-36f 

36  -36f 

9 36  -36f 

10 ■  36f-38f 


Com. 

14  -14I 
I4i-i4l 
144-15* 
I4i-i5i 
I4l-i5i 

15  -i5i 
15  -15} 
i5i-i6i 


Pfd.  Com. 

Dec.  11 39  -4ii  16  -17! 

12 4oJ-4if  J7  -!7f 

14 391-42  1 65- 1 7I 

15 38I-40&  i6|-i7i 

16 39S-421  16I-18 

17 411-434  17  -i8f 

18 4i4-44  i7l-l8l 

19 434-444  i8i-i81 

21 42f-44l  I71-I91 


Pfd. 
Dec.     22 44i-47 


23 464-474 

24 464-481 

25 
26 

28 47f-49i 

29 46H84- 

30 451-461 

31 454-46 


Com. 
18I-19I 
I9i-i9l 
19^-20 
Christmas  Day. 
Extra  Holiday. 
19  -20 
184-19! 
i7l-i84 
i7l- 1 71 


REMARKS. 

The  total  mileage  of  the  lines  in  the  combinations  (single  track)  is  864. 

Sept.  24,  1907,  receivers  were  appointed  for  The  New  York  City  Railway,  owing  to  default  in 
the  7  per  cent,  guaranteed  dividend  on  Metropolitan  Street  Railway  stock. 

Oct.  1,  1907,  receivers  were  also  appointed  for  the  Metropolitan.  As  a  result  of  these 'complica- 
tions, Interborough-Metropolitan  received  no  dividends  from  its  Metropolitan  stock  and  was  obliged  in 
the  Fall  of  1907  to  discontinue  dividends  on  its  own  preferred  stock.  As  dividends  on  the  latter  are 
cumulative,  a  settlement  with  the  owners  of  that  issue  will  eventually  be  made. 

Earnings  of  the  subway  division  continue  good,  and  the  extension  to  Borough  Hall,  Brooklyn, 
which  was  opened  for  traffic  Jan.  9,  1908,  began  by  adding  at  the  rate  of  about  $700,000  a  year  to  earn- 
ings and  its  farther  extension  is  bringing  another  increase. 

Securities  owned  by  this  company  Dec.  31,  1907,  were  at  cost;  Interborough  Rapid  Transit'stock, 
$104,563,042;  Metropolitan  Street  Railway  stock,  $68,684,455 ;  ar,d  Metropolitan  Securities  stock,  $28,- 
329,695;  Metropolitan  Securities  loans,  $8,844,700;  total,  $210,421,892. 

A  strongly  mooted  question,  with  regard  to  the  street  railroads  of  this  city,  has  been  the  matter 
of  transfers.  Receiver  Whitridge  of  the  Third  Avenue  and  the  Receivers  of  the  New  York  City  Rail- 
way have  contended  that  transfers  have  materially  reduced  the  income  of  the  companies.  Statistics  com- 
piled by  the  Public  Service  Commission  for  its  first  annual  report  lead  the  Commission  to  take  a  differ- 
ent view.  For  a  full  statement  on  this  complicated  question,  reference  is  made  to  the  Commission's  re- 
port. The  point  of  it  is,  that  average  passenger  car  earnings  increased  from  25.58  cents  a  car  mile  in 
1906  to  25.89  cents  in  1907  as  a  result  of  the  transfer  system. 

Officers:  President,  T.  P.  Shonts ;  Vice-President,  J.  B.  McDonald;  Treasurer,  John  H.  Campbell ; 
Secretary,  H.  M.  Fisher.  Directors:  J.  S.  Auerbach,  August  Belmont,  August  Belmont,  Jr.,  E.  J.  Ber- 
wind,  Paul  D.  Cravath,  J.  D.  Crimmins,  E.  M.  Davison,  T.  P.  Fowler,  Andrew  Freedman,  Solomon  Gug- 
genheim, J.  B.  McDonald,  De  Lancey  Nicoll,  W.  G.  Oakman,  M.  F.  Plant,  Thomas  F.  Ryan,  R.  A.  C. 
Smith,  Cornelius  Vanderbilt,  G.  W.  Wickersham,  G.  W.  Young,  G.  M.  Lane  and  P.  A.  B.  Widener. 

Fiscal  year  ends  June  30th.  Annual  meeting,  third  Tuesday  in  January.  Directors  meet  first 
Thursday  of  each  month.  Office,  115  Broadway,  New  York.  Traded  in  on  the  New  York  Stock  Ex- 
change (Listed  Department). 


i;o  GIBSON'S    MANUAL 


International  Harvester  Company 

A  consolidation  originally  of  five  prominent  concerns,  engaged  in  the  manufacture  of  mowing 
and    reaping    machines    anil    agricultural    implements,  viz. : 

1  Jeering  Harvester  Co. 

McCormick  Harvesting  Machine  Co.. 

Milwaukee  Harvester  Co. 

Piano  Manufacturing  Co. 

Warder,  Bushnell  &  Glessner  Co. 

Incorporated  in  Xew  lersey  Aug.  12.  1902.  In  subsequent  years,  other  plants  of  the  same  cla-< 
were  acquired,  the  most  conspicuous  being: 

Aultman  &  Miller  Buckeye  Works. 
D.  M.  Osborne  &  Co. 
Kemp  Manufacturing  Co. 
Keystone  Works. 
McLeod  &  Co..  Philippine  Islands 
Minnie  Harvester  Works. 
Weber  Wagon  Co.,  Chicago. 
Wisconsin  Steel  Co. 
Wisconsin  Lumber  Co. 

The  factories  are  located  mainly  in  Chicago,  West  Pullman,  Sterling  and  Auburn  Park,  Ills. ; 
Akron  and  Springfield,  Ohio;  Waterloo,  Iowa;  Auburn  and  Newark  Valley,  N.  Y. :  Milwaukee,  Wis.; 
St.  Paul,  Minn.;  Hamilton.  Canada,  and  Xorrkoping.  Sweden.  A  plant  in  St.  Paul  manufactures  binder 
twine  from  American  flax.     The  company  enjoys  an  extensive  sale  of  its  productions  in  foreign  lands. 

Preferred  stock    1  new  1    7  per  cent,  cumulative    $60,000,000 

mmon    stock    (new)    (see    'Remarks"  1    60.000,000 

Total  capital   S120.000.000 

EARNINGS. 

Season  Gross  Sales.  Net  ^Surplus. 

Itxn                  Not  reported.  ,122,133  S2.041.180 

1004                    "  '..012.840  2,899,715 

1905    SSS.687.978  8.019.843  5.578,902 

1906    67.589,056  8.607,987  S.625,849 

T007    78,206.890  220.496  1 2.006.307 

*Not    including   reserves   set    as  plant   depreciation    and    losses    on    receivables,    appropriations    being 

from  one  to   two  millions  yearly. 

DIVIDENDS. 

1903       1904       1005       1906         1907  1908 

Preferred o  o  o  o  7%  7% 


Common   3%  4%         4% 


PRICES   OF   THE   STOCK. 


0 


International  Harvester  was  not  traded  in  at  Xew  York  until  June.  1908.  High  and  low  prices 
for  the  year,  to  Dec.  31st,  have  been:  Common:  High.  6;i.  Nov.  Low.  52,  June.  Preferred:  High. 
noj,  Nov.     Low.  99,  June. 


GIBSON'S    MANUAL 


171 


LOW  AND  HIGH  PRICES,  BY    DAYS,    NOVEMBER,    1908. 


Day. 


Pfd.  Com 

Nov.     2 104  -104J     ...... 

3 Election 

4 105  -l°5§ 

5 iosi-lo6j 

6 1064-1064 

7 ioof-107 

9 107J-108J 

10 108I-109I 

11 io8|-iio£ 


534-54 
54i-54* 
55  -56i 
56I-66I 

625-64 


Pfd. 

Nov.    12 109  -1093 

13 109  -109^ 

"       14 "••• 

•      16 -... 

"      17 107  -I07i 

18 1061-107^ 

[9 107  -107 

20 107^-107^ 


Com. 

64  -66 
66  -67* 
65^-66 

65  -66 
644-65 

64  -644 
63I-64 

65  -65 


21 io7f-io7f    65  -65 


Pfd.  Com. 

Nov.   23.....    1 074-1073  64-644 

24 1075-108  ....... 

25 108  -108  64  -64 

26 Thanksgiving  Day. 

2~ 108  -109  64  -665 

"   28 io8J-io9i  65i-67§ 

30 1085-109  65  -65 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dt 


Com. 


Pfd. 

1 1085-109]' 

2 108J-110 

3 1083-109 

4 109J-109} 

5 1085-109 

7 "••• 

8 108J-109 

9 1  o8J-io83    65  -65^ 

10 - 


64  -64i 

651-65^ 
64  -64 


Com. 
65  -65* 


Pfd. 

Dec.    11 -. .  . 

"       12 io83-io83 

"      14 1083-1083 

"      15 109  -109 

16 109^-109^ 

"       17 109  -109J     65  -65 

"      18 1083-108^    63  -634 

"      19 1094-1094-    63  -63 

"      21 109  -109      62  -62I 


65  -65 
63^-64 


Pfd.  Com. 

Dec.    22 io83-io85     ....... 

"      23 - -... 

24 1094-1095-      ....... 

"      25 Christmas  Day. 

"      26 Extra  Holiday. 

"      28 1094-1093     63^-63^ 

"      29 1093-109!     64  -64 

30 1093-109$     64  -644 

"      31 109I-110       64^-66 


REMARKS. 

The  capital  of  this  company  consisted  originally  of  $120,000,000  of  common  stock,  $60,000,000 
of  which  had  been  sold  for  cash,  and  $60,000,000  issued  for  real  estate.  By  amendment  to  the  charter, 
Ian.  8,  1907,  the  stock  was  divided  into  $60,000,000  each  of  preferred  and  common.  Stockholders  re- 
ceived one  share  of  preferred  and  one  of  common  for  two  shares  of  the  old  stock.  Cumulative  divi- 
dends on  the  preferred  date  from  Feb.  15,  1907.  The  whole  issue,  with  the  exception  of  18  directors* 
shares,  is  placed  in  a  voting  trust  until  Aug.  1,  1912,  the  voting  trustees  being  George  W.  Perkins, 
Charles  Deering  and  Cyrus  H.  McCormick. 

There  is  no  bonded  debt  and  all  the  properties  are  free  and  unencumbered. 

The  company  has  established  warehouses  at  a  large  number  of  points  in  the  United  States,  and 
controls  a  number  of  foreign  trading  companies,  which  handle  a  portion  of  the  foreign  trade. 

Officers:  President,  Cyrus  H.  McCormick;  First  Vice-President,  James  Deering;  Treasurer.  Har- 
old F.  McCormick;  Secretary,  Richard  F.  Howe.  Directors:  In  addition  to  the  foregoing,  Charles 
Deering,  Chairman;  George  F.  Baker,  William  J.  Calhoun,  Norman  B.  Ream,  Charles  Steele,  Cyrus 
Bentley,  Paul  D.  Cravath,  Elbert  H.  Gary,  Stanley  McCormick,  John  P.  Wilson,  John  J.  Glessner, 
William   H.  Jones,   George  W.   Perkins,   and   Leslie  D.  Ward. 

Fiscal  year  ends  Aug.  31st.  Annual  meeting,  third  Thursday  in  April.  Directors  meet  by-weekly. 
Alain  office,  Chicago,  Ills.  New  York  office,  Produce  Exchange  Annex.  Traded  in  on  the  New 
York  Stock  Exchange  (Listed  Department). 


172  GIBSON'S    MANUAL 


International  Mercantile  Marine  Company 

(  (rganized  under  the  laws  of  New  Jersey,  June  6,  1893,  as  The  International  Navigation  Co., 
with  a  view  to  combine  and  operate  the  American  and  the  Red  Star  lines  of  ocean  steamers,  plying 
between  American  ports,  England  and  the  Continent. 

In  1902,  the  capitalization  was  expanded,  the  present  name  adopted,  and  the  scope  of  the  com- 
pany extended  to  embrace  the  White  Star,  Dominion  and  Atlantic  Transport  lines  of  steamers, 
the  combination  being  financed  by  an  international  syndicate,  headed  by  J.  P.  Morgan  &  Co.  All  the 
lines  above  referred  to  were  duly  acquired,  with  the  properties  and  rights  of  their  respective  owners, 
and  including  several  ships,  then  in  process  of  construction.  A  large  interest  was  also  bought  in  the 
Leyland  and  National  lines. 

It  was  stipulated  in  the  purchase  of  the  White  Star  line  that  all  new  ships  and  heavy  repairs, 
orders  for  which  should  be  placed  in  the  United  Kingdom,  were  to  be  given  to  Harland  &  Wolff,  Bel- 
fast, Ireland,  but  that  this  arrangement  should  not  preclude  repairs  and  the  construction  of  new  ves- 
sels at  ship  yards  in  the  United  States.  Farther,  to  protect  British  interests  properly,  the  company 
signed  a  contract  with  the  British  government,  to  run  for  20  years,  under  which  such  ships  of  that 
nationality  as  were  acquired  by  the  new  company  should  remain  British  with  respect  to  management, 
flag,  officers,  and  crews. 

Bonded  indebtedness,  Dec.  31,  1907 $72,684,130 

Preferred  stock,  6  per  cent,  cumulative 51,730,971 

Common  stock  (dividends  limited  to  10  per  cent.,  as  long  as  any 

coll.  trust  deb.  ±l/>  per  cent,  bonds  are  outstanding)    49>93I,735 

Total  capital   $174,346,836 

Fixed  charges,  1907,  per  cent,  of  net  income    49.6 

Operating  expense,  per  cent,  of  gross 84.3 

EARNINGS. 

Gross  voyage 
Year  ending  Dec.  31.  earnings.         Xet  income.       *Surplus. 

1903    $29,677,755         $5,360,186  $501,401 

1904  27,926,908  2,726,492  def.  1 .537,748 

1905  32,435'5i2  6,834.150  250,152 

1906  35,931,412  9,231,836  278,906 

1907  38,253,588  8,037,045  312.637 

*Not  including  certain  reserve  funds,  which  in  1907  were:  Insurance  fund,  $1,000,000;  depreciation  fund,  $10.- 
352,291,  and  reserves  for  repairs,  etc.,  $395,053.  From  $2,000,000  to  $5,000,000  a  year  is  set  aside  for  the  deprecia- 
tion fund. 

DIVIDENDS. 

Xone  had  ever  been  paid  on  either  class  of  the  stock. 

LOW  AND  HIGH  PRICES,  BY  YEARS. 

These  stocks  were  admitted  to  the  New  York  Stock  Exchange  in  April,  1907. 
In  1907,  the  range  was:  Preferred,  24,  Apl. ;  10,  Nov.    Common,  7$,  Apl. ;  4^,  Oct. 
In  1908,  the  range  has  been:  Preferred,  High,  26J,  Dec;  Low,  16.  Feb.    Common,  High,  9,  May, 
1  .ow,  6,  Oct. 


GIBSON'S    MANUAL 


173 


LOW  AND   HIGH   PRICES,  BY    DAYS,    NOVEMBER,    1908. 


Pfd. 


Com. 


Nov.     2 18J-19J     6J-7 

3 Election   Day. 

6$-6$ 
19I-20       7  -7 
6|-6f 


4..  19J-194 


/• 

9- 

10. 


195-20 
20  -21 

2of-2I$ 


II 20   -20i 


7  -7 


Pfd.  Com. 

Nov.    12 20^-20}  ..-.. 

"      13 21-21  7  -7 

"      14 22  "23  74-8$ 

"        16 22f-23l  Si-8f 

'•      17 23-24  8$-8J 

•      18 22J-23*  8i-8f 

19 22  -22$  7I-8 

"        20 22|-23i  7$-8 

"      21 224-23  8 -8§ 


Pfd.  Com. 

NOV.    23 2l|-22-£  75-8 

"      -'4 22  -23J  7I-8I 

"      25 225-234  8-8| 

26. . .  .   Thanksgiving  Day. 

"    2-] 22j-22f  74-8 

28 22f-22f  7§-7s 

"      30 -•••  7f-7t 


Dec. 


1 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 
24-23 


Com. 
H-8 


2 22|-23$      8   -8 

71-84 
71-8 


22-1-2  7-i 

22f-23 

23   -23 
22-3—22-? 

8 224-23 

9 23i-24i     8f-84 

10 23f-24       8}-8$ 


74-8 

-81 


Dec. 


Pfd. 

1  1 23  -23I 

1  _> 22  -23 

14 22f-23 

15 22    -22$ 

l6 22§-22$ 

1/ 2lf-22 

l8 2I$-22 

19 -••■ 

21 2I^-2l2 


Com. 

84-81 

7l-7l 
8  -8 

7h7% 


74 

74 


73 


7f 
74-74 


Com. 


7h7% 

74-8 


Pfd. 

I  )ec.    22 21§-2lf 

23 22$-22$ 

24 22f-24 

25 Christmas    Day. 

"      26 Extra    Holiday. 

"      28 233-24}     8  -81 

"      29 24-24}     7i-8] 

"      30 233-244     7J-8 

"      31 23f-2f3|8f8j 


REMARKS. 

The  year  uf  1904  was  a  disastrous  one  for  this  company,  owing  to  the  absolute  demoralization  of 
freight  and  passenger  rates.  The  cause  of  the  trouble  was  the  establishment  of  a  competing  service 
to  the  Continent  of  Europe  by  the  Cunard  line.  The  war  which  followed  entailed  severe  losses.  Un- 
favorable conditions  also  prevailed  in  1907,  in  consequence  of  strikes  and  the  high  cost  of  labor  and 
materials. 

Nearly  all  the  stock  of  the  company  is  to  be  held  in  a  voting  trust  until  Oct.  1,  1912,  unless  the 
trustees  voluntarily  terminate  the  arrangement  at  an  earlier  date.  Voting  trustees,  J.  P.  Morgan, 
Charles  Steele,  J.  Bruce  Ismay,  P.  A.  B.  Widener,  and  \Y.  J.  Pirrie. 

The  great  fleet  of  steamships  as  well  as  other  property  of  the  company  is  reported  to  have  been 
maintained  in  a  high  state  of  efficiency,  repairs,  etc.,  being  charged  to  operating  expense. 

At  the  end  of  1907  there  were  125  steamships  in  the  service  (with  7  new  ones  building)  :  gross 
tonnage  of  the  whole  number  1,159.704. 

Securities  owned,   1907.  mainly  in  the  Leyland  and   National  lines,  $13,012,058. 

Officers:  President,  J.  Bruce  Ismay:  First  Vice-President,  E.  C.  Grenfell ;  Chairman,  C.  A.  < '.ri- 
com  ;  Treasurer,  James  F.  Fahnestock,  Jr. ;  Secretary,  E.   E.   Parvin,     Directors:    C.   A.   Griscom.   E.    C. 
Grenfell,  John  F.  Archbold,  John  I.  W'aterbury,  The  Rt.  Hon.  Lord  Pirrie,  George  W.  Perkins,  Charles 
Steele,  J.  Bruce  Ismay,  Percy  Chubb,  E.  J.  Berwind,  Harold  A.  Sanderson,  P.  A.  B.  Widener,  Chas.  F. 
Torrey,  J.  P.  Morgan,  Jr. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Monday  in  June,  Jersey  City.  Directors 
meet  first  Thursday  in  each  month.  Main  office,  9  Broadway,  New  York.  Traded  in  on  the  New 
York  Stock  Exchange  (Listed  Department). 


i74  GIBSON'S     MANUAL 


International  Paper  Company 

A  corporation  for  the  manufacture  of  paper  pulp,  news  and  book  paper,  and  paper  bags.  Organ- 
ized in  New  York,  Jan.  31,  1S98.  The  company  gained  control,  by  purchase,  of  about  25  of  the  leading 
paper  and  pulp  mills  in  New  England  and  the  Middle  States  and  of  immense  tracts  of  spruce  timber 
lands  in  the  same  region  and  in  Canada.  It  is  estimated  that  the  company  has  over  1,000,000  acres 
in  the  United  States  and  timber  limits  in  Canada  to  the  extent  of  1 .700,000  acres.  .Many  of  the  plants 
are  located  in  the  vicinity  of  great  water  powers,  which  they  own.  One  of  the  subsidiaries  of  Interna 
tional  Taper  is  The  Continental  Taper  Bag  Co.,  a  majority  of  whose  $5,000,000  of  capital  stock  is  owned 
by  the  parent  company;  its  factory  at  Rumford  Falls,  Me.,  has  a  capacity  of  15,000,000  bags  daily. 

Bonded  indebtedness,  June  30,   1908 $17,560,000 

Freferred  stock,  6  per  cent,  cumulative 22,406,700 

Common  stock    17,442,800 

Total  capital   $57,409,500 

Fixed  charges,  1908,  per  cent,  of  net  income 42.36 

Operating  expense,  per  cent,  of  gross 86.3 

EARNINGS. 
Year  ending 
June   30.  Gross.  Net  income. 

1900   $18,707,635  $3,125,876 

1901  20,711,902  3-961,657 

1902  19,719,420  2,901,195 

1903  20,142,771  3.613,461 

1904  20,304,514  3-T53-983 

1905  20,908,666  3.268,468 

1906  21,837,816  3.i58,5"J 

1907  21,841,846  2.841,470 

1908  20,716,304  2,838,170 


Earned  on 

Surplus. 

common. 

$1,810,000 

5-38% 

3-5I9.988 

9.8% 

4.073,041 

317% 

5.259.173 

8.17% 

5,976,431 

4.11% 

6,020,147 

-0.25% 

6,661,286 

3-67% 

6,865,500 

1.17% 

7.381,083 

2-95% 

After  deducting  from  earnings  $750,000  discount  on  bonds. 


DIVIDENDS. 


1900       1901        1902       1903       1904       1905       I906       1907       1908 
Preferred    ....     6%        6%        6%        6%        6%        6%        6%        6%        4% 
Common   o  o  o  o  o  o  o  o  o 

Note: — One  per  cent,  was  paid  on  the  common   stock  in   1898  and  2  per  cent,  in  1899.     Nothing  since. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


l'Jiin  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred. ..  58      Men.  69     Jan.  70      Dec.  57]/,  Nov.  64^  Feb.  76%  Feb.  80      Dec.  51    'Dec.  47      Oct. 

75      Nov.  81'4Sept.  77%  Jan.  74J4  Feb.  79%  Dec.  88^  Dec.  90     Jan.  81      Jan.  65      Jan. 

Common...  14^  Mch.  18^  May  16!  i  Dec.  9     July  10 ^  May  \S'/S  June  16^  Sept.       7^  Nov.  S     Apl. 

26^  Nov.  28      Mch.  23^  Mch.  \9%  Jan.  25^  Dec.  25^  Dec.  26^  Jan.  I8J4  Jan.  13^  Nov. 


GIBSON'S    MANUAL 

175 

LOW  AND  HIGH  PRICES,  BY   MONTHS,   SINCE   1900. 

Jan.                      l'Yli.                   Mch.                   Apl.                   May 

June 

I  ■UK  I. 
I  90I  . 
I902. 
1903. 
1904. 

I9°5" 

I  9O6  . 

I907. 

1908. 


.Pfd. 

.  Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.  Com. 

.Pfd. 

.Com. 


65  -m 
22J-254 

69  -74 1 
20  -251 

75  -77k 

19  -2l£ 
7*i-73l 

i7M9s 
64f-67^ 
10^-14! 
76i-78i 

20j-23£ 

843-90 

224-261- 

791-81 

i5l-i8i 
52  -65 
H-12I 


66  -704 

21^-25] 
69  -74 

20f-25^ 

77i-75i 
19  -21 

72^-741 
i7?-i9i 
64^-66!i 

11  -i3i 
76I-78 

23 

-88 


/ 
20 

83J 
21 


24£ 
79i-8oJ 

15  -i7t 

57  -6ii 

9  -lof 


58  -<>7l 

I4i-23¥ 

73  -81 
21  -28 

74  -77 
I9l-23l 
7ol-735 
164-173 

64^-65:; 

76J-82 

21  -25i 
82^-86! 
21  -23;', 

744-794 
13  -160 

53  -58* 

8I-10 


63i(>7! 

21    -24  :i 

76i-8i 

24  -27sL 

74-1-76 

2.6^-2.2% 

7°i-7i| 
15  -*74 
654-67! 
11  -12J 
78  -82I 
203-243 
824-86 
18I-23I 
73  -75i 
135-15! 
52^-56 
8  -191 


63  -65 

21  -24 

7^7'A 

I8ir25 

73i"75 

20 1   21  ,' 
7o"-7-l 

15  -i9i 
65l-<>'-! 

10.1  1  [i 
78  -79I 

[8J  21!, 

824-86! 

IS    -20| 

7°i-74i 
'  1  1-I4f 
53  -60 
9i-"£ 


63I-675 

20^-24J! 

77l-79± 
22  -24-J 

72S-751 
20  -21 1 

674-70 
t3l-i6| 

661-69^ 
loi-nf 

781-79^ 
18J-20 
sj:;  864 
174-21 

71  -7ii 
12 

54^-58 
9i-ii 

Dec. 


135 


July 


Aug. 


Sept. 


Oct. 


Nov. 


1900. 
1 901 . 
1902. 
1903. 
1904. 
"J05. 
1906. 
1907. 
1908. 


.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 

.Pfd. 

.Com. 


64i-65l 

2l|-23f 

741-771 
20  -23 

73   -74l 

194-21 

6oi-6S4 

9  -154 
69  -703 

"S-I43 
78  -79f 

18I-20I 

82f-84Js 
17  "I9i 
7ii-72 
134-154 
52j-58f 
10  -104 


65I-66J 
22  -23 
75  -80 

20j-25f 

734-751 
19^-23 
631-694 
10  -14 

7ol-73s 

134-154 
784-80J 

19J-22I 

82I-87 

18J-20J 

71^-73 

"i-i44 

56  -594 

io4-nf 


60  -664 
16  -22 
774-8i4 
22  -25I 

73  "751 
195-21  i 
604-68 

10^-123 

731-761 
144-18 

78  -804 

IOi :-23i 
8o4-83l 
I64-I9 

;o  -72I 
13  -15 

504-584 

83-104 


624-673 

17  -2l| 

75  "79 
194-24 

704-734 

18  -21 
60  -64 
10I-12I 

744-79 
164-194 

784-82  5 
214-24 ] 
814-823 

175-19 
604-714 

9  -13 
47  -533 

84- ioi 


663-75 
20  -264 
75  -774 
19I-21J 
7i  -73 
174-194 
574-62 
10  -11-J 

77   -79l 
17-J-22 

79  -87l 
204-24! 

81 4-82-1 

174-19 
51  -62 
"74-10I 
53i-6o 
10  -13I 


724-745 
22  -26./ 

75f-78| 
19  -214 
70  -723 
164-18I 
614-66 
104-12 

764-791 

i9i-25i 
834-88I 
224-25J 
80  -824 
I74-I84 
5i  -57 
81-  9? 
564-584 
1 14-123 


Nov. 


2. 

3- 

4- 
5- 

6. 

7- 

9- 
10. 
11 . 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.         Com. 
534-534     10  -10 

Election    Day. 
54  -54       1 04-10 J 
104-iof 
iof-nf 

Il|-I2 
12    -124 


54fr56 
564-584 

59  -60 
58}-6o 

584-59 


12I-124 

ii4-i2-l 


Pfd.    Com. 

Nov.  12 584-594  ii4-ii4 

13 58  -59l  12  -12I 

T4 -.  .  .  12    -12! 

"         16 58-58  Il4-I2| 

"         17 58    -5.84  I2l-I2-| 

"      18 581-595  124-134 

"      19 58  -594  124-13! 

"      20 58  -59  124-13 

"     21 -...  13  -13 


Nov. 


Pfd. 


Lorn. 


24 58-58f 

25 581-59 

26 Thanksgiving  Dav. 

27 574-574 


30- 


1 2  i- 12| 
I2§-I2§ 


57  -S7       11I-12 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.      1 
"        1 

"        3 
"        4 

;;    5 

7 

8 

"        9 
"      10 


Pfd. 

564-57 
57  -57" 
563-56J 


56§-563 

564-564 
57   -57 


Com. 

Il4-I2 

Ilf-I2 
[I  f- 1 2 

12  -12 
Ilf-Ilf 
Il4-Il4 
Ilf-Ilf 
12  -12 


Pfd. 

Dec.    11 57-57 

"      12 57  -57 

"      14 57  -57 

"  16.'.'.'."  .  .57 -5H 

"      i7 57-58 

"      18 57h57\ 

"      19 -••• 

"      21 564-564 


Com. 
ii|-ii4 

1 1  l-i  il 


12 
12 
12    -12! 


12i 
■12% 


D 


ec.  22 
23 
24 
25 
26 
28 
29 
30 
31 


Pfd. 


1  'cm. 


564-57       ....... 

564-561    114-12 

v<l-^l   ....... 

Christmas  Day. 

Extra  Holiday. 
57  -57       124-123 
564-57       12  -12 
.......     12-12 

564-564     ...-..• 


'71' 


GIBSON'S    MANUAL 


MARKET    MOVEMENTS  OF  INTERNATIONAL  PAPER  CO.  PREFERRED    FROM 

1908,  INCLUSIVE. 


1900    TO 


REMARKS. 

International  Paper  lias  encountered  rising  cost  of  production,  during  the  last  two  years,  mainly 
due  to  higher  prices  for  wood  and  labor.  In  1908,  a  reduction  has  been  effected  in  salaries  and  cost  of 
some  materials,  although  concessions  have  been  made  in  the  price  of  paper. 

The  plants  have  been  consistently  maintained  in  physical  condition,  expenditures  in  that  behalf 
being  charged  to  operating  account.  New  mills  and  new  hydraulic  power  are  being  added  to  the 
company's  facilities  from  time  to  time.  A  new  sulphite  plant  at  the  Otis  mill  in  Maine  has  been  com- 
pleted, capacity  60  or  70  tons  a  day. 

Securities  of  sundry  corporations,  owned  June  30,  1908,  were  $10,114,532. 

There  has  been  no  change  in  the  capital  stock  of  International  Paper  since  1900.  The  bonded 
debt,  which  was  then  $13,057,500,  is  now  $17,560,000. 

Officers:  President  and  Treasurer,  A.  N.  Burbank;  Chairman,  Hugh  J.  Chisholm ;  Second  Vice- 
President,  Tom  T.  Waller;  Secretary,  E.  W.  Hyde.  Directors:  Hugh  J.  Chisholm,  D.  O.  Mills.  F.  B. 
Jennings,  A.  X.  Burbank,  'Warren  Curtis,  T.  S.  Coolidge,  Philip  T.  Dodge,  G.  F.  Underwood,  H.  A. 
Wilder,  Ogden  Mills,  A.  R.  Flower  and  W.  A.  Whitcomb. 

Fiscal  year  ends  June  30th.  Annual  meeting,  fourth  Wednesday  in  October,  Corinth,  N.  Y. 
Directors  meet  last  Wednesday  of  each  month.  Office,  30  Broad  Street.  New  York.  Traded  in  on  the 
New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S    MANUAL  177 


International  Steam  Pump  Company 

A  consolidation  of  five  large  concerns,  engaged  in  the  manufacture  of  steam  pumps.  Incorpo- 
rated in  New  Jersey,  March  24,  1899.  Since  organization,  the  company  has  strengthened  itself  by  tak- 
ing over  other  concerns,  and  adding  to  its  facilities  by  building  a  new  plant  at  Harrison,  N.  J.,  to  which 
the  Brooklyn  and  Elizabethport  factories  wore  removed.     The  component  companies  are: 

Blake  &  Knowles  Steam  Pump  Works. 
Clayton  Air  Compressor  Works. 
Deane  Steam  Pump  Works. 
Henry  R.  Worthington  Co. 
Holly  Manufacturing  Co. 
Laidlaw-Dunn-Gordon  Co. 
Power  &  Mining  Machinery  Co. 
Snow  Steam  Pump  Works. 
Worthington  Pump  Co..  Ltd.   (foreign). 

The  factories  are  located  in  Buffalo  and  Lockport.  N.  Y. ;  East  Cambridge  and  Holvoke,  Mass.: 
Harrison,  N.  J.;  and  Cudahy,  Wis. ;  and  productions  include  gas  engines,  gas  producing  plants,  and 
mining  and  crushing  machinery,  as  well  as  steam  pumps  of  every  size  and  description. 

Bonds  and  debentures,  March  31.   1908    $4,700,520 

Preferred   stock,  6  per   cent,   cumulative   11,350,000 

Preferred  stock,  Henry  R.   Worthington  Co.,  7  p.  c.  cum 2,000,000 

Preferred  stock,  Blake  &  Knowles   485,000 

Common  stock  (including  $24,800  of  common   stocks  of  two  con- 
cerns above  named)    17,787,300 


Total  capital   $36,322,820 

EARNINGS. 

Year  ending  Earned  on 

March  31.                                          Net  income.                     Surplus.  common. 

1901    $1,772,632                      $1,984,152  8.05% 

1902   I.795.IS3                        2,227,905  5.94% 

'  !903   2,113,365                       2,183,340  8.11% 

!904  1,936,738                       2,269,993  4-82% 

!905   r.741,582                      2,252,031  2.35% 

1906 2,323,389                      2.029,186  6.08% 

T9Q7  2.545,905                      2,551,707  3.75% 

I908    2,226,253                              *2, 592.868  1.92% 

"Sinking  fund  reserve,  in  addition  to  this,  was  $423,323. 

DIVIDENDS. 

1900   1901   1902   1903    1904   1905   1906   1907   1908 


Preferred    .    .     6%         6%         6%        6%         6%         6%        6%         6% 
Common.    .    .       o  2%         4%         4%.     3JA%         1%  o  o 

HIGH   AND   LOW   PRICES,  BY  YEARS,  SINCE  1900. 


->7° 
o 


1900               1901  1902               1903                1904               190S               1906               1907               1908 

Preferred. ..  76      Dec.  74      Jan.  82      Dec.  70      Oct.  7\y2  Feb.  78^  Dec.  79      Jan.  50      Oct.  625-g  Mch. 

77y2  Dec.  89      Nov.  94      Mch.  89><;  Jan.  S7      Nov.  88^  Apl.  92      May  81      Jan.  84J4  Dec. 

Common...  28      Dec.  24<4  Jan.  40      Dec.  28      Dec.  29     June  26      Dec.  28     Jan.         8     Oct.  13      Jan 

29y4  Dec.  49      Nov.  57 '4  Mch.  46^  May  41  $i  Nov.  40^  Feb.  60      May  41      Jan.  39%  Dec. 


These  shares  were  listed  at  the  New  York  Stock  Exchange  in  December,  1900. 


•78 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


1900 Pfd.. 

<  om. 

Pfd.. 

i  01 

1...12 I 'id.. 

Com. 

1903 Pfd,. 

( 'mil. 

1904 Pfd.. 

Com, 

1905 Pfd.. 

Com. 

Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

(  'mil. 

1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd! . 

Com. 

1905 Pfd.. 

(.'"in. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

[908 Pfd., 

Com. 


Nov. 


an. 


Feb. 


Mch. 


Apl. 


May 


74  -77 

87  ;-„, 

17  -53 1 
85    89i 

44  -4'' 

7-'    7- 

3'    2,7 

SO.!    S;; 

37  -39 

79  -853 
28  -37 

784-81 

34 1-4 1 
"5    73' 
1 3  -2 1 ! 


7^-7* 
25i-30 
89  -90 

52  -534 
824-84 

43 '-4  5 
714-72 

35  "35 
864-87 

.vi  40; 

82  -85 

2^^-27  I 
77±-7<>l 
33  1  3&3 
65  -'>7i 

1  7 1  -'0.1 


7*1  84 

27i-333 

894-94 

5-' ,:  57 1 
83  -83 
4oi-45 

74  -75 
35  -38 
85  -88 h 

39  -39i 

83  -864 
30  -40 
74$-79i 
25  -33 1 
62fi-74? 
19  -26 


8i  i  84 
33  -42 
90  -93 

52^-55^ 
824-83 

44.5-46 
73^7* 
39  -4n 
834-881 

32  -27  l 
83  -87 
35  -56 

77  -793 

26  -3 1 ! 

70  -7'.! 

2li-25^ 


July 


Aug. 


Sept. 


Oct. 


81  -84 
36J-40 
90  -92J 
52  -54* 
73^v8 
35  -40^ 
72\~77\ 
30i-33'-' 
80  -81  f 

27    -2'll 

8i4-86J 
27  -48 
7->  -7Sl 

22i-2^ 

764-80I 

■22\-2A,\ 


81 4-86} 
37  -44* 
9i  "93 

52i-53* 
74  -80 
344-35* 
75i-77:' 
3of-32 

82J-82J 

294-29', 
83  -86i 

44  -52i 
664-72 
19  -24 

77  -81 
22i-27i 


84  -86} 

434-46: 
914-92;'; 

48  -531 

74  -7^'i 
33J-36 
72\7" 
28  -33 

82  -853 
28  -28 

83  -85I 
45  -5o 


:>> 


701 


20  -25 
78  -834 
20  -254 


85  -89 

43  -47 
90  "95 

49  -5-'' 
70  -70 

33  -334. 

784-793 

33^-38 
81  -85 

27  -287 
80  -86 

43  "SOI 

50  -70 
8  -21I 

79  -82  :i 

23  -3PJ 


Pfd. 

2 8of-8o| 

} Election 

4 804-82 

5 81J-824 

6  82^-82: 

82   -82§ 


-» 8if-82| 

10 80J-81J 

11 8o2-8o? 


Com. 
294  304 
1  laj . 
3o4-3of 
3o4-32i 
313-33 

3if-32l 

3i4-32f 

304-3 'J 
3oi-3oJ 


t6 80    80 

17         .80  -8o:; 


18 80  -8og 

[9 80I-80} 

20 80  -80 

21 -...     314-31! 


Com. 

3o|  ;-,' 

31  -34 

33i-34i 

32f  -33  1 

324-33 

32*>33i 

2^r2^}i 

31  -32 
3 1 4-3 1 3 

June 


78  -82.4 

814-84 

304-41 1 

394-41  s 

904-91 

89  -934 

53  -55 

53  -54l 

78  -824 

78  -792 

39    4('l 

38  -40 

74  -76 

75  -/6 

37  -38 

29  -^61 

784-834 

784-814 

29  -32 

274-30 

83  -92 

85  -882 

50  -60 

44  -55 i 

70  -744 

68  -72 

23    -7 

22  -24 

69  -74 :; 

734-77 

213-243 

224-243 

Nov. 

I  »ec. 

-  , . 

76  -77 1 

...... 

28  -292 

85  -88 

864-89 

47    49 

46  -49 

90  -90 

82  -90 

47  -5o4 

40  -484 

....... 

70  -75 

30  -30 

28  -31 

79  -87 

85  -87 

362-4ii! 

373-40.2 

814-83 

784-824 

264-30 

26  -28 

81  -82 

794-814 

401-46! 

36  -4i4 

50-574 

574-6?3 

84-124 

104-13! 

794-82* 

79i-84i 

294-344 

30J  393 

LOW  AND  HIGH  PRICES,  BY    DAYS,    NOVEMBER,    1908. 

Pfd.          Com.                                         1'fd.  Com. 

Nov.    12 -...     302-31      Nov.   23 -...  304-31^ 

13 80-80!     31-34        -      24 7$f-79i  3*$-3if 

14 80  -8o{     334-34*             25 -. . .  311-32 

26 I  hanksgiving  Day. 

-7 794-794  3i3  3i3 

28 79'2-7o2  313-31; 

30 -■••  302-31] 


LOW   AND   HIGH   PRICES,  BY    DAYS,    DECEMBER,     1908. 


Pfd. 


80  -80 
80  -8o4 
80  -80? 

8o4  82 1 


Com. 

3 '  1  2<l 

3o4  30J 
30i  30! 

V 

3o3-3i3 
3iJ-3i« 

324-323 


Dec. 


1 1  . 

[2. 
14. 

'5- 
[6. 

'7- 
18'. 
[9, 
2  j . 


Pfd.  Com. 

82I-824     32  -323 
81  -82       32  -32i 

■  ■  324-33i 
323-333 
324-334 
33  -33i 
324-33 
3ii-32 


8«.     St. 


80  -So] 


De 


Pfd.  Com. 

22 80|-80j        T,2    -33 

23 803  824    322-332 

24 Sl-i-81f   334-34! 

25 Christmas  Day. 

26 Extra  Holiday. 

28 8i4-8i 3     34K342 

39 -■•■     333-341 

30 81  -82       34  -354 

3' 82§-844    35'  39j 


GIBSON'S     MANUAL  179 


REMARKS. 

Unfilled  orders  on  the  books  March  31,  1908,  somewhat  lessened  by  the  financial  depression, 
amounted  to  $4,000,000.     Since  the  date  named,  the   business   has   shown   a   satisfactory   increase. 

Bonds  and  stocks  owned  are  not  reported  separately  from  real  estate  and  other  tangible  assets. 

There  has  been  expended  on  new  factories,  buildings  and  improvements  since  1899  something 
over  $7,000,000. 

The  total  capitalization  has  increased  only  about  $7,000,000  since  1900. 

In  March,  1909,  the  plants  were  working  up  to  86  per  cent,  of  their  capacity,  and  oftkials  of  the 
company  were  considering  the  erection  of  works  to  manufacture  hydraulic  and  mining  machinery  other  than 
steam  pumps. 

Officers:  President.  Benj.  Guggenheim:  Treasurer,  Nathan  Fleischer;  Secretary,  Irwin  C.  Stump. 
Directors:.  In  addition  to  the  foregoing,  L.  P.  Fenstman,  J.  E.  Borne,  Benjamin  Guggenheim,  Irwin 
Slump,  William  Guggenheim,  Samuel  Untermyer,  J.  B.  Haggin.  Walter  Laidlaw,  E.  M.  Leventritt, 
Cord  Meyer,  Willis  Farmington  and  W.  H.  Woodin. 

Fiscal  year  ends  March  31st.  Annual  meeting,  first  Tuesday  in  June,  Jersey  City.  Directors 
meet  on  call.  Office,  115  Broadway,  New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Listed 
Department). 


i8o 


GIBSON'S      MANUAL 


Iowa  Central  Railway 


Bonded  indebtedness  June  30,  [908 

Preferred  stock,  5  per  cent  non-cumulative,  but  to  share 
equall)  with  common  after  both  have  5  per  cent.  ($7,400,- 
000  authorized  i  

Common   stock   ($11,000,000  authorized)    

Ti  'tal  capita]   

Mileage    

Per    mile    capitalization 

Fixed  charges.  1908,  including  taxes,  per  cent,  of  net  income. 
1  Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new 
basis   


$13,137,294 


5.674,771 
8,524,683 

$27,336,748 

558 

$48,991 

77.09 

-1  >.'  1 


linst  65.8  in  1907,  old  basis. 


EARNINGS. 


Year  ending  Gross 

June  30.  Op.  Rev. 

1900   $2,325,919 

1901    2,284,123 


1902 
1903 
1904 


2.543-350 
2405,543 
2.377-I05 


1905    2.588,300 

1906   2.985.587 

1907   3,132,048 

*i9o8   3,002.475 


Xct  income, 
less  taxes. 

$566,770 

438,757 

506,929 

555,968 
560,607 
661,438 

1 .201.466 
970,917 


Xet  p.  C 

of  gross 
inc. 

24-37 

19.21 

19-93 
23.11 

2358 
-'5-55 
33-'4 
38.36 
30.47 


Surplus. 

$i,438 

101,895 

306.433 
308,077 
1. 9 1 6.945 
1.839,872 
2.077.314 
2,522,909 
2.738,108 


Nothing  was  earned  for  the  common  stock,  over  and  above  what  should  have  been  (hut  was  nol  1 
paid  "ti  the  preferred,  in  the  foregoing  ten  years,  until  1907.  when  1.9  per  cent,  was  earned  for  the  com- 
mon.    Surplus  profits  in  1908  were  again  not  enough  for  the  preferred. 


*Inter-State    Conjmerce   classification. 


LATEST  REPORT. 


Earnings  for  seven  months,  ending  Jan.  31,  [909,  compared  with  last  year,  were: 

Gross.  Net. 

1 ' » >*    $i  ,77°>55 1  $33!  >-'-7 

1907    1.876,696  612.5.^1 


DIVIDENDS. 
Nothing  has  been  paid  on  either  class  of  shares  since   [900,  when   i'J  per  cent,  was  declared  on 


LOW  AND  HIGH  PRICES,  EY  YEARS.  SINCE  1900. 


1! 


1002 


1904 


190.1 


l'"", 


;no7 


1908 


Prefi  1 

IVi       Nov. 

Oct. 

32       Feb. 

50 

May 

1-       J.ilv 

29       1  lee. 

•J7'_.  Feb. 

Mch. 

fulj 

Vpl. 

Nov. 

61 

Dec. 

I.MI 

51       fan. 

57      1  >ec. 

Oniim                    fan. 

fan 

IG            |„!v 

17       1,1. 

24 

24       !uK 

Nov. 

10        Feb. 

Vug. 

I-       1 

Nov. 

Jan. 

-       Jan. 

Dec. 

GIBSON'S     MANUAL 


1S1 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mch. 


Apl. 


May 


June 


1900 Pfd..  48  -53 

Com.  n$-i2§ 

igoi Pfd..  48  -54 

Com.  21  -28 

1902 Pfd..  71  -76i 

Com.  372-41" 

1903 Pfd..  7i£-77f 

Com.  46^-48 

1904 Pfd..  38-1-42 

Com.  20  -22J 

1905 Pfd--  55  -58 

Com.  29  -31! 

1906 Pfd.  59  -63$ 

Com.  29JJ-34! 

1907 Pfd-  43  -51 

Com.  24  -28J 

1908 Pfd.  28  -31 

-Com.  io§-i3J 

July 

1900 Pfd..  45  -49I 

Com.  i7f-2oi 

1901 Pfd..  70  -87I 

Com.  33   -42I 

1902 Pfd..  84i-87i 

Com.  47  -49; 

i9°3 Pfd..  32   -47a 

Com.  16  -28^ 

i9°4 Pfd--  34  -37% 

Com.  18  -19-J 

1905 Pfd..  51  "54 

Com.  26i-2&i 

1906 Pfd..  48-52! 

Com.  24  -27 

1907 Pfd--  383-39^ 

Com.  17  -i8f 

1908 Pfd..  33l-3°J 

Com.  16  -18 


50  -55i 
12  -14] 

5^-50 

25i-27l 

73^-82 

4oJ-49i 

69*  74 

43i-4Si 
32   -36 

17  -21 

54H8i 

29  -32 
57  -62! 

30  -34l 

43  -454 
23i-25t 

27|-29i 

10  -12 

Aug. 


474-58 
133-193 

53  -64 

26  -35 
79f853 
472-5I* 
634-69 

36  -44 
33  -37-1 
18  -20 

54  -57i- 

27  -29J 

56  -594 
30  -32i 
30-J-43 

18  -2l\ 

28  -34 

II    -I2f 


50  -57? 
i7d-i93 
594-644 
30  -35i 
83  -9°t 
48  -504 
56  -63I 

33  -364 
344-36? 
18  -193 

53  -57 
26  -30J 

51  -60 
26  -31I 

34  -384 
18  -19J 

3i4-36t 
I2i-i6£ 


Sept. 


Oct. 


47  -5i 
16J-18 

53  -63? 
234-364 
82  -88 

434-48J 
50  -61 
28  -363 

344-344 
i8fi8-J 

50  -50 
24  -28 

49  "53 
243-28 

364-42 
18  -194 
304-363 
15  -19 


Nov. 


43  -5o 

174-194 
62  -82 

344-43* 
83  -«8i 
454-50 

43  -5i 
22^-28* 

32  -35 
14  -i8i 

50  -52 
24  -273 

50  -554 
244-29 
383-414 
173-19 
32  -35 
32  -35 
Dec. 


42  -46 

i83-i93 
71  -773 

36  -41 
84  -88* 

47f-5i4 
314-443 
16  -24* 

35  "43 
18  -22 

53  -584 
271-29! 

5i  -534 
263-313 

344-383 

15  -174 

34  -36 

■17  -174 


39  -442 
I74-I84 
70  -8i3 

354-424 
80  -88 

44  -5o4 
32  -37% 
17  -21 

414-47! 
22  -253 

56  -58 
274-294 
494-523 
294-3 1-4 
35  -4o4 
154-16! 
34S-383 
i65-i8| 


40  -42 

17  -194 
73  -80 
38  -42I 
72  -823 
4o!-463 

304-364 

18  -20 J 

45  -5i4 
243-294 
554-594 
213-29! 
50  -54? 
28  -3 if 

371-394 
12  -i64 
38  -46" 
18J-263 


42  -48 
1 8|-2i  3 
76  -79 
394-4i! 

65  -75 

374-43i 

3i4-37 

I9t"2I  a 

473-59-4 

27  -33 

55  -5/3 
253-283 

49.5-523 

27  -3o4 

94-12 

434-48-3 

24s-3o3 


444-514 
19I-27! 

70  -754 
343-38! 
65  -73l 
354-4i3 
37  -4i 
20^-23 

551-574- 
254-314 
554-6i 

27  -293 

494-524 

28  -303 

29  -30 

10  -123 

44!-57 
28  -321 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 


Com. 


Nov.     2 434-44       24I-24! 

Election  Day. 


3 

4 45  "45 

5 44  -443 

6 444-44-4 

7 44  -45! 

9 45  -45i 

10 44-4-45  s 

11 454-464 


24I-25 

25!-254 

254-253 

25  -26 

25f-25* 

253-273 

273-283 


Nov. 


Pfd. 

12 464-47t 

13 474-483 

14 48  -48 

16 463-47? 

17 48-483 

18 47  -48A 

19 463-463 

20 45  -463 

21 464-463 


.  Com. 
283-29 
294-303 
30  -30 
293-3o4 
30  -303 

293-303 
292-293 
29  -29I 

-294 


Pfd. 

Nov.   23 46A-463 

"      24 463-463 

"      25 46-474. 

26 Thanksgiving  Day. 

"      27 463-474     30  -30 

"   28 462-474  293-293 

"   30 474-474  293-30 


Com. 
293-29! 
294-293 
294-303 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd.  Com. 

Dec.      1 463-46!  29^-29! 

2 463-474  291-29! 

3 - -•• 

4 46i-49  29  -323 

5 49-49  3i  -32? 

7 -••■  31-32 

8 474-494  3U-314 

"        9 495-514  3it-32! 

"      10 50  -5o4  3If-32i 


Dec.  11 

12 

"  14 

"  15 

-  16 

"  17 

"  18 

"  i<) 

"  21 


Pfd. 
49 


5o3 


Com. 
3i4-3i4 


49  -493 

474-474 

48  -4S-3 

44!-474 

45  -46 

46M6J 

464-464 


28  -29I 
29-4-294 


Dec.  22 

"  23 

"  24 

"  25 

"  26 

"  28 

"  29 

"  3o 

"  3i 


Pfd.  Com. 

47  -49?     29^-30! 
.......     303-30! 

49  -54i     30  -32 

Christmas   Day. 

Extra  Holiday. 
55  -57  3if-324 
554-57  314-324 
541-554  3i4-3i4 
554-563     31  -3i! 


GIBSON'S      MANUAL 


REMARKS. 

Persons  connected  with  Minneapolis  &  St.  Lottis  obtained  control  of  this  road  in  June.  1900,  by 
purchases  of  the  common  stock.     The  two  roads  are  operated  in  close  connection. 

Iowa  Central  is  largely  dependent  for  its  prosperity  upon  the  crops,  which  constitute  a  consider- 
able percentage  of  its  freight  traffic.    Coal  and  manufactures  have,  however,  increased  materiallj  in  recent 

)  e.i  ■ 

Secufities  owned,  $1,441,000. 

Operating  revenues  in  the  fiscal  year  of  1908  were  4.14  per  cent,  less,  by  reason  of  the  Iowa  and 
Illinois  enactments  in  July,  1Q07.  reducing  both  freight  and  passenger  rates,  and  also  in  part  by  reason 
of  the  financial  depression.     Passenger  travel  was  larger,  but  the  revenue  therefrom  smaller. 

The  company's  car  and  paint  shops  at  Marshalltow  n,  Iowa,  were  destroyed  by  fire  Oct.  25,  1907, 
and  since  that  date,  extensive  repairs  to  car  equipment  have  been  out  of  the  question.  New  and  fire- 
proof shops  have,  however,  now  been  completed. 

Officers:  President,  Edwin  Hawley;  General  Manager,  L.  F.  Day;  Treasurer,  F.  H.  Davis;  Sec- 
retary, A.  C.  Doan.  Directors:  In  addition  to  the  foregoing,  L.  C.  Weir.  Charles  YV.  Osborn,  John  E. 
Searles,  Paul  Morton,  T.  P.  Shonts,  11.  E.  Huntington,  Frank  Trumbull,  E.  C.  Bradley,  \V.  S.  Crandell, 
Henry  A.  <  iardner,  and  William  Shillaber. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Friday  after  first  Thursday  in  September, 
Chicago,  111.  Directors  meet  on  call.  Main  office,  Minneapolis,  Minn.  New  York  office.  25  Broad 
Street.      Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSON'SMANUAL  183 


Kansas  City,  Fort  Scott  C&  Memphis  Railway 

A  component  part  of  The  St.  Louis  &  San  Francisco  system,  which  owns  the  whole  of  its  $15,- 
000,000  outstanding  common  stock,  and  which  operates  the  road  under  a  99-year  lease,  dating  from 
Aug.  23,  1901,  and  which  guarantees  4  per  cent,  a  year  on  the  $13,510,000  of  outstanding  preferred 
stuck.  The  preferred  stock  is  deposited  in  trust,  and  St.  Louis  &  San  Francisco  have  issued  trust  cer- 
tificates to  represent  the  same,  retirable  at  any  time  at  par.  and  payable  in  any  event  by  October,  1921. 

No  separate  reports  of  earnings  are  published. 

The  common   stock   is  not   dealt   in   on  the   stock  exchanges,  but  the  preferred  trust  certificates  are. 


LOW  AND  HIGH  PRICES,  BY  YEARS, 

SINCE  1901. 

1901              1902             1903             1904 

1905             1906 

1907 

1908 

Preferred  trust  ctfs.     jji  Dec.     75  Dec.     62}  Oct.     65     Feb. 
79}  Nov.     88  Aug.     82^   Feb.     83*  Nov. 

8if  June,    yy     Oct. 
87     Oct.     84J   Feb. 

60  Oct. 
80  Jan. 

57  Aug. 
75i 

This  stock  is  extremely  inactive,  there  being  only    an    occasional    transaction    on    the    Stock    Ex- 
change. 

Officers:  President.  A.  J.  Davidson,  Secretary  and  Treasurer,  W.  A.  Wykoff. 

Annual  meeting,  second  Monday  in  June,  Oswego.   Kan.     Office,   St.   Louis.   Mo.     Traded   in   on 
the  New  York  Stock  Exchange  (Listed  Department). 


c84 


GIBSON'S     MANUAL 


Kansas  City  Southern  Railway 


Bonded  indebtedness,  June  30,  1908 $30,000,000 

Preferred  stock,  4  per  cent,  non-cumulative 21,000,000 

Common  stock   30,000,000 

Total  capital    $81,000,000 

Mileage 827 

Per  mile  capitalization   $97,944 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income 48.6 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis.  .  *&5-7 

*Compared  with  58.78,  in   1907,  on  the  old  basis. 


EARNINGS. 


Net  p.  c. 

Year  ending                 Gross  !:*Net  Of  gross 

June  30                 Op.  Rev.  income.  income. 

1900   $4,1 18,763  $792,749  T9-2 

1901    4,753,066  1,384,186  28.9 

1902   5,560,621  1.920,120  35.03 

1903   6,224,477  1,731.453  27.7 

1904   6,678,215  1.976,794  29.6 

1905   6,893,656  1,837,801  26.53 

1906  7.568.332  2,064,956  27.12 

*ioo7  9.037,547  3.853,559  41-85 

*i9o8  8,758,929  3,138,206  35.3 

*Inter-State  Commerce  classification. 

**Before    deducting  taxes. 

***Not  considering  renewal   and  replacement  funds. 

fDue    to    extraordinary    expenditures    for  improvements. 


Earned  on 

Surplus. 

common. 

vfot  reported 

iC                             ft 

0 

$1,338,926 

0.25% 

1,622,170 

0 

2,070,590 

0 

t99.234 

0 

943,630 

0.31% 

2.376.438 

5-38% 

3,149,709 

2.58% 

LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  last  year,  were: 

Gross.  Net. 

[908  $5,168,166     $1,996,515 

1907  5,687,025      1 .928.458 


DIVIDENDS. 

1900 

1901 

1902       1903 

Preferred    .  . 

0 

0 

0             0 

Common   .  . . 

0 

0 

0            0 

1903     1904     1905     1906      1907        1908 
0005%  4% 

0000  o 


1900 


Preferred...  27^  Sept. 

43?4  Apl. 

Common...    7      Sept. 

17  y2  Api. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1901 


1902 


1903 


lflM 


1905 


1906 


1907 


35      Jan.  44      Jan.  29      Oct.  31       Feb.  52      Jan.  49      July 

49     Apl.  62^4  Apl.  61  $4  Jan.  5634  Nov.  70      Feb.  71      Jan. 

13!^  Jan.  19      Jan.  16'A  Oct.  16. '4  Feb.  22ft  May  22ft  July 

25      Apl.  39     Aug.  36i/JJan.  31ft  Nov.  36^  Dec.  37ft  Jan. 


1908 


48     Oct.  46      Feb. 

6I34  Jan.  72%  Dec. 

1934  Oct.  18      Feb. 

30J4  Jan.  42ft  Dec. 


GIBSON'S    MANUAL 

185 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan.                     Feb.                    Mch.                    Apl. 

Ma> 

June 

1900 Pfd. . 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1900 Pfd.. 

Com. 

1901 Pfd. . 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1005 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


35  -4°:s 

44  -4^i 
19  -205 

33^-3°i 
33  "381 

1 8f-2I 

52  -65I 

27h3ii 
60  -71 

3°  "375 
56  -6if 

264-303 

5i  -54 
22  -23I 

July 


35  -40 
10  -10 
38  -42» 

19    -20f 

58f-6i4 

331-363 

37  -43 
18  -23 

42  -45 
21J-223 

554-882 
25^-27 

49  -55 

223-27 

565-585 

254-27* 

54  -57f 

24  -25J 


38i-42 
16  -19 
44  -54-i 
1 94-234 
57  -6oi 
3i£-34f 
3i  -37 
16J-19I- 
63I-70 

29i-34 
59i-63f 

28|-33t 
56|-6i-i 
27  -2gi 
46  -51 
18  -21 


Aug. 


30  -334 

10  -10 
40  -424 
19  -20 
59  -6i| 
351-39 
32^-424 
19  -241 

42  -453 
225-24 
56|-6oi 
27  -283 
55  -60J 
26^-31  3 

49lS7 
225-28 

57-581 

24  -26 


42  -43 
39i"45 

t8f-2o5 

51J-5O4 
22  -24^ 

53i-56, 

29^-32^ 

3i  -37 
164-21 

63  -674 

-7^-32 
574-6o 
28  -29J 

45  -585 
18  -28 

47^-554" 
18  -23f 


4i  -43s 
I7hi7l 
42  -49 
18  -25 

55  -62!} 

2o5-28 

5i  "54 
27  -31 

34i-37 
18  -193 

59  -66 
264-32 

52  -59 
244-29! 
52  -61 § 
23  -273 
5i  -561 

22§-24 


Sept. 


Oct. 


27h3l3s 
7  -iof 

39  -4*3i 

19   -205 

55  -6if 
334-39 
33  -39f 

17    -2  2 1 

44J-48I 
24  -26 
54  -56I 
254-274 

56  -59? 
27  -28^ 
53^-563 
24i-27s 
584-632 
244-29 


29  -36i 
94-14 

36i-39« 
17  -18 

53  -57l 

32  -374 
29  -35s 

46  -53 

24  -30 

52^-584 

24f-27l 

57]-62 

265-305 

48  -54S 

193-25-2- 
61  -62 
264-29 


41  -485 

191-24 

564-62.I 

25  -351 
474-531 
24l-3oi 

344-39 
17-5-20 
55i-62| 
224-29 

50  -54 
23i-26i 
57f-6oJ 
23  -26 

55  -57s 
22  -26 


Nov. 


34f-39 
1I4-14 
41  -46f 
183-23 

5i  -57 

29  -354 

30  -37 

1 65-20 

5»|-56f 
274-315 
53-2-64 
26  -32 
58I-63S 
28^-324 
48  -514 
204-23! 
61 2-66 

28|-32§ 


431-46 

20|-23 

59  -62I 

3i4-34:l 
394-49 
20  -274 

36i-432 

18I-21! 

54  -57 
23I-27 

50  -57 
24  -274 

55  -60S 
244-254 
54-58 
232-242 

Dec. 


36  -38s 
124-142 
461 
-21-1 

-573 
-344 
-364 
-20I 

-54l 


42§- 
20 

52 
28 


34 
1 83 

471 


245-315 
604-683 
29S-36I 
584-62  5 
29  -304 

5i  "54 
22  -24I 

64S-72J 
324-42« 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Nov.     2.  . .  . 

. .     613-62 

....... 

Nov. 

12. . . . 

•  •     634-64! 

294-30 

Nov. 

23... 

283-29 

3.... 

Elect 

on  Day. 

13.... 

•  •     645-642 

3o5-3o2 

24... 

•••     635-644 

29f-3o4 

4 

.  .     62  -62J 

285-294 

14. .. . 

-. . . 

3o4-3o5 

25 . . . 

...     64  -643 

304-302 

5.... 

.  .       62i-62i 

29  -29! 

16. ... 

•  ■     64I-64I 

30  -304 

26... 

. .  .  Thanksgiving  Day. 

6.... 

.  .     624-623 

294-29! 

17.... 

-. . . 

30  -303 

27... 

...     64  -655 

3o4-3 1 4 

7  ■  ■  ■  ■ 

••     634-64 

29I-294 

18.... 

•  •     63I-63I 

294-30 

28... 

•■•     65J-655 

3i4-32 

9.... 

■•     632-644 

29  -294 

" 

19.... 

.  .     624-63I 

29  -3o4 

30... 

...     65  -66 

31 4-32s 

10. . . . 

•  •     632-644 

29  -292 

" 

20. . . . 

••     633-63! 

283-292 

11 

• ■     63  -63 

29  -292 

It 

21 

,.     632-63f 

283-29 

LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.   1 . 
2. 

3- 

4- 
5- 

7  ■ 
8. 

9- 
10. 


Pfd. 
64f-66i 
661-675 

66  -67 

67  -67I 

68  -69 
681-683 
673-68I 
68  -685 
673-68 


Com. 

324-33 
33§-34l 
331-341 
34  -35l 
362-40I 
37  -38 
37  -37§ 
37  -381 
371-38! 


Pfd.  Com. 

Dec.    11 673-68^  37I-383 

"      12 67  -674  37l-38i 

"      '4 67  -674  371-374 

"      15 66  -665  36  -37-i 

"      16 67f-68  365-38 

"      i/ 68  -634  37  -383 

"      18 -...  365-375 

19 -•■■  37  "3/4 

" 21 67  -67!  36-5-3/4 


Pfd.         Com. 
Dec    22 673-681     37  -38! 

"      23 684-69I     38I-39I 

24 694-713     39  -4i{j 

25 Christmas  Day. 

"       26 Extra  Holiday. 

28 7if-724     403-425 

29 70  -7i4    40  -4'  ! 

30 71  -715     39s-4o5 

3i -•  •  •     40  -405 


1 86  GIBSON'S    MANUAL 


REMARKS. 

This  company  is  the  successor  and  a  reorganization  of  the  old  Kansas  City,  Pittsburgh  &  Gulf 
Railroad,  which  was  sold  under  foreclosure  in  1900. 

March  19,  1906,  the  stockholders  of  this  company  voted  for  an  issue  of  $10,000,000  improvement 
bonds,  4^s,  to  run  for  20  years,  and  for  $5,100,000  five  per  cent,  collateral  trust  gold  notes,  secured  by  a 
deposit  of  $6,000,000  of  the  bonds.  Stockholders  were  authorized  to  subscribe  for  the  gold  notes  at  95, 
to  the  extent  of  10  per  cent,  of  their  holdings  of  stock.  The  gold  notes,  less  discount  and  commissions, 
yielded  $4,715,561,  which  sum  has  been  disbursed  for  improvements,  buildings  and  equipment,  all  made 
necessary  by  increasing  traffic. 

No  "securities  owned"  are  reported,  other  than  those  of  terminal  companies.  The  amount  of 
these  is  not  published. 

Total  capitalization  has  remained  practically  unchanged  since  1900,  except  for  the  bond  issue 
of  1906  referred  to  above. 

A  traffic  arrangement  has  recently  been  consummated  with  Southern  Pacific  and  Union  Pacific  for 
exchange  of  through  business,  which  is  expected  to  redound  to  the  benefit  of  Kansas  City  Southern. 

Officers:  President,  J.  A.  Edson  ;  Treasurer,  H.  Yissher;  Secretary,  R.  B.  Sperry.  Directors: 
Chairman,  Hermann  Sielcken  ;  L.  F.  Loree,  D.  G.  Boissevain,  Walter  T.  Rosen,  Andrew  J.  Miller,  Hugo 
Blumenthal.  W.  G.  Street,  James  A.  Blair,  William  F.  Harrity,  John  J.  Mitchell,  Adolphus  Busch,  S.  W. 
Fordyce,  J.  A.  Edson  and  George  M.  Craig. 

Fiscal  year  ends  June  30th.  Annual  meeting,  second  Tuesday  in  May,  Kansas  City,  Mo. 
Directors  meet  on  call.  Main  office,  Kansas  City,  Mo.  New  York  office,  25  Broad  Street.  Traded  in 
on  the  New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S    MANUAL  187 


Lake  Erie  C&  Western  Railroad 

Bonded  indebtedness,  Dec.  31,   1907 $10,875,000 

['referred  stock,  6  per  cent,  nun-cumulative 1  1,840,000 

Common  stock   1 1 ,840,000 

Total  capital $34,555,000 

Mileage 886 

Per  mile  capitalization   $39,001 

Fixed  charges,  1907,  per  cent,  of  net  income    88.21 

Operating  expenses,  per  cent,  of  gross 80.25 

EARNINGS. 

Year  ending  Gross,  Net  p.  c.  of 

Dec.  31.  Op.  Rev.      *  Net  income,  gross  income.    Surplus. 

IQ°o   $4,475,712  $1,394,399  3i-i5%  $613,900 

J90i 4-533.204  1,173.946  25.9  %  645,496 

1902  4,699,340  1,152.915  24.53%  625,061 

1903  5,218,728  1,162,917  22.28%  781,470 

1904  4,998,010  1,136,362  22.73%  792,578 

!9Q5  5,037,294  1  -192,930  23.68%  555,978 

1906 5,212,812  1,188,252  22.8  %  222,417 

i9°7  5,066,940  1,007,744  19.9%  228,424 

*  Less  taxes. 

Note: — Nothing  has  been  earned  for  the  common  stock  for  many  years.     In  1900,  2.13  per  cent,  was  earned, 
nothing   since. 

LATEST  REPORT. 

Earnings  for  ten  months,  ending  Oct.  31,  1908,  compared  with  last  year,  were: 

Gross.  Net. 

1908   .  .      $3,746,175  $607,220 

1907   ••        4.330,843  l,"i,56i 


DIVIDENDS. 

1900       1901       1902       1903        1904       1905       1906       1907       1908 
Preferred.'.     4%         4%         4%         4%         3%         3%         3%         3%  1% 

Common   ..o  o  o  o  o  o  o  o  o 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900  1901  1902  1903  1904  190S  1906  1907  1908 

Preferred...  83 %  Feb.  108^  Jan.     120      Oct.      89      Nov.      85      June     95      Nov.  75      Sept.  39&  Nov.  34      May 

115      Dec.  135*4  Sept.  138     Feb.     118      Feb.     105      Oct.     106      Mch.  92Y2  Jan.  67^  Apl.  58      Dec. 

Common...  20^  Mch.  39^  Jan.       40      Dec.      23^  Nov.     26     June     28^4  June  29      Dec.  11      Nov.  12     Jan. 

39}4Nov.  76HNov.     71^Jan.       53     Jan.      43^  Dec.      47^  Dec.  44^  Jan.  28^  Jan.  26     Dec. 

These  shares  have  not  been  especially  active  in  recent  years. 


iSS 


GIBSON'S    MANUAL 


1900. 

hidl  . 
If)02. 
I903. 
1904. 
1905. 
1906. 
I907. 
1908. 


LOW  AND 

Jan. 


HIGH  PRICES, 

Feb. 


BY  MONTHS,  SINCE  1900. 
Mch.  Apl. 


.Pfd.. 
.Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.Com. 
.Pfd.. 
.Com. 
.Pfd.. 
.Com. 
.Pfd.. 
'  11 
.Pfd.. 
.  Com. 


84  -  87 

2li-  27 

I  12 

39?-  4"! 
125  -132 

64-  7\\ 
113  -"3 
50  -  53 
89  -  89 
28  -  30 | 
100  -101 

35  -  4i  1 
92^-  924 

38  -  443 


834- 

20g- 

113 

41 

132 

66 
116 
47i 
95 
263 

37 
88 

34* 


85 

114 

45 
138 

7i  I 
118 

49 
95 
30 
101} 
40A 
92 
38 


84!  87| 

20J-  23^ 
" '3  -130 

51  -  63} 
[31  -135 
69 
113  - 1 1 8 

40]-  47 


95  -100 

23$-  34i 
127^-130 

61  -  68i 

130  -'31 
67]-  69* 

105  -113 
38  -  4-' 


-7  -  28A 


12  -  14 


234-  27 
12  -  15J 


26-27.I 

'ell  106 

394"  442 
90-90 

34  -  40I 
57  -  61 

i'>;-  243 

i3i-  'M 


26{-  28i 

100  -100 

34  -  4i 
88  -  90 

33  "  38J 

55  -  m 

20\-    25 

36-  38 
15  -  15} 


May 

■•-  -  95 

-"1-  31 

109  -127 

49  "  67 
125  -131 

64  -  68} 
105  -108 

36  -  40 

95  -  95 
28 j-  28 J 

97  -  97 
3°i-  35 
84-  84 
32  -  384 

65  -  65 
20  -  20 
34  -  45 
14  -  19J 


June 
92  -  9>i 
26J-  30I 

124  -124 

59  "  62i 


65i-  66 

103  -no 

25I-  35 

85  -95 

26  -  284 
91  -  96" 
2&ir   3i  1 
85  -85 
274-  33 


1900. 
1901 . 
1902. 
1903. 
1904. 

: 
1906. 
1907. 
I908. 


July 


Aug. 


Sept. 


Oct. 


Nov. 


.  Pfd. . 
.Com. 
.  Pfd.. 
.Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 


93  "  93i 
26  -  28-J 
1 175- 1 20 

531-  64 


93  -  95 

27  -  30 

120  -129 

5o2-  67 


64  -  67 
94  -103 

26  -  31 

26  -  26 

3°4~  30 1 

86  -  86 

27i-  35 


4.2I-   42! 


65 


33! 


67 
99  -100 

25 
85  -  86 
26J-  33 
96-96 

32  -  37 
80  -  84 

35  -  39 


43  -  43 
i6i-  17I 


92i- 

25  - 
123  - 

594- 

128  - 
6oi- 
95  - 
25  - 
90  - 

30  - 

■'?: 
33  - 
75  ■ 
32 
45 


93 
28} 

1354 

74 
130 

67 

-  95 

-  28 

-  90 

-  .u 

-  95* 

-  36 

-  80 

-  33 

-  45^ 


94J-IOO 

27  -  37? 
I27  -133 

624-  71 5 
120  -125 

554-  60 
90  -  90^ 

24  -  25i 
88  -105 

32  -  36 
95i-  96-l 
33*-  34 -T 


I02|- 

35  - 

129! 

70  ■ 
120 

50 

89 

23i 

102 

32 
95 

33 


no 

39i 
134 

76* 
120 

56} 
90 

27* 
103 

4*« 

95 

371 


45  -  45 
15  -  15 


31  "  32* 
40  -  40 

115-  15 
4i  -  434 
16  -  18 


30  -  32 
393-  40 
11  -  12 

41  -  56 
17  -  25 


** 


Dec. 
106  -115 

35  -  52 
126  -126 
64A-  72^ 
122  -122 
40  -  52 
96  -  96 
27%-   32 

96  -1 02} 

32  -  43i 
95  -  99 
35  "  47' 
793-  80 

29  -  3:4 


II  -  12 

49  "  58 
22 


26 


LOW  AND  HIGH  PRICES,  BY  DAYS.  NOVEMBER,  1908. 


Nov.     2. 

3- 

4- 

5- 
6. 

7  ■ 

9- 

10. 
11 . 


Pfd. 


Com. 


Election    Day. 

.......  17-17 

41   -41  18  -18 

4i3-43*  J74-i8 

443-44?  i8J-i8i 

45  -46  I8|-l8| 
.......  19^-20 

46  -48  20  -22 


Nov.  12 

'■  13 

"  14 

-  16 

"  17 

-  18 

-  19 

••  20 

"  21 


Pfd. 
48  -48 


Com. 
21 J -21 i 

2l4-2lf 


Pfd. 


Nov.   23 52 


Com. 


50   -50  22}-22j 

.......  23    -235 

.......  24   -24 

?2\-j2i  24I-25 

50   "53  24    -24 

50!-50i  ....... 


^    -^  ....... 

24- ■  53i-54       ....... 

25 54-55 

26 Thanksgiving  Day. 

27.... 
28.... 
30.... 


56  -56 

55  -56 


244-244 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


I  tec. 


1 . 
2. 
3- 
4- 
5- 
7  ■ 
8. 

9- 
10. 


Pfd. 
56  -574 


58-58 
58-58 

57 


8 


Com. 


234-231 


23^-23^ 
244-24} 


Dec.    n. 

12. 

"      14. 

-     IS- 

•      16. 

17. 
'      18. 

19. 


Pfd. 


55  -55 


Com. 
26  -26 


21 22  -224. 


Dec.  22. 

"  23. 

"  24. 

-  25. 

"  26. 

"  28. 

"  29. 

"  3°- 

"  3i- 


Pfd.  Com. 

49  -53!     •••-■•• 
50^-50}-     ....... 

524-524     24  -24 
Christmas   Dayr. 
Extra  Holfday. 
52^-5251      ....... 

5-'  -521     23^-23; 


234-23* 


GIBSON'S    MANUAL  [89 


REMARKS. 

Jn  1899,  Vanderbilt  interests  gained  control  of  this  railroad;  and  in  January,  kjoS,  Lake  Shore 
&  Michigan  Southern  owned  $5,940,000  of  the  common  sha'res  and  $5,930,000  of  the  preferred. 

The  poor  earnings  for  1907  were  in  part  due  to  the  2  cent  rate  laws  of  Indiana  and  Illinois  and 
increased  competition  with  local  electric  street  lines. 

Securities  owned,  Dec.  31,  1907.  were  $169,493. 

Officers:  President,  \Y.  C.  Brown;  Treasurer.  Charles  I''.  Cox;  Secretary,  Dwight  W.  Pardee. 
Directors:  William  K.  Vanderbilt,  J.  Pierpont  Morgan,  Frederick  W.  Whitridge,  William  II.  Newman, 
Hamilton  McK.  Twombly,  George  F.  Baker,  Frederick  W.  Vanderbilt,  Henry  W.  Cannon  and  William 
C.  Brown. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Wednesday  in  October,  Peoria,  111.  Directors 
meet  on  call.  Alain  office,  Indianapolis,  Ind.  Xcw  York  office,  Grand  Central  Station.  Traded  in 
on  the  New  York  Stock  Exchange   (Listed   Department). 


190 


GIBSON'S     MANUAL 


Long  Island  Railroad 

Bonded  indebtedness,   Dec.  31,  1907 $44,279,791 

Outstanding  securities  of  leased  estates 3,888,000 

Capital  stock  (par  $50) 12,000,000 


Total  capital    $60,167,791 

Mileage 316 

Per    mile    capitalization $190,404 

Fixed  charges,  1907,  per  cent,  of  net  income    *I48.2 

(  (perating  expense,  per  cent,  of  gross    (Sec    "Remarks") 87.5 

Deficit  in  1907  was  $858,829. 


EARNINGS. 


Year  ending  <  iri  >ss 

June  30.  (  >p.  Rev. 

1900   $4,557,259 

1901    4-862,347 

1902    5.883,607 

1903    6,440,992 

Year  ending 

Dec.  31. 

1904  7.°2I>3/8 

1905   8,501,466 

1906  9.595.596 

1907   10,130,408 


*Net 
income. 

$1,557,097 

1,631.552 

2,104.745 
1,990,087 


Net  p.  c. 

of  gross 

inc. 

32-2 

3i-7 

33-86 

29.36 


*Taxes    are    by   this    company   charged    to    operating 
Xotc: — Practically  nothing   has   been   earned  for   the 


1,732,292 
1 ,897,838 

-'-093.585 
1,390,566 

expenses, 
capital  stock  of 


23- 
21.27 
20.93 
13-3 


Surplus. 

$844,311 

907,450 

918,515 

843.887 


1,481,213 
1,539,199 
1,747-237 
2,644.380 


Long  Island  since  1896. 


LATEST  REPORT. 

An  incomplete  report  for  the  period  from  Jan.  i  to  Dec.  31,   1908.  announced  a  decrease  of  $311,863 
in  gross  earnings  anil  an  increase  of  $947,486  in  net. 

DIVIDENDS. 

The  last  dividend   was  paid  Nov.  2,  1896,  being  then  at  the  rate  of  4  per  cent,  a  year.     In  August 
1  S< > 4 .  the  dividend  hail  been  reduced  from  the  annual  rate  of  5  per  cent,  to  4. 


LOW  AND 

HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1900 

1901                1902 

1903               1904               1905               1906 

1907 

1908 

47$  Ja»- 
89     May 

67  Jan.         72!  Nov. 
90  Dec.        91&  May 

49  Dec.       46    May       50*  May      61]  Oct. 
83  Jan.        62^  Nov.       73J  Nov.       81$  Jan. 

26     Dec. 
67^  Jan. 

30     Feb. 
56|  Dec. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.     2 -. . . 

3 Election  Day. 

•       4 -••■ 

"       5 -••• 

"       6 -... 


9 45-45 

10 

11 


Nov.  12. 
13- 
14- 
16. 

17- 
18. 
19. 
20. 


47,-55 


21 50I-50I 


-5i 


Nov.  23 

"  24 

"  25 -. 

"  26 Thanksgiving  Day. 

t"  27 

"  28 -... 

"  30 -••• 


GIBSON'S     MANUAL 


19] 


Dec. 


3- 

4- 
5- 
7  ■ 
8. 

9- 

io. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


....... 

Dec.  11 

55  -55i 

"   12 

"   14 

55  _55 

"  15 
-   16 

"   17 

"   18 

....... 

19 

....... 

"  21 

-5ii 


Dec.  22. 
"     23. 


-'4 5o-55 

25 Christmas  Day. 

26 Extra  Holiday. 

28 67^-69^ 

29 67l-68| 

30 67}-68J 

31 673-68} 


REMARKS. 

The  Pennsylvania  Railroad  purchased  $0,797,900  of  the  capital  stock  of  this  company  in  May, 
1900,  a  majority  interest,  and  has  since  actively  promoted  the  development  of  the  Long  [sland  Railroad. 
Funds  to  meet  the  various  improvements  have  been  advanced  by  the  senior  company.  Extensive  work 
is  in  progress  at  P>ay  Ridge  and  the  line  from  that  point  to  Manhattan  Beach  is  being  revised.  The  new 
terminals  at  Atlantic  Avenue,  Brooklyn,  have  cost  a  great  deal  of  money,  but  are  proving  useful. 

The  company  has  leased  several  short  suburban  railroads  and  has  practically  completed  the  electri- 
fication of  its  lines  in  and  adjacent  to  the  Boroughs  of  Brooklyn  and  Queens.  In  1905,  Long  Island 
organized  The  Long  Island  Consolidated  Electrical  Companies  to  hold  the  securities  of  the  subsidiary 
electric  lines.  An  issue  of  $10,000,000,  4J2  per  cent.,  40  year  collateral  trust  bonds  of  the  new  company 
was  authorized,  March  14,  1906,  but  none  of  the  bonds  had  been  sold,  Dec.  31,  1907.  An  opportunity  is 
awaited,  when  they  can  be  sold  to  advantage. 

The  subway  under  the  East  River  was  opened  as  far  as  the  Flatbush  Avenue  station  in  Brooklyn. 
May  1,  1908.  The  Pennsylvania  Railroad  is  building  a  tunnel  under  the  East  River  to  connect  the  Long 
Island    Railroad    with    the    Pennsylvania    tunnel    through  to  Jersey  City. 

Bonds  and  stocks  of  other  companies,   Dec.   31,  1907,  were  $6,696,802. 

Total   capitalization   has   increased   from   $38,158,703  in   1900  to  $60,167,71)1    in    10.07. 

Operating  expense  in  1907,  showed  an  increase  of  14  per  cent.,  due  to  higher  cost  of  materials  and 
wages,  greater  liabilities  for  personal  injuries,  city  ordinances  requiring  the  use  of  anthracite  coal  within 
the  corporate  limits,  extraordinary  repairs,  etc. 

Officers:  President,  Ralph  Peters;  Vice-President,  H.  Tatnall ;  Treasurer,  Henrv  Tatnall,  Phil- 
adelphia: Secretary,  Frank  E.  Haff,  128  Broadway,  New  York.  Directors:  August  Belmont,  F.  G. 
Bourne.  Dumont  Clarke,  Thos.  DeWitt  Cuyler,  John  P.  Green,  James  McCrea,  W.  G.  Oakman,  Ralph 
Peters.  C.  M.  Pratt,  Charles  E.  Pugh.  Samuel  Rea,  Henry  Tatnall,  and  J.  B.  Thayer. 

Eiscal  year  ends  Dec.  31st.  Annual  meeting,  second  Tuesday  in  April,  Long  Island  City.  Direc- 
tors meet  monthly.  Office.  Long  Island  City.  Traded  in  on  the  Xew  York  Stock  Exchange  (Listed 
Department  1 . 


192  GIBSON'S     MANUAL 


Louisville  CS,  Nashville  Railroad 

Bonded  indebtedness,  June  30,   1908 $130,116,500 

( Capital  stock  60,000,000 


Total   capital    $190,116,500 

Mileage 4,348 

Per   mile   capitalization $43, 72s 

Fixed  charges,  1008,  including  taxes,  per  cent,  of  net  income.  ..  .  69.75 
Operating  expense,  excluding  taxes,  per    cent,    of    gross,    new 

basis    

^Percentage  in   1907,  old  basis,  was  74.14. 


75-29 


EARNINGS. 

Year 

ending 

Gross 

Xet 

Net  p.  c. 

Earned  on 

June  30. 

Op.  Rev. 

Income 

of  gross  inc. 

Surplus 

stock 

1900  . . . 

•     $-27742.378 

$9,789,017 

34-5 

S4.257.935 

6.85% 

TQOI     . . . 

28,022,206 

10,493,861 

36-5 

5,844,048 

7.94% 

I902     .  .  . 

30,712,257 

10,810,841 

34-i 

7,723,682 

8.22% 

I9O3     . . . 

•       35.449.377 

12,601,058 

34-3 

8,292,710 

10.35% 

1904     . . . 

36.943-792 

13.437-398 

34-8 

11,684,426 

1 1.1   % 

I9O5     . . . 

38.517,070 

i3-654.54o 

34- 

14.899,106 

H-36% 

I906    . . . 

43,008,996 

13,642,309 

30.5 

18,130,046 

10.58% 

1907     ... 

48,263,945 

14.044.398 

28.2 

20,827,513 

10.75% 

!;:i9o8  .  . . 

44,620,281 

12,346,658 

26.87 

19,015,050 

:|!*4.7i% 

*Inter-State    Commerce   classification. 

**Taxes  included  in   fixed  charges. 

***After   an    appropriation   of   $1,690,468    for   betterments. 

LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  last  year,  were: 

<  iross.  Net. 

1909   $27,204,395  $9,697,333 

1908   27,861,093  6,634,793 

DIVIDENDS. 

I  HUH       I9OI        [Q02       I9O3       1904       I9O5       I906       IOO7       I9O8 

4%  5%  5%  5%  5%  6%  6%  6%     *5/,% 


*In    1908  5'/2   per   cent,  was   paid   in   cash;   but  in    February    there    was    an    extra    dividend    of    1    per    cent    in 
-tuck  of   The    Louisville   Property  Co. 

LOW   AND   HIGH   PRICES,  BY    YEARS,    SINCE    1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 

68|   Sept.      76     May       102-J  Jan.       95     Sept.    101     Feb.     134.I  Jan.     135$  May     85^  Nov.      87J:  Feb. 
89J   Dec.     iilf  June      : t 59^  Aug.     130}  Jan.    148J  Dec.     157I  Sept.   156^  Jan.     145^  Jan.     125J  Dec. 

♦Touched  during  the  Gates  coup  in  this  stock  in   1902.  • 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan.  Feb.  Mch.  Apl.  May  June 

1900 '7 i-  82!  794"  82!  81  -  87  8if-  87*  78T  8i!  73 J-  8il 

1901 84!-  'it  !  89!-  93I  9i£-ioi  99I-111I  76 -in  105-J-ui? 

1902 Kui-108  im--io6  103J-107.I  1051-133  128-146  135  -138J 

1903 [23J-I30J  122   -127^  t  16A-1 24  [I3    -119  [12   -II9I  105^-114! 

1004 [ 06  -nil  I01  -107I  lorj-ioSJ  ki;]-iio  106^-109-4  io6J-nol 

[905 134.^-142.1  137  -141:1  13SI-145I  141-156!  I40  -I48J  142^-151! 

[906 148.I-156.I  I45i-I52|  144-I52.I  I4lJ-I52|  1351-148!  [40I-IS1J 

7 [333-I45i  I264-I36|  108  -128 J  Il6  -I2l|  IO9  -I20{  1(K)1-Il6i 

[908 90I-103I 87]-  98 89  -101 97H°5J  103A-113 101  -ml 


GIBSON'S     MANUAL 


193 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900. . . . 
1901 . . . . 
1902. . . . 
1903.... 
1904. . . . 

1905 

1906. . .  . 
1907.... 
1908. . . . 

Nov.  2 . 

"  3- 
4- 
5- 

"   6. 

7  ■ 
9- 

"  10. 

"  11. 

Dec.  1 . 
2. 

"   3- 

4- 

5- 

"  7- 

"       8. 

9- 
"   10. 


/of-  75* 
992-1 1 1 

i37i-i45l 
ioif-112 

no  -118 
1 43i"  1 50s 
138^-144] 
112I-118; 
103  -ml 


7c4-  724 
99§-io6f 

144  -i59i 
98J-io8i 

114  -122^ 

145  -I52i 

I43i-T54* 

IO3  -112^ 
I07  -I  II| 


00% 

IOO 

i37i 
95 

I20i 
144! 

i45i- 

1053- 


IOOJ-IIO 


•  73i 
106] 

156! 
io6i 

1-7'. 
i^ 
i52f 
uoj- 
a 


?o:h  76J 
101  -1043 
132  -142] 

95^-102;' 

127  -137! 

i49t-I56f 

1 42 1-149;; 

9oi-iio!j 

103I-110I 


75  -  84} 
1 034- 1 09 J 

121  -13/i 

98-2- io5g 

131  -140J 

i46i-i  54* 

140J-140. 

85I-  97* 

I08i-I22^ 


8if-  89^ 

I02f-II0A 

116^-133! 

I05|-I  IOi 
135  "MSI 
149^-154] 
141^-1485 

89  "  96* 

1 1 8i- 1 25  ? 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


io8i-no 
Election  Day. 
•     iioi-mi 
110J-112I 
iiif-ii5i 
H4f-n6 
114  -116 
1145-116 
"3f-"5i 


Nov. 


12. 

13- 

14- 
16. 

'/• 
18. 
19. 
20. 
21 . 


115! 


1147J-116I 
115^-117 

115^-1  i6f 

u6f-n84 
1 1 8j- 1 20  J 
118I-119 

1 1 7\- 1  i9i 
n7f-ii8i 


I  I7i-1 19* 

II8J-I20 


Nov.  23 

"     24 

25 119I-121 

26 Thanksgiving  Day. 

"     27 120I-1225 

"     28 122  -122! 

30 120^-122! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


121I-122J 

121  -122 

I20i-I2lf 
I22|-I23| 
I22^-I22f 
I2lf-I22| 

122  -I23 
I22J-I24 
I22|-I23| 


Dec. 


II. 
12. 

14. 
15. 
16. 

17- 
18. 
19. 
21 . 


1 22^-1 23^ 

Dec. 

22 

123    -123 

23 

I23J-I24 

24 

122    -123 

25 

122    -123 

n 

26 

12\\-122\ 

a 

78 

I2C)f-I22 

tt 

29 

I2lf-I2l| 

" 

30 

Il8|-I22£ 

n 

31 

I2C4 

-I2l| 

I2lJ-I22f 

I22| 

I22| 

Ch 

ristmas 

Day. 

E> 

tra  Hoi 

iday. 

123* 

I23s 

123  - 

124^ 

i23i 

I24i 

124  - 

1254 

REMARKS. 

Control  of  this  company  was  acquired  in  1902  by  Atlantic  Coast  Line,  which  bought  $30,600,000 
of  its  capital  stock. 

Louisville  &  Nashville  runs  through  one  of  the  most  enterprising  and  densely  populated  sections 
of  the  South.  Its  management  has  been  conservative  and  sound  and  the  large  increase  in  gross  earnings 
indicates  that  the  prosperity  of  the  last  few  years  has  not  been  confined  to  any  one  part  of  the  United 
States.  But  the  road  was  from  1905  to  1907  burdened  with  extraordinary  conditions,  due  to  severe 
storms,  an  epidemic  of  yellow  fever,  and  interference  with  freight  rates  by  State  legislature.  Under  the 
circumstances,  the  road  has  given  a  good  account  of  itself. 

Nashville,  Chattanooga  &  St.  Louis,  of  whose  $10,000,000  capital  stock,  $7,177,600  is  owned  by 
Louisville  &  Nashville,  reduced  its  dividend  in  July,  iyo8,  from  6  to  a  5  per  cent.  baMs.  Its  earnings 
are  reported  separately  from  those  of  Louisville  &  Nashville.  In  August,  1908,  L.  &  N.  reduced  its  own 
dividend  from  6  to  a  5  per  cent,  basis. 

Securities  owned,  June  30,   1908,  amounted  to  $32,481,357. 

Total  capitalization  has  increased  from  $145,284,660  in  1900  to  $190,116,500  in  1908. 

For  "general  purposes,"  $6,500,000  three-year  5  per  cent,  gold  notes  were  sold  by  Louisville  & 
Nashville  in  1907,  through  J.  P.  Morgan  &  Co.,  who  resold  them  at  about  97  and  interest. 

The  company  has  met  the  business  depression  by  such  economies  as  are  practicable,  including  a  re- 
duction in  all  salaries  of  $3,000  and  over. 

In  January,  1909,  Louisville  &  Nashville  sold  to  J.  P.  Morgan  &  Co.  the  collateral,  $29,864,000, 
securing  $23,000,000  five  twenty-year  collateral  trust  bonds  of  March  2,  1903,  and  will  pay  off  the  $23,000,000 
of  bonds  on  April  1,  at  71  Broadway. 


I'M 


GIBSON'S     MANUAL 


Officers:  President,  M.  11.  Smith,  Louisville.  Chairman,  Henry  Walters,  New  York.  Treas- 
urer, William  W.  Thomps<  >n.  I  .ouisville.  Secretary,  J.  II.  Ellis,  Louisville.  Directors:  August  Bel- 
mont. \inla  Cox,  W.  Delano,  Jr.,  Alexander  Hamilton,  Michael  Jenkins,  D.  P.  Kingsley,  G.  M.  Lane, 
W.  G.  <  lakman,   \Y.   G.  Raoul,   Ed.   W.   Sheldon.  Milton  11.  Smith,  II.  Walters,  and  John  I.  Waterbury. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Wednesday  in  October,  Louisville,  Ky.  Direc- 
tors meet,  third  Thursday  in  every  month.  Main  office,  Louisville.  New  York  office,  71  Broadway. 
Traded   in  on   the   New   York   Stock   Exchange    (Listed  Department)   and  on  the  London  Stock  Exchange. 


MARKET  MOVEMENTS  OF  LOUISVILLE  & 

MINOR  TURNS 


NASHVILLE  FROM  1900  TO  1908,  INCLUSIVE. 
DISREGARDED. 


The   rise-   in   1902   was   due   to   the   Gates   coup   in   lhat  stock. 


GIBSON'S    MANUAL 


The  Mackay  Companies 


A  voluntary  association,  organized  under  the  laws  of  Massachusetts,  in  accordance  with  a  trust 
deed,  dated  Dec.  19,  1903,  and  placed  under  the  management  of  seven  trustees,  who  are  elected  annually. 
The  agreement  and  declaration  of  trust,  which  was  placed  on  file  with  The  Old  Colony  Trust  Co.,  of  Bos- 
ton, Mass.,  is  similar  in  many  respects  to  English  investment  trusts,  which  are  well  known  and  success- 
fully carried  on,  and  resembles  agreements  of  like  tenor  in  general  use  in  Massachusetts.  The  association 
owns  all  or  part  of  the  capital  stock  of  102  telegraph,  cable  and  telephone  companies,  including  that  of  The 
Commercial  Cable  Co.,  The  American  Telephone  &  Telegraph  Co..  and  The  Postal  Telegraph  Co.,  and 
is  in  fact,  a  consolidation  and  extension  of  the  interests  of  John  \V.  Mackay. 

Preferred  slock,   Feb.    1,    1908,  4  per  cent,  cumulative    $50,000,000 

Common    stock    41 .380,000 

Total  capital $91,380,400 


EARNINGS. 

Year  ending  Feb.  t.                Income.  Surplus  for  year, 

1905 $',643,677  $63,801 

1906 2,719,595  363-9r7 

i9°7 3,3IO>328  299,829 

1908 3,830,390  152,923 

1909   3-685,761  5.518 

kFrom   investments  in   other  companies. 


Surplus  account. 

$  63,801 

427,718 

727o47 
880,471 

885,989 


1904 

Preferred  3% 

Common 2c/o 


DIVIDENDS. 

1905  1906  1907  [908 

4%  4%  1'-'  4% 

2%  y;  4'-  \% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1904. 


:ioo4 


^1905         *i9o6 


1907 


1908 


Preferred    67  May  71* 

75J  Dec.  76f 

Common 18  Apl.  37 

40  Dec.  60 


67* 
76 

57i 

77\ 


50  Oct.  59J  Feb. 

71     Jan.  yi%  Nov. 

40    Oct.  52     Feb. 

75}  Jan.  78     Nov. 


H Range   of  prices   in   the   curb   market,   where   alonethe  securities  were  traded  in,   during  those  three   years. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


3- 

4- 


6. 

7  ■ 

9- 

10. 


70 


Pfd.  Com. 

695-70      73i-73i 
Election  Day. 

74  "742 

74f-75i 

74^-76 

76-76i 

76  -76J 

76-78 

11 7°f -70-4     76  -77\ 


5 70-70 


70I-70I 


Pfd. 
Nov.    12 

"      13 70I-70J 

14 70J-70J 

"      16 -... 

"      17 70J-701, 

18... 
19. 


Com. 

77  -77i 
76i-77 

76  -77 

77  -77\ 
77\-77l 
77  -77 
77  -77 

20 704-701     76I-76J 

21 - 


Pfd.  Com. 

Nov.   23 -. . .  76  -76 

"      24 7oi-7o}  77  -77i 

"      25 71  -71  ....... 

26 1  hanksgiving  Day. 

"      27 71  -71  763-763 

"      28 71   -71  76J-77 

"     30 71  -7i  4  75i-7Si 


196 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.   1. 


9- 

10. 


Pfd. 
703-71 
7°t-7of 


7of-7°i 
7of-7of 
7of-7°f 


Com. 

75l-75i 
75i-75i 
75h75i 
75h75i 
75h75i 
75  -75 

751-75? 


Pfd. 


Dec.    ir. 
"       12. 


14 6gi-69j 

is 694-69* 

16 -... 

17 -•■• 

18 69  -69 

19 -••• 

21 69  -69 


Com. 

741-7-4 
74l-74f 
741-741 
74i-74l 
74  -74i 
74  -74 


74  -74 


Dec.  22. 

"  23. 

-  24. 

"  25. 

"  26. 

"  28. 
29. 

"  30. 

"  3.i- 


Pfd.  Com. 

69  -69  74  -74 

694-69!  ....... 

••■-•••  743-75 
Christinas  Day- 
Extra  Holiday. 

69I-70  ...-.'.. 


69f-69f 


76  -76 
76  -76 


REMARKS. 

The  strike  of  telegraphers  in  August.  1907.  which  lasted  twelve  weeks  and  was  then  beaten,  led  The 
Postal  Telegraph  Co.,  in  October,  1907,  to  organize  The  Postal  Telegraph  Employes  Association,  to  he  open 
to  all  who  would  abjure  unions.  The  Association  is  to  have  no  dues  or  debts  and  its  members  are  to  be  aided 
by  the  company  in  times  of  sickness  or  disability.  The  telegraphers  and  clerks  joined  the  new  organization 
enthusiastically ;  and  another  strike  is  regarded  as  impossible. 

Investments  in  other  companies,  Feb.  1,  1908,  were  $92,085,594. 

The  Mackay  Companies  are  by  far  the  largest  stockholders  in  The  American  Telephone  &  Tele- 
graph Co. 

Aerial  wires  are  now  dispensed  with  in  the  service  from  Bristol  to  London.  England,  owing  t"  the 
completion  of  certain  underground  construction  between  those  points. 

The  business  depression  of  1907-1908  has  not  affected  the  abilitv  of  the  company  to  pay  regular  divi- 
dends. Earnings  and  profits  of  the  102  controlled  companies  increased  in  the  fiscal  year  of  1909,  in  spite  of 
business  depression,  and  the  subsidiaries  have  large  reserves  of  accrued  profits,  which  can  he  drawn  upon 
at  any  time  by  the  parent  company. 

Officers :  President,  Clarence  H.  Mackay.  Vice-President,  George  G.  Ward.  Treasurer,  Ed- 
ward C.  Piatt.  Secretary,  Albert  Beck.  Trustees:  Clarence  H.  Mackay,  William  W.  Cook,  George 
(  r.  Ward.  Dumont  Clarke,  Edward  C.  Piatt,  Robert  A.  Smith,  and  Henry  V.  Meredith. 

Fiscal  year  ends  Feb.  1st.  Main  office,  112  State  Street.  Boston,  Mass.  New  York  office,  252  Broad- 
way. Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department),  and  on  the  Boston,  Montreal. 
Toronto  and  London  Stock  Exchanges. 


GIBSON'S     MANUAL 


197 


Manhattan  Railway 


Incorporated  Nov.  24,  1875.  A  consolidation  of  all  the  elevated  railway  lines  in  New  York  City, 
with  the  exception  of  such  parts  of  the  subway  system  as  run  for  certain  distances  over-ground.  The 
actual  merger  took  place  Aug.  1,  1884,  under  an  agreement,  ratified  at  that  date,  by  which  new  stock 
was  issued  for  the  outstanding  $13,000,000  of  Manhattan  and  $6,500,000  each  of  Metropolitan  Ele- 
vated and  New  York  Elevated  shares,  on  the  basis  of  85  for  Manhattan,  no  for  Metropolitan,  and  120 
for  New  York.  All  obligations  of  subsidiary  companies  were  assumed.  The  original  capital  of  $26,- 
000,000  has  since  been  heavily  increased,  partly  in  consequence  of  a  decision  in  February,  1899,  to 
change  the  motive  power  from  steam  to  electricity.  Eighteen  million  dollars  of  new  stock  was  issued 
at  that  time.  The  change  of  electricity  was  finally  completed  in  the  latter  part  of  1902.  Just  prior  to 
the  lease  of  Manhattan  to  Interborough  Rapid  Transit  from  April  1,  1903,  for  the  remaining  971  years 
of  its  corporate  existence,  the  stock  was  increased  to  $60,000,000.  The  franchises  of  the  company  are 
perpetual  and  are  considered  unusually  favorable,  in  that  they  are  of  the  nature  of  a  contract  with  the 
city. 

PASSENGERS    CARRIED. 


1896 184,763,636 

1897 182,964,851 

1898 183,360,846 

1899 174,324,575 

1900 184,164,110 

1901 i9°.°4S.74I 


1902 215,259,345 

1903 246,587,022 

1904 287,000,000 

1905 266,000,000 

1906 258,000,000 

1 1  »<  i~ 283,000,000 


Bonded  indebtedness,  June  30,  1908 $39,777,000 

Capital  stock 60,000.000 


Total  capital $99,777,000 


EARNINGS. 

ear  ending 

Gross 

Net 

Net  P.  C.  of 

Earned  on 

June  30. 

Op.  Rev. 

Income. 

Gross  Inc. 

Surplus. 

Stock. 

1900   .    . 

•  $9,138,573 

$4,737,278 

47-52 

$4,571,298 

4-23% 

1901    .    . 

.     9,416,888 

5,000,042 

48.76 

5.106.273 

4.84% 

1902   .    . 

.    10,685,911 

5,773,126 

51.13 

6,259,730 

"■4  % 

1903    .    . 

.    12,208,337 

7,094,402 

5"- 5 

7,102,772 

7.12% 

1904   .    . 

•    14.187,685 

8,683,138 

59-76 

Not  reported 

9.67% 

1905    .    . 

.    13,198,292 

7,960,906 

58-94 

(c 

8.19% 

1906   .    .    . 

•    12.794,720 

7,735-314 

58.79 

it 

7-55% 

DIVIDENDS. 

1900 

1901         1902 

1903         1904 

I9°5 

I906              I9O7 

1908 

4% 

4%           4% 

7i%         77c 

7'7o 

7%          7°/o 

7% 

198 

GIBSON'S     MANUAL 

LOW    AND 

HIGH    PRICES,   BY    YEARS, 

SINCE    1900 

;<«,0 

1901                 l(>iiJ 

lyu.i                1904                190S 

lytxi 

ivn7 

1908 

84      lime 
Dec. 

,s.i      May      128      Mch. 
145      Dee.       158      Nov. 

126'4Sept.      139*4  Mch.      161      May 
155^  Jan.       169^  Nov.      175      Feb. 

140     Sept. 
162      Jan. 

100 

146 

5*  Oct. 
Feb. 

120      Jan. 
154-M  Dec. 

LOW  AND  HIGH  PRICES.  BY  MONTHS,  SINCE   1900. 


Jan. 


190° 9°i-  99 

1901 in  -I26£ 

1902 134J-140;: 

I9°3 J44  -155^ 

1904 141  i-i4^>; 

1905 l65  -i72 

[906 1594-162 

1907  I41H433 

1908 120  -132$ 

July- 

1900 86|-  92I 

1901 H3!-I24f 

1902 131  -i37« 

1903 129J-138;! 

1904 i49H522 

1905 t64J-i66J 

1906 147^-149! 

190/ x3i  -J33 

1908 136  -1383 


Feb. 

924-101 

116  -12U 
i3oi-i37 
139I-M" 
i4'>  -H3l 
1691-175 

i55  -161 
[424-146 
120I-130J! 


Mch. 


A  pi. 


.May. 


June. 


ti7i- 

128  - 

I36J- 

i39i 
\«^- 
156  - 

1  _><  j  - 

125  - 


98£ 

129} 

1355 
146 

i44i 

1593 

143 

[28 


924-  99 
i26g-i3if 
132  -1384 

I35^-I42i 

I4U-I43} 
n.1^-167^ 

I50f-I57 

•34  -I39i 
120  -I34:J 


87i-  95 
83  -129 

130I-135I 
136  -142^ 
142  -144A 
161  -1114; 
U71-154 
1 33  i- 1 40A 
132  -139* 


84  -92 
ii7§-i28i 
130  -132J 
I34i-i3^ 
t43i"I49l 
[62J-166 

'47J-I52 
130  -136 

'35  -139 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


894-  "3 
114^-121^ 

133  -137 
127^-136! 
1493-156 
165  -167I 
147  -150 
no  -132I 
137  -i39l 


84  ■ 

132  ■ 

I26i 

153  ■ 
i63f 
140  ■ 

115  • 
i33i 


92:; 
125* 
i39i 
137 
i57f 
166} 
149 
122 

1393 


862- 
117  - 
129I- 

I28§- 

1531- 
i4ii- 

IOOj- 

137 


100 

1231 

1 38  J 

136 

164 

167! 
146 
118J 
L37i 


95i 
122} 

132 
134} 
1593 
162I 

I42§ 

105 
137 


-1 14.V 

I39l 

158 

i4Qg 

169} 

166" 

145 

"3i 

148 


107}- 
13U- 

141I- 
J39i- 
162I- 
161J-- 

140?,- 
112  - 
M7 


1 1 65 

145 
157* 
145* 
i68| 

164} 

145 
120 

1544 


LOW  AND   HIGH  PRICES,  BY  DAYS,  NOVEMBER,    1908. 


Nov. 


3 
4 
5 
6 

7 

0 

[O 

1 1 


Low. 

137 

Election 

138 
137 
138 
139 

i39i 

140 

140 


High. 

137 
Day. 

138 

140 

139 
i39i 
140J 
140J 

140} 


Nov. 


12 

13 

14 
16 

17 
18 

19 
20 
21 


Low. 

High. 

139* 

141I 

Nov.  23 

1 42  J 

144* 

"     24 

143* 

i44t 

"     25 

144 

145 

'•     26 

144 

'442 

"     27 

143* 

143* 

«     28 

U-'j 

J43i 

"     30 

143 

143 

1 42  J 

142^ 

.'  i\\ . 

High. 

142 

142! 

14- 

144 

144 

1 44  J 

iksgivit 

g  Dav 

145 

146I 

147 

148. 

147 

147 

LOW   AND   HIGH  PRICES,   BY   DAYS,  DECEMBER,    1908. 


Dec. 


1 
2 

3 

4 
5 
7 
8 

9 

TO 


Low. 
H7 
14-4 

148 

I4«) 
149J 


MO 
I49i 

i-i""- 


High. 
150 
i4<) 
148 

1 49  J 
i49§ 

15. i 

LSI 
LSof 


Low. 

Dec.  22 150J 

"23 152 

-4 i53i 

25 Christmas  Day 

"     26 Extra  holiday. 


High. 
152 
1533 
I54l 


28 

29 
30 

31 


154} 
152} 
152I 
I53l 


1543 
154 
153 
1533 


GIBSON'S     MANUAL 


199 


MARKET  MOVEMENTS  OF  MANHATTAN  RAILWAY  FROM  1900  TO  1908,  INCLUSIVE. 


REMARKS. 


Manhattan  Railway  owns  the  bridge  over  the  Harlem  River,  used  by  its  trains,  and  has  exten- 
sive real  estate  holdings  in  various  parts  of  the  city,  in  addition  to  a  great  central  power  station,  bound- 
ed by  74th  and  75th  Streets,  Avenue  A  and  the  East  River. 

The  opening  of  the  subway  in  New  York  City,  Oct.  27,  1904,  has  affected  the  receipts  of  Man- 
hattan Railway  materially. 

In  1908,  the  company  sold  $11,712,000  gold  4  per  cent,  bonds  at  96!  and  interest  in  order  to 
meet  and  retire  an  issue  of  Metropolitan  Elevated  6  per  cent,  bonds,  falling  due  July  1,  1908.  The  new 
bonds  are  a  direct  first  mortgage  on  the  property  and  are  exempt  from  all  States  and  local  taxation 
in  New  York  State,  and  are  available  for  savings  bank  investments. 

Officers:  President,  George  J.  Gould;  Vice-President,  Alfred  Skitt;  Treasurer,  and  Secretary, 
Daniel  W.  McWilliams.  Directors:  George  J.  Gould,  R.  M.  Gallaway,  EdWin  Gould,  Thomas  T. 
Eckert,  John  T.  Terry,  Donald  Mackay,  Alfred  Skitt,  Howard  Gould,  Dumont  Clarke,  E.  T.  Jeffery, 
J.  J.  Slocum,  John  H.  McClement  and  Frank  Jay   Gould. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Wednesday  in  November.  Directors  meet 
on  call.  Office,  13  Park  Row,  New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  De- 
partment). 


->oo  GIBSON'SMANUAL 


Metropolitan   Street    Railway 
New  York  City  Railway 

Incorporated  in  New  York  State,  Nov.  12,  1893.  to  acquire  control  of  all  the  important  surface- 
street  car  lines  in  New  York  City.  Originally  a  consolidation  of  four  companies,  its  scope  was  grad- 
ually extended  by  successive  acquisitions.  On  Feb.  14,  1902,  the  Metropolitan  system  was  leased  to 
The  Interurban  Street  Railway,  now  The  New  York  City  Railway,  for  999  year.i,  under  a  guarantee 
which   included   7  per  cent,   annually  on   Metropolitan  stock. 

Neither  the  Interurban  nor  New  York  City  Railway  stock  was  ever  listed  at  the  New  York 
Stock  Exchange,  nor  was  either  ever  actively  traded  in  anywhere.  Metropolitan  continued  to  report, 
independently,  until   1904. 

The  New  York  City  Railway  was  incorporated,  Nov.  25,  1901,  under  the  title  of  The  Interurban 
Street  Railway,  with  a  nominal  capital  of  $500,000,  afterward  increased  to  $9,361,500  (authorized 
$20,000,000).      Feb.    10,    1904,   the  company  assumed  its  present  name,  as  above. 

To  add  to  the  complexities  of  the  financial  affairs  of  New  York's  street  car  system,  there  was 
organized,  Feb.  14,  1902,  The  Metropolitan  Securities  Co.,  capital,  $30,000,000.  This  company  ac- 
quired the  entire  capital  stock  of  New  York  City  Railway,  and  went  on  and  purchased  stock  in 
various  small  lines  in  the  city  and  north  of  it,  a  large  amount  of  stock  in  Third  Avenue  Railroad  and 
N.  Y.  Transportation  Co..  control  of  Fifth  Avenue  Coach  Co.,  and  Central  Park  Coach  Co.,  and  other 
interests. 

In  1906,  in  company  with  other  local  transportation  systems  (subway  and  elevated),  New 
York  City  Railway  joined  a  general  consolidation  of  interests  under  the  management  of  Interbor- 
ough-Metropolitan.  The  franchises  of  Metropolitan  are  perpetual,  except  that  of  the  Kingsbridge 
line,  3^  miles. 

Funded  debt,  N.  Y.  City  Railway,  June  30,  1906  (See  "Remarks")     $1,761,000 
Capital  stock  (See  "Remarks") 9.361,500 


Total  capital $11,122,500 

EARNINGS. 

Year  ending  June  30.  Gross.  Net  Income.  Surplus. 

1899 $13,158,630  $7,116,812             

1900 13,785,084               7,805,880             

1901 14.063,781               7.963.635             

1902 14,504,314               8,359,501             

1903 I4.975-3/0               8,204,936  $4,747,579 

1904 15,133.601               7,650,405  4,714.991 

*I905 20,238,124               9,061,304  def.  4,688,985 

*i9o6 21,937.943             9>737-9°5  "     6,923,961 

♦1907 No  report.  No  report.  No  report. 

**i9o8 11,547.147              2,817,091 

*  New   York    City    Railway. 
**  Report   of  receivers,    for   period    from  Sept.  24.   1907.  to  June  311,  1908. 

DIVIDENDS,   METROPOLITAN   STREET  RY. 

1900     1901     1902     1903     1904     1905     1906     1907     1908 
7%     7%     7%  7°/o  7%     7°/o  7%  7%  o 


LOW  AND   HIGH   P 

RICES,  BY 

YEARS,  SINCE  1900. 

1900 

1901 

1902                   1903 

1904 

1905                  Ivor.                  1907 

191  IS 

143J4  Sept. 
182      Feb. 

152J4  Nov. 
176H  Apl. 

135      Oct.         99^  Sept. 
174      Feb.       142^8  Jan. 

HKm.,  June 
mii  Oct. 

114      May       103     July         23      Dec. 
133     Aub.       127     Jan.        107     Jan. 

15      Fe»>. 
44}4  Det. 

GIBSON'S    MANUAL 


20I 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mch. 


Apl. 


May. 


1900 159^-180 

1901 158  -174 

1902 1595-173 

1903 I36   "I42^ 

1904 120  -124 

1905 II4|-I2li 

1906 120  -127 

1907 104  -107 

1908 20-25 

July- 

1900 146  -158^ 

1901 164  -174 

1902 I47i-I52 

1903 112  -1233 

1904 iii|-ii8£ 

1905 I25  -131 

1906 103  -107A 

1907 9i-9i 

1908 29-30 


164A-182 
159J-166 
167J-174 
135  -I4<>£ 

114  -12Q\ 
II5f-I23f 
Ill  -122^ 
IO4  -IO5 
15  -  20f 


155  -174* 
l60|-l68| 

164  -169! 

13^-140 

1041-115! 

121  -1254 

ini-ii6| 

90  -104 

16-17 


157  -169 
164  -i/6i 
150  -167 
127  -136! 
no£-ii7i 
115  -123I 
in  -117I 
92  -100 
25  -  35 


I44i-i58d- 

150  -i74i 

146  -152] 
128  -135 

I07§-II2 

114  -119$ 
105^-116 

83  -  94 
24  -  30 


Aug. 


Sept. 


Oct. 


Nov. 


ISI1-IS74 

163  -170 

149  -150J 
108  -1198 
117I-125I 
126J-133 
106  -no 
35  -  50 
30  -  43 


1434- 
159  " 

<hI- 

"8J- 

124  - 

105  - 

36i- 

25  ■ 


■1554 
169 
149 
«6i 

1 23  £ 
129I 
■107 

45  i 
■  30 


I47i-i63i 
I54i-i64 
135  -142* 
101A-111A. 
n8f-i3of 
1171-127! 
104  -107 
30  -  36 
28  -  28 


1574- 
152J- 
i35i- 
io8|- 
120^- 

114I- 

107  - 

25  - 
28  - 


177 

171-I 

H34 

"7* 

125? 

1253 

107 

29 

32 


June. 


1454-1583 

169^-177 

i47i-i5Ii 

[21  J - 1 2Q  i 
I06I-II4J 
117  -128 

105  -in1, 
85  -  86 
25  -  283 


Dec. 


i63f 
156- 
135  - 
116J- 
n6i- 

1172- 
106  - 

23  - 
30  - 


176 
167I 

1454 
126 

I26i 

130* 

io6i 

28i 

44* 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Low.       High. 


3 

4 
5 
6 

7 

9 

10 

11 


.Election  Day. 


Low.       High. 


•  ••     3i  3i 

•  ••     32  32 

Thanksgiving  Day. 


30 


30 


LOW  AND   HIGH  PRICES,   BY   DAYS,  DECEMBER,  1908. 


Dec.     1 


3 

4 
5 
7 
8 

9 
10 


Low. 
30 


3i 


Dec. 


Low. 

High 

35 

3S 

35 

3« 

39 

41 

23 

24 

25 Christmas  Day. 

26 Extra  holiday. 

28 42^  44 1 

29 

30 

31 40  40 


REMARKS. 

Sept.  24,  1907,  owing  to  inability  to  pay  the  quarterly  instalment  of  rental,  due  the  Metro- 
politan, New  York  City  Railway  was  placed  in  the  hands  of  Adrian  H.  Toline  and  Douglas  Robinson, 
receivers.     July  16,  1908,  W.  W.  Ladd  was  appointed  sole  receiver. 

The  financial  difficulties  of  Metropolitan  Street  Railway  became  onerous,  and  on  Oct.  1,  1907, 
after  the  default  above  referred  to,  upon  the  company's  own  application,  Adrian  II.  Joline  and 
Douglas  Robinson  were  appointed  receivers,  and  they  are  yet  in  charge  of  the  Metropolitan  property. 
Protective  committees  of  minority  shareholders  have  since  been  formed.    Nov.  29,  1907,  other  receivers 


202  GIBSON'SMANUAL 


were  appointed  for  Metropolitan  and  New  York  City  Railway  at  the  instance  of  Atty.-Gen.  Jackson, 
at  Albany,  but  these  receivers  were  never  allowed  to  take  possession,  and  their  appointment  was 
vacated  Sept.  8,  1908. 

In  November,  1907,  The  Morton  Trust  Co.  brought  suit  in  the  U.  S.  Circuit  Court  to  foreclose 
-.lie    mortgage     under    which    the    Metropolitan    refunding  bonds  were  issued. 

In  February,  1908,  The  Guaranty  Trust  Co.,  as  trustee  of  the  general  collateral  trust  mort- 
gage, also  began  a  suit  for  foreclosure.  Jan.  29,  1909,  Judge  Lacombe  ordered  the  sale  of  Metropolitan,  under 
foreclosure.  The  purchaser  is  to  assume  the  payment  of  $3,500,000  Receivers'  certificates  and  all  other 
obligations  of  the  Receivers.  It  was  announced  that  $5,800,000  had  been  expended  on  the  property  by  the 
Receivers,  and  work  had  been  contracted  for,  not  including  ordinary  repairs,  to  the  amount  of  $2,200,000. 
Date  of  sale  yet  to  be  determined. 

The  last  annual  report  was  the  one  for  the  fiscal  year,  ending  June  30,  1906.  From  that  report 
it  appears  that  the  funded  debt  of  the  entire  New  York  City  Railway  system,  including  Metropoli- 
tan and  eleven  other  companies,  was  $50,996,000;  due  Metropolitan  Securities,  for  securities  sub- 
scribed, $7,553,500;  capital  stocks,  $61,404,000;  real  estate  mortgages,  $950,000;  N.  Y.  City  Railway 
ten-year  notes,  $1,761,000;  an  aggregate  capitalization  of  $122,664,500. 

The  joint  committee  headed  by  John  W.  Castles,  which  represents  the  several  committees  of 
security  holders  of  the  Metropolitan  traction  system,  for  the  purpose  of  formulating  a  plan  of  reor- 
ganization, has  retained  G.  E.  Tripp  and  the  firm  of  Stone  &  Webster  to  collect  data  upon  which 
to  formulate  such  a  plan.  It  is  the  purpose  of  the  committee,  it  is  stated,  to  obtain  the  full  informa- 
tion regarding  the  earning  capacity  of  the  several  parts  of  the  Metropolitan  system  with  a  view  of 
determining  along  what  lines  the   reorganization   should  be  conducted. 

The  committee  desires  to  be  informed  under  what  conditions  the  best  results  can  be  obtained, 
as  it  may  be  found,  it  is  thought,  that  some  parts  of  the  old  system  may  prove  more  valuable  as 
independently  operated  properties  than  as  part,  of  the  reorganized  system.  Such  information  is  re- 
garded as  essential  to  the  formulation  of  a  plan  of  reorganization. 

Officers:  President,  D.  B.  Hasbrouck;  Vice-President,  Charles  E.  Warren;  Secretary  and 
Treasurer,  D.  C.  Moorehead.  Directors:  In  addition  to  the  foregoing,  R.  W.  Meade,  S.  Guggenheim. 
R.  A.  C.  Smith,  William  Fahnestock,  H.  H.  Vreeland  and  R.  L.  Anderson.  Receivers,  Adrian  H. 
Inline  and   Douglas   Robinson.    Secretary  to  Receivers.  W.  A.  Anderson. 

Fiscal  year  ends  June  30.  Annual  meeting,  Metropolitan  Street  Railway,  first  Monday  in  De- 
cember. Office,  621  Broadway,  New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Listed 
Department). 


GIBSON'S    MANUAL  203 


Mexican  Central  Railway 
National  Railways  of  Mexico 

Bonded  indebtedness.  Mexican  Central.  June  30,   1907 $106,070,963 

Capital  stock 59,127,100 


Total  capital $165,198,063 

Note:     For  short-term  notes,  see  "Remarks." 

-Mileage 3,203 

Per  mile  capitalization $51,576 

Fixed  charges,   1907,  per  cent,  of  net  income 94-97 

Operating  expense,   per   cent,   of  gross 70.66 

EARNINGS. 

Year  ending  Dec.  31.                  *Gross.  Net  Income.  Results  of  Year. 

1900 $17,223,878  $2,744,296  Sur.         $6,092 

T90i 17.493.673  2,567,115  Def.       370,161 

1902 21,132,227  2,792,618  "         496,402 

!Q03 25,064.354  **2,577,8-u  "       1,241,438 

Year  ending  June  30. 

1904 20,372,083  **2,886,846  Not  reported. 

1905 26,097,699  4,258,848  Def.      210,710 

1906 28,376,806  4,476,955  Sur.       208,130 

J9°7 31,236,195  4.742431  "         201,227 

J9o8 35,510,581  5,753>7n  279,955 


*  Gross,   in    Mexican   currency.     Net   and    net    results    of    year    in    United    States 
currency. 

**  "Other  income"  not  reported. 

Note:     Total    surplus    account,    June  30,   1908,  $279,955:   equipment   renewal   fund, 
$770,760. 

LATEST  REPORT. 

For   six    months   ending   Dec.   3r,    1908,   earnings  were,  as  compared  with  the  same  period  in  1907: 

Gross.  Net. 

"X>8 $15,314,442  $5,649,192 

h»o7 v        18.416.451  5,185,912 

DIVIDENDS. 

This  company  has  barely  met  its  fixed  charges  and  has  had  no  surplus  applicable  to  dividends. 


LOW  AND 

HIGH  PRICES,  BY 

YEARS, 

SINCE  1900. 

1900 

1901 

1902 

1903                 1904 

1905 

1P0(. 

1907 

1908 

10^  Jan. 
17f&  Dec. 

12J4  Jan. 
30      May 

3i\s  Dec. 
31^  Mch. 

8yi  Nov.         5     Apl. 
29      Mch.   •     235^  Nov. 

1854  May 
26      Mch. 

18^  May 
29<4  Dec. 

12J4  Nov. 
27^  Jan. 

14^  Jan. 
24^  Dec. 

_>c>4 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Dec 


1 
2 

3 

4 
5 
7 
8 

9  • 
10 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,   1908. 


Low. 


i6| 


I7i 

175 

i9i 


High.  Low. 

22$ 'Dec.  22 2li 


23* 
232 


High. 

24* 

233 


23 

-'4 

25 Christmas  Day. 

26 Extra  holiday 

28 23i 

29 23^  24J 

30 23I  24I 

31 23J  23$ 


23? 


REMARKS. 

May  28,  1908,  a  plan  went  into  operation  for  consolidaton  of  The  Mexican  Central  Railway 
and  The  National  Railroad  of  Mexico  and  controlled  roads  under  the  title  of  The  National  Railways 
of  Mexico.  The  merger  was  financed  by  a  syndicate  headed  by  Kuhn,  Loeb  &  Co.  and  Syere  &  Co.  of 
New  York.  Under  the  plan,  which  provides  for  conversion  of  all  classes  of  securities  of  the  two 
roads  into  bonds  and  stock  of  the  new  company,  Mexican  Central  stock  is  to  be  exchanged  at  par,  for 
an  equal  amount  of  second  preferred,  5  per  cent,  non-cumulative  stock  of  National  Railways  of  Mexico. 
The   Mexican   Government   will   own   $63,730,000  of  the  $75,000,000  new  common  stock. 

The  physical  condition  of  this  property  has  been  greatly  improved  in  the  last  three  years  by 
liberal    expenditures   for   maintenance   and   structures.    The  expense  has  been  charged  to  operation. 

Mexican  Central  has  been  obliged  to  contend  with  an  increasing  demand  for  labor,  owing  to  the 
activity  and  prosperity  of  Mexico.  The  company  has  been  compelled  to  concede  an  advance  in  wages, 
amounting  in  some  cases  to  33  1-3  per  cent.  To  offset  this,  a  modeate  increase  in  rates  was  solicited 
from   the  Mexican  government  and  a  favorable  response  in  part  was  received. 

The   company  has  issued  $32,963,776  gold  notes,  which  will  remain  undisturbed  at  present. 

Officers:  President,  S.  M.  Felton  ;  Chairman.  H.  Clay  Pierce  ;  Treasurer,  J.  H.  Hendry ;  Secre- 
tary, James  Piper.  Directors:  H.  Clay  Pierce,  Eben  Richards,  William  H.  Dudley,  Frederick  R. 
Swift,  Frank  M.  Souther,  James  Piper,  Frank  R.  Russell,  Theron  F.  Pierce,  Roy  E.  Pierce,  Willet  L. 
Wagner,  Frederick  H.  Prince,  Bradley  W.  Palmer,  Clarence  D.  Simpson,  John  D.  Johnson,  Samuel 
M.  Felton,  Charles  R.  Hudson,  Justino  Fernandez,  Julio  M.  Cervantes,  M.  de  Zamacona  e  Ynclan. 

Fiscal  year  ends  June  30.  Annual  meeting,  fourth  Wednesday  in  September,  Boston,  Mass. 
Directors  meet,  first  Wednesday  in  each  month.  Office,  25  Broad  Street,  New  York.  Traded  in  on 
the  New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S     MANUAL 


205 


Minneapolis  C&  St.  Louis  Railroad 

Bonded  indebtedness,  June  30,  1908 $25,011,800 

*  Preferred  stock,  5  per  cent,  non-cumunuilative,    but    to    share 

equally  with  the  common  after  5  per   cent,    on    both    .  .     .  .  4,000,000 

Common  stock 6,000,000 

Total  capital $35,011,800 

*  The  first  peferred  stock  was  retired    in     1899,     leaving     the    second     the     only 
preferred. 

Mileage 1,005 

Per  mile  capitalization $34,387 

Fixed  charges,  1908,  per  cent,  of  net  income 90.83 

Operating  expense,  excluding  taxes,  per  cent  of  gross 69.22 


EARNINGS. 

.'ear  En 

ding         Gross 

Net  Income, 

Xet  P.  C.  of 

Earned  on 

June  3 

0.            Op.  Rev. 

Less  Taxes. 

.if  Gross  Inc. 

:  Surplus. 

Common. 

1900 

.    .     $2,863,309 

$1,364,189 

44-5 

$959,031 

3-58% 

1901 

•    •       3>275.504 

1,507,694 

43-52 

1,072,793 

5-9  % 

1902 

.    .       3,540,840 

1,631,156 

43-78 

1,269,517 

8.21% 

1903 

•    •       3-265,472 

1,454.945 

41-77 

1,281,433 

5-i3% 

1904 

•    •       2,850,565 

i,324.5" 

41.94 

1,229,510 

i-55% 

1905 

.    .       3-076,756 

1,366,456 

41-25 

1,167,655 

0.96% 

1906 

.    .       3-726,665 

1,677,200 

42.07 

1,383,685 

3-6  % 

1907 

•    •       3.873,668 

1,609,480 

38.63 

1,478,770 

1.58% 

1908 

•    •       3.826,516 

1,311,136 

3I-76 

I.387.749 

Def. 

* 

Excluding    reserves, 

for    improvement 

i   and   replacement 

funds. 

LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  last  year,  were  : 

Gross.  Net. 

1908 S2.577.23 1       $845,248 

1907 2,499,744       788,141 


DIVIDENDS. 

1900 

1901 

1902       1903       1904 

!9°5 

1906 

1907 

1908 

Preferred     . 

•     5% 

5% 

5%        5%        5% 

5% 

5% 

5% 

5% 

Common .     . 

■     1*% 

4% 

5%        5%        2i% 

0 

0 

0 

0 

LOW    AND    HIGH    PRICES,   BY    YEARS,    SINCE   1900. 


10,  HI 


1901 


1902 


1903 


I.K14 


1905 


Preferred..    87</2  June  10U4Jan.  118^  Jan.  83      Nov. 

104;4Nov.  124^  Oct.  127-4  Apl.  118      Feb. 

Common...   45'^  June  67)4  Jan.  105      Jan.  41      Oct. 

71^  Dec.  111J4  July  115      Apl.  117^  Feb. 


80      July  86      Jan 

96]/2  Sept.  106     Oct 

40      June  56X>  Jan. 

67)4  Ja»-  84-M  Oct 


1906 

1907 

1908 

1.       90      Aug. 

i.J'  i  Dec. 

61      Feb. 

t.     IOO34  Jan. 

90      Jan. 

90      Dec. 

.      58!<  Dec. 

23 Y,  Dec. 

20      Mch 

t.      84^  Jan. 

59      Jan. 

56><  Dec. 

206 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES 


Jan. 


Feb. 


[900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

Pfd.. 

Com. 

1903 Pfd.. 

G  mi. 

[904 Pfd.. 

1  '<  mi. 

1905 Pfd. 

Com. 

[906 Pfd.. 

Colli. 

[907 Pfd.. 

Com. 

1908 Pfd.. 

O  'in. 

[900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

H)0J Pfd.. 

. Com. 

1903 Pfd.. 

Com. 

1004 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

[907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


1 
58  -  .... 

I  '  U   I     I  I  c  I 

"71-  7i; 
1  1X.I-12  1 !, 

[OS    -[II 


107*- 
90 

"-'! 
86 
5"A 
100 
80 
87- 
56|- 
(._>',- 
24  - 


110 
941 


7* 


"7i 

8; 
60 

100} 

843 

90 

59 
67 
26} 


Ml',        96 

60  6sl 
106  -109.1 

69J-  78} 

120  -123 

I  <  17  -111 

118  -118 

[ 06  - 1 1 7 ; 
91  -  91 

61  -  65 
89  -  91 
60-62 
97  -  99i 
75  -  79* 
90-90 

54  -  57i 

61  -  r>4' 

20j-    24! 


,  BY  MONTHS,  SINCE  1900. 
Mch.  Apl.  May. 

97  953    "7\ 

60  -  693  62*    694 
109  -1  1  4!  112  -1 1-4 } 

75*-  *A         M    87| 

[20   -123  I20   -1272 

to8J-i  12;  108  -i  15 

.........  108    -1  12 

95  -|n5  90  -100 
.........  85  -  S5 

.........  90-90 

59  -  (12.I  63  -  64-2 

93f  93i  90-97 

73*"  77  75  -  77i 

86  -  88  ......... 

49  "  55 1  48  -  5°i 

61  -  63  63  -  67 

2Q  -    24 : \  22J-    25| 

Sept.  Oct.  Nov. 

91*-  94"        9-'  -  99* 

51  -  55I  5if-  6if 

115  -"7f  "5I-124I 

1044-109  104  -in 

127  -127  ......... 

1094-114$  107  -1 12J 
86"-  90}  85  -  88" 

40-60  41  -  53 

90-964  95  -  96 4 

55  -  571  56  -  62  59  -  65 

98  -102  102  -106  ioo}-ioo} 

68  -  73  73  -  84I  79  -  81} 

96  -  98  964-  98  96-96? 
72}-  76            68?-  75  641-  67* 
76I-  79i          78f-  79*  74b  74l 
37b  4i5          30  -  40i  ......... 

63  -  66?  64  -  75  77  -  85 

264-  29]  284-  39?  384-  52 


94:i-  9»i 
62  -  664. 

1  \2\    I  1.4  i 

80  -IOO 

126  -126 

I IO  -1  14; 

I IO  -I  lo 

74*-  93 


91   -  91 
60-60 
92 4-  94J 
69  -  73 

46  -  503 

(<7  -  69', 
253-  32" 


June. 

454-  631 

112  -115 

93  -109; 
123  -127 
1 10.1-1 14J 

110  -no 
70  -  824 

40  -  44 


''2    -93! 

66  -  71] 
So4-  834 
4'i-  43:i 
664-  665 

2$\-    29i 


July. 


Aug. 


qol-  94 

47 1-  57 
in  -115J 
101  -m| 
[23I-127I 
in  -114 

854-110 


#4- 
80  - 

43*" 

92  - 

60  - 

021,- 
64    - 

77b 
39  - 
664- 
264- 


83J, 
80 

485 

92 

62 

92  J 

66" 

82 

42? 

664 

29I 


934-  943 

55  -  564 
114  -117.1 
106  -no 
126  -126J 

I  I2.',-II3? 

85"-  89 
49  -  63 
Soi-  91 
461-  56 
92J-100 
63  -  70} 
90  -  95 

63  -  73 
76-J-  771 
38  -41! 
66  -  69 
28  -  30} 


974-104} 
57?"  66 
120  -1224 
106  -no 


105 

-109? 

83 

-  90 

41 

-  61 

Dec. 


993-104 
64  -  714 
120  -122 

105  -1094 
120  -1234 

106  -110} 
89J-  96 
58  -  64 
05  -  95 
58  -  643 

100  -102I 
78  -  82" 
92  -  944 
584-  63? 
624-  694 
23 4-  26} 
85  -  90 
474-  564 


LOW 

AND   HIGH 

PRICES 

,  BY  DAYS,  NOVEMBER,  1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Nov.     2 

•    ■     77  -77 

37  "39 

Nov. 

12    .    . 

80  -86 

4o}-43 

Nov 

23  .    .    . 

80  -85 

47  -47i 

3 

.     .     Election 

Day. 

" 

'3 

80  -83 

44  -44* 

>. 

24   .    .    . 

80  -85 

471-48 

4 

.     .     77-80 

37  -39 

** 

•4 

80I-83 

44  -44 

" 

25    •    •    • 

80  -85 

48  -48 

'"       5 

•     •     79J-79i 

384-39} 

" 

c6 

824-824 

434-45 

*• 

26  .   .   . 

Thanksgh 

ing  Day 

"      6 

•    •     79  -84 

39  -39} 

" 

17 

83  -834 

45i-52 

" 

27    .    .    . 

80  -85 

46.I-49 

"       7 

.    .     80  -90 

40  -4 1 4 

'* 

t8 

85  -85 

46  -50 

28    .    .    . 

....... 

....... 

9 

■    ■     844-844- 

39-4-4 1  1 

" 

Ml 

82  -86 

46  -48 

" 

30   .    .    . 

....... 

4/1-47 1 

10 

.    .     82  -90 

39I-40? 

" 

20 

82  -86 

46  -48 

11 

.    .     80-90 

40 1  -40] 

(t 

21 

80  -85 

[6U7i 

LOW  AND   HIGH  PRICES 

,  BY   DAYS,  DEC 

EMBER. 

1908 

Pfd.          Com. 

Pfd.           Com. 

Pfd.          Com. 

1  »ec.     1 

•     47*"47* 

Dec.  11    .    . 

■     5I1-5I1 

Dec.  22 -.  . .     494.-504 

2 

....... 

"     12 

. . .-. 

....... 

"     23 

.......     49-49 

"       3 

...... 

■     471-47* 

14 

.  .  .-. 

•     50  -51* 

"     -M 

.......     50  -544 

-       l 

. .-.  . 

•     47*-49* 

"     1 5 

....... 

"     25 

Oiristmas  Dav. 

•> 

5 

•     493-50 

"      n. 

.  . .-. 

....... 

"     26 

Extra  holiday. 

•    7 

. .-.  . 

....... 

"     '7 

....... 

"     28 

•••-•■■     S3  -55 

••       8 

■     49*-49i 

"     18 

.  . .-. 

....... 

"     29 

86  -86      53  -53.} 

"      9 

85 

"       79 

.  . .-. 

•     50  -50 

"     30 

.......     52  -534 

"     10 

•     52  -53} 

"     21 

.  . .-. 

....... 

"     31 

........     54*-564 

GIBSON'S     MANUAL  207 


REMARKS. 

The  increase  in  mileage  to  1.005,  against  798  in  1907,  is  the  result  of  completion  of  The  Minne- 
sota, Dakota  &  Pacific  Railway,  now  229  miles  in  length.  The  new  line  is  expected  to  bring  a  large 
business  to  the  company. 

Gross  receipts  in  the  fiscal  year  of  1908  diminished,  in  consequence  both  of  the  business  depres- 
sion and  the  legislation  of  Minnesota  and  Iowa  reducing  passenger  rates  from  3  to  2  cents  a  mile. 

Interests  identified  with  Minneapolis  &  St.  Louis  gained  control  of  Iowa  Central  in  June,  1900. 
The  same  persons  control  Toledo,  St.  Louis  &  Western;  and  its  subsidiary,  Chicago  &  Alton.  The  Des 
Moines  &  Fort  Dodge  Railroad  has  been  leased  for  thirty  years  from  Jan.  1,  1905,  its  bonds  being 
guaranteed.  The  so-called  Hawley  lines  now  unite  (with  one  break  between  Louisville  and  East  St.  Louis) 
the  wheat  fields  of  Dakota  with  tidewater  at  Newport  News. 

Securities  owned,  June  30.  1008,  were  $742,600,  in  addition  to  which  there  were  advances  to  The 
Dakota  Construction  Co.  of  $4,781,618. 

Total  capitalization  was  $28,151,000  in   1900.     The  increase  since  then  has  been  moderate. 

In  190(1.  this  company  issued  $5,000,000  5-year  5  per  cent,  gold  notes  in  order  to  build  aboul 
230  miles  of  line  westward  from  Watertown,  S.  D. 

Officers:  President,  Edwin  Hawley;  Treasurer,  F.  H.  Davis;  Secretary,  A.  C.  Doan;  General 
Manager  and  Vice-President,  L.  F.  Day.  Directors:  Edwin  Hawley,  John  E.  Scarles,  F.  H.  Davis, 
II.  E.  Huntington,  F.  E.  Palmer,  L.  C.  Weir,  Frank   Trumbull  aiid  L.  F.  Day. 

Fiscal  year  ends  June  30.  Annual  meeting,  first  Tuesday  in  October,  Minneapolis!  Directors 
meet  on  call.  Main  office,  Minneapolis,  Minn.  New  York  office,  25  Broad  Street.  Traded  in  on  the 
New  York   Stock   Exchange    (Listed    Department). 


208  G  I  B  S  O  N  •  S     M  A  N  U  A  L 


(^Minneapolis,  St.  Paul  C&  Sault  Ste.  cJTVlarie  Railways 

Bonded  indebtedness,  June  30,  1908 $57,038,000 

Preferred  stock,  7  per  cent,  non-cumulative,  bul  to  share  equally 

with  the  common  after  7  per  cent,  on  both 8,400,000 

Common  -took 16,800,000 


Total  capital $82,238,000 

Mileage 2,304 

Per  mile  capitalization $35,693 

Fixed    charges,    1008.   including   taxes, per  cent,  of  net  income  ....         67.50 
Operating   expenses,  excluding  taxes,  per  cent,  of  gross  new  basis. .      **6i.8 

I  considering  an  exceptional  transaction  in   real  estate  in    1908  which  netted 
a  profit   oi  $530,576. 

**  Pi        11     in     1907,    old    basis,    was  57.6. 

EARNINGS. 

Net  P.  C. 
Gross  Net         of  Gross  I  .unedon 

Year  ending  June  30.  Op.Rev.  Income.        Inc.        Surplus.       Common. 

1900 $5,151,188  $2,596,605  50.4  $660,880  Nothing. 

1901 4,517.075  1-952.737  43-2  988,753         2.8% 

1902 6,222,388  3-3i5,965  53  2,275,255         5.69% 

1903 7,237,264  3.573.821  49  3-739,752        6.96% 

1904 6,993,498  3-336,664  47.11  3,595,956        4-66% 

1905 8,716,622  4,280,350  48.7  4,234,122        8.52^0 

1906 11,574,462  5,852,867  50.3  5,413,110  12.3870 

1907 12,892,07^  5,510,607  42.57  6,183,096         '1.45% 

*I9°8 11.509,857  5.063,004  T43.46  6,652,208  t&92% 

Interstate    Commerce    classification. 
**  Taxes  are  included  in  fixed  charges. 
***  After  deducting  liberal  sums  for  improvements,     which      were,     for     example,  • 
SI. 1)50,000  in  1906;  $800,000  in  1907,  and  $350,000  in  1908. 

t  Excluding  an  exceptional  transaction  in  real  estate,  profit  $530,576. 

LATEST  REPORT. 
Earnings  for  seven  months,  ending  Ian.  31,  1900,  compared  with  last  year,  were: 

Gross.  Net. 

1908 $7,801,441     $3,604,745 

"«'7 7.535.418      3.073'8l5 

DIVIDENDS. 

1900       1901        1902       1903       [904  [905  [906  1907  1908 

I 'referred  .    .     o             o             o             7%         7%  7%  7%  7%  7% 

Common    .    .     o            o            o            2',         4%  4%  4%  4%  6% 

LOW  AND   HIGH  PRICES,  BY  YEARS,  SINCE  1900. 
1900  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred..  46J4  Sept.  19      \pl.  90  Jan.  1  Id     Oct.  lit,  May  148     Jan.  165     Nov.  110      Oct.  123)     Feb. 

69     Apl-  94J4Nov.  139  Sept.  132^  Feb  150  Oct.  173      Dee.  183#  Jan.  168     Jan.  151 '<  Dec. 

Common. ..  14     Sept.  15      May  16  i  Jan.  12      \ug.  55  Jan.  89</2  Jan.  134      Dee.  60      Oct.  79%  Jan. 

27      Apl.  36j4Nov.  84  N-.v.  7"',l-cb.  95  Oct.  145      Dec.  163     Jan.  140^  Jan.  135     Nov. 


GIBSON'S     MANUAL 


209 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mch. 


Apl. 


May. 


1900 
1901 
1902 
1903 
1904 

""'5 
1906 
1907 
1908 


Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


55  "  55 
15  -  17* 
53  -  554 
18  -  21 

90  -  95 

364-  42 

122  -129 

7zh  77 
118  -126I 

55  -  67 
148  -160 

89*-  99* 
i73  -183! 
141^-163 
140  -168 
108  -140I 
1241-131! 

79*-  944 


5o  -  53 
16  -  17 

5  •  4-  55 
18  -  20! 

94*-"  54 

39  -  50* 
1 -'4  -i32i 

73l-  794 
117  -124.', 

58-  65 
1585-161J 

98  -117* 
171  -177I- 
i5oi-i59 
i36i-M92 
107^-125 
123I-130 

86  -  96 


53i-  62 
17  -  21 

50  -  5ii 

i84-  21 
1051-124! 

45  -  60 
124  -129 

661-   76} 
117  -124 

59  -  63! 
159  -169! 
in  -122 
170  -177! 
148  -164 
123  -146 

97  -I2l| 

135  -I36| 

93f-Il0 


49  - 
19I- 

119  - 
-- 1 
5/  2 

119J- 

634" 
Il8  - 

6of- 

157  - 
no  ■ 

163* 

150  - 

I29f 

104  - 


69 

27 

55 
20-i 

125S 

64 

1  -7  J 
70 
119 

63 
165I 

1 20  J 

i74l 
160 

141 
noj 


642- 
24  - 

5-'  - 
15  - 


jo8i-ii4§ 


26 
63 

25-2 
1 185-126* 

54--  6o\ 
1153-126* 
56-  69I 

Il6  -I20i 
60  -  62J 

IS34-IS9 
107^-117 

164  -175 
1 45i-I59 
I25fl35 
90  -IO5I 

1.34  -I35* 
III  -115 


July. 


Aug. 


Sept. 


Oct. 


Nov. 


1900 
[901 
1902 

1903 
1904 

1905 
1906 
1907 
1908 


Pfd.. 
Com . 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


58  -  59* 
19I-  20 

63-4-  74 

21  -  265 
121  -130! 

584-  64| 
119  -128 

50  -  60J 
123  -128* 

664-  754 

1581-162! 
121I-129 
170  -171% 
150  -154 

136  -i39l 

1 03  J- 1 08  J 
136  -144 
109  -117 


57  -  594 
18  -  18 


70 

23I 
127 

6i\ 
121 

42  ■ 
127 

7i  ■ 
162!- 

1 28  i 
1/24 
1574 
119  • 

934 
i39i 
116  ■ 


•  75 
28! 
138 

794 
129 
61 

131 
76 
1 66f 
1434 
1734 

1575 

130 

104I 

1494 

124S 


463-  46f 

14  -  14 

70  -  77\ 
234-  28 

127  -139 
714-  82 

1 16^-129 

49  -  57* 
129  -134I 

724-  77 
164  -170 

1344-144 
1 7o4- 1 734 
148  -156 

127  -134 

98I-106 

143  -148I 

116  -125 


47  -  54 
17  -  18 

72I-  79 

25  -  28J 

H34-I34I 

66  -  83 

no  -119 

5i4-  565 
130  -150 

74l-  95 
160I-164 

135  "J424 
168  -171I 

147  -1524 
no  -129I 
60  -  95I 
144  -148 
120  -126 


47 
16I 

79l 
28J. 
120 

74  ■ 
in 

524- 
144 

86 
162I 
136 
165 
146 

"5* 
68 

1454 

I22fJ- 


-  53 

-  20i 

945 

3'-! 
I25 
84 

114 

54s 
149 

934 

K,<,', 
I40 

1 684 

148 

120 

754 
149 

135 


June. 


57  "  67 1 
18  -  25I 

58  -  78 
21  -  27! 

120  -127I 
57  -  6ig 

109J-128 
494-  63 

6o£-  67 

i554-i6i4 
U4i-i25 
171  -1753 

153  -159 
1 26!- 1 37 
94  -io84 
130I-1364 
108  -1 133 


124I 


Dec. 


50  ■ 
i6i- 
86" 

30*- 
120  • 


55 
213 
924 
364 
126 


674-  764 
114  -119! 


584 

-147* 

9i 


52 
144 

844- 

165  -173 
136I-145 
i66i-i69 

134  -151I 

1 16'  -1 22  \ 
72'i-  8i| 

i47*-i5I4 

128J-133J 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER, 

1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd.               Com. 

Nov.     2  . 

•  143  -149. 

1223-123! 

Nov 

12  .   .   I454-H7 

128  -130 

Nov 

■  23 

.    .  146H49!     131  -132 

3  • 

Election  Day. 

1 

13  •    •    M7  -147 

130  -133 

24 

•    •    149  -149       I3I*"I324 

4   • 

1444-148 

1233-124! 

( 

14  .    .    1464-147I 

1 3 2!- 1 34I 

25 

.    .    1461-1463     1321-134 

5  • 

1444-148 

124-  124I 

' 

16  .    .    146J-1474 

134  -135 

20 

.    .    1  hanksgiving  Day. 

6  . 

144  -147 

I24f-I24f 

' 

17  .    .   I474-I47! 

1 32!- 1 34! 

27 

■    •    147  -149       131^-132^ 

"       7  ■ 

146J-146S 

124  -1251 

4 

18   .    .    1471-147.! 

i334"!34 

28 

9  ■ 

I454-H54 

1254,-126 

1 

19  .    .    147I-147I 

1 32  H  32! 

3° 

.    .    148^148-i     1314-133 

10  . 

147  -147 

125  -126! 

4 

20  .    .    i47!-i48 

132 1-133 

11. 

146  -146 

I25f-I27i 

tt 

21    .     .147  -150 

i.M  -*33i 

Dec. 


1 
2 

3 
4 
5 
7 
8 

9 

10 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 
148!- 1 48J 
149  -149 


147I-147I 


Com. 
132  -133 
132  -1331 
130I-131* 
132  -132A 
132  -1321 


1473-148I  I3i!-i3if 
149  -149  Wi'Wl 
140  -150   1315-1323 


Dec. 


Com. 
I3i3-J324 
I3I3-I31? 

130I--131 

i.V^i-i32l 

131  -132! 

130  -1303 

19  .  .       • ■   i3o3-i3°3 

21 1 28!- 1 30-I 


1  I 
12 
14 

15 

if) 

17 

l8 


Pfd. 

14.1^-1494 

1493-1493 
1  t"r'403 
140  -140 


D«. 


23 

24 
25 
26 

28 
29 

30 

3' 


I  "Id. 

.  .  148 

148! 

.  .  148! 

■149 

.    .  Chris 

Unas 

.    .    Extra  Hoi 

•    •    14')' 

-I50f 

■    ■    150! 

151! 

.    .    151 

'5' 

.    .    151 

•151 

Com. 
129I-1313 
131  -132 

Day. 
iday. 

I3if-I33s 
I32!-I33i 
1 324- 1 32 3 
I3l4-I33i- 


2io  GIBSON'S    MANUAL 


REMARKS. 

This  road  is  under  the  control  of  Canadian  Pacific,  which  in  1888  purchased  a  majority  interest 
in  the  stock,  and  which  guarantees  4  per  cent,  on  the  bonds. 

On  account  of  the  financial  stringency,  work  on  the  Duluth  extension  has  been  delayed,  and 
that  line  will  not  be  completed  until  some  time  in  1909.  The  cost  of  this  extension  has  been  provided 
for  by  a  sale  of  bonds  and  a  $4,800,000  increase  of  the  common  stock  in  1907-1908. 

Operating  expenses  were  somewhat  larger  in  190S,  61.8  per  cent,  of  gross,  compared  with  57.6 
per  cent,  in  1907,  in  consequence  of  depreciation  charges,  etc.,  which  are  now  required  by  the  Inter- 
state Commerce  Commission. 

Stocks  and  bonds  owned,  June  30,   1908,  amounted  to  $4,083,192. 

Total  capitalization  has  increased  about  $25,000,000  since  1900. 

A  proposition  is  now  under  consideration  for  the  acquisition  of  'Wisconsin  Central,  which  touches 
the  Sault  Ste.  Marie  system  at  several  points.  A  syndicate  headed  by  Newman  Erb  will  transfer  a  ma- 
jority interest  in  the  preferred  stock  of  Wisconsin  Central,  on  a  guarantee  of  4  per  cent,  for  99  years, 
on  certain  terms,  and  a  Committee  of  Negotiation  was  appointed  in  March.  1909,  to  further  the  project. 

It  is  possible  that  control  will  be  transferred  without  the  guarantee. 

Officers:  President,  Thomas  Lowry;  Treasurer  and  Secretary,  C.  F.  Clement ;  General  Manager 
and  Vice-President.  E.  Pennington.  Directors:  Thomas  Lowry,  W.  D.  Washburn,  C.  II.  Pettit,  E, 
Pennington,  Alfred  II.  Bright,  W.  L.  Martin,  G.  R.  Newell,  E.  A.  Young,  Sir  T.  G.  Shaughnessy,  Sir 
Wm.  C.  Van  Home  and  R.  B.  Angus. 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Tuesday  in  September,  Minneapolis,  Minn. 
Main  office.  Minneapolis.  New  York  office,  458  Broadway.  Traded  in  on  the  New  York  Stock  Ex- 
change (Unlisted  Department). 


GIBSON'S     MANUAL 


21  I 


Missouri,  Kansas  C®,  Texas  Railway 

Bonded  indebtedness,  June  30,  1908   (less  $6,220,000  in  treasury)  .     $105,999,928 
Preferred  stock,  4  per  cent,  non-cumulative,  outstanding  .  .    .  .  13,000,000 

Common  stock,  outstanding 63,300,000 

Total  capital $182,299,928 

Mileage 3,07.2 

Per  mile  capitalization $59,342 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income 80.65 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis..  "0.57 


EARNINGS. 


Net  Income. 


Gross 

Year  ending  J  line  30*  Op.  Rev. 

1900 $12,626,511 

1901 15,403,083 

1002 16,391,400 

1903 17,208,193 

1904 17,766,595 

1905 20,041,095 

1906 21,159.145 

*i9»7 26,183,959 

*i9o8 23,283,669 


Less 

Taxes. 

$3,904,251 

4.307.073 
4,553,648 

4,858,675 
5,085,608 

5,528,556 

6.153,635 
9,204,221 
6,544,741 


Net  P.  C.  of  "'Earned  mi 

Gross  Inc.      Surplus.  Common. 
30.8     Not  reported.      . 


27.9 

27.7 

28.07 

28.12 

27. 

28.53 
34-91 
27.65 


$911,843 
940,890 

1,739,315 
4,901,626 

5,170,455 


4.99% 
o.43% 


I* 


*  Reports  on   the   new  basis. 
**  After    deducting    payments     for    new    equipment,    additions,    betterments,    etc., 
which    were    charged   to   profit   and   loss   account. 


LATEST  REPORT. 

Earnings  for  six  months,  ending  Dec.  31,  1908,  compared  with  the  similar  period  in  1907,  were: 

Gross.  Net. 

1908 $13,792,369  $4,488,905 

1907 13,301,462  4746,052 


DIVIDENDS. 

1900 

1901 

1902       1903       1904 

1905 

1906 

1907 

1908 

Preferred  . 

.     0 

0 

000 

0 

4% 

4% 

4% 

Common    . 

.     O 

O 

000 

0 

0 

0 

0 

LOW  AND  HIGH   PRICES,  BY  YEARS,  SINCE  1900. 


1900 


1901 


1902 


1903 


1904 


190S 


l')i  11, 


1907 


1908 


Preferred..  25§6  Sept.     37      May      51      Jan.       M      Oct. 
47'-2  Dec.      68\sApl.      69-)4  Sept.     63 Y2  Feb. 
Common...    9     Sept.     IS      Jan.       22Y2  Dec.      IS'/ Oct. 


32J4  June  S6'4  May  64'_j  Apl. 
iij'i  Dec.  73  Aug.  76  Nov. 
1-Kk  Feb.       24      May      29      May 


53  Nov,  4(i  Feb. 
72j4Jan.  75!-i.Dec. 
20)4  Nov.      17'^  Mch. 


17'/sDec.      353-6  Apl.       3554  Sept.     30^  Jan.       36^  Nov.     39'A  Nov.     43$$  Nov.     44.^  Mch.     43 '/2  Dec. 


212 

GIBSON'S     MANUAL 

LOW  AND  HIGH  PRICES,  BY  MONTHS.  SINCE  1900. 

Jan.                   Feb.                  Mch.                    Apl.                   May. 

June. 

i'"H» Pfd.. 

Com. 

1901 Pfd.. 

Com. 

2 Pfd.. 

Com. 

[903 Pfd.. 

Cora. 

1904  Pfd.. 

Com. 

1905 Pfd. . 

Com. 

1906 Pfd.. 

O  'in. 

1907 Pfd.. 

(bin. 

190S Pfd.. 

Com. 

1900 Pfd.. 

* Com. 

1901 Pfd.. 

Com. 

1902 Pid. . 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


3*4-3  1 1 

IO  -IOi 

434-57 
15  -195 
5'  -54! 

24§"27 

584-62 1 

584-624 

38  -424 

1 ' '  I  -ig 
62  -67f 
30  -33* 
683-74! 
36  -40I 
694-723 
35^-41? 
55  -59i 
23  -27i 


32  -3 1 ! 

io.1-i<>; 

50 1-6 1 

1 8.1-22 :; 

524-564 
241-26 

591-63* 

35  -40 
l  '  17" 
635-67 

3of-32l 

68  -71I 

33s"37« 

68f-7i| 

35l-44i 

46  -56 

i7f-23i 


104-12; 
52I-604 
i9l-25i 
534-55 
-'4  -5l 
54  -6i  ! 
54  -61* 
.V'!  :•,<>"; 
t5i-i8| 
64  -69 

3of-33i 
68  72I 

33  -36 

59  -/o 

5"! -44  s' 

4«-56 

i/~2-25i 


34*  i"! 

II4-I24 

57"-68| 
244-351 
54  -5»i 
-'4 
5i 

53  -56! 

37  -40* 
17  -184 
58  -68} 

26]-32| 

f'4-!-73i 
.l"  1-364- 
631-665 

341-371 

54  -59* 
22I-26J 


32*-35* 
10J-11I 

37  -67i 
21  -33s 

5 1  !-5«;1 
244-26 

52  -59 
52  -59 
33i-36| 
15I-17! 
56J4-'n! 
•24  -29 
644-694 

29  -35i 
6it-66* 

3oi-37^ 
58*-63f 
25I-30S 


July. 

30  -32I 

10  ro| 
•64f 

24  -3if 
58i-64 
26f-3  if 
36  -50I- 
36  -50i 
36I-41* 
i6i-i8| 
62  l-65-l 

27I-39I 

65i-69l 

31  -34i 
64I-67* 
32I-40I 

59  -65 

jr,  1-3  if 


Aug:. 


Sept. 


Oct. 


Nov. 


30  -31* 
94-10 

5i  -57* 

243-29* 

624-68 

3o4-33f 

354-45 1 

35i"45i 

394"494 

i7l-24i 

63lh73 

284-35 

68  -72! 

325-3/i 
59S-67 
32  -39t 
63  -65* 
304-33 1 


25f-32 
9  -  9* 
51  -57  I 
25I  304 
605-693 
28f35i 
33*-43 
33i-43 
46  -494 
21I-24I 
681-721 

33i-35 
694-74* 

35  -37 

''51-661 

33  -37 

624-66I 

28§-33J 


-7  -33* 

10  -11 

48I-534- 
24  -27 1 
57*-633 
27I-31J 
33  -365 
33  -36S 
49  -59f 
24i-32f 

67  -69J 

3I4"34f 

68  -717 
32f-37i 

54  -65 
22*-34i 

64  -661 

283-31 1 


3^-40 
ioi-i3§ 

5oi-55l 
254-271 
54f-6i* 
245-29! 
34  -39 
34  -39 
57  -64* 
294-36! 
67  -72* 

33f-39i 
68J-76 

33l-43f 

53  ~~?7 

20f-25 

65  -71* 

30I-384 


284-343 
IO  -Il| 

6if-66 

29i-32l 

55S-59S 

251-28 

47f-52l 

47f-52i 

7,-t\-17^ 
15  -m; 

57^-041 
25i-29l 

644-71 

314-364 
624-64} 

3oI-34! 
58I-623 
26J-29 


Dec. 


37  -47* 

i2t-i7i 

494-53* 

24 1 -264 

5i  -59 
224-28 

38  -4ii 

38  -41* 
605-65* 

294-341 
67  -7i4 
35  -394 
70  -73i 
38f-42f 
554-57* 
24  -27I 

70I-75' 
374-43* 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908 


Pfd. 

Com. 

Pfd. 

Com. 

Pfd.             Com. 

\"i  IV.      2    .  . 

■  •     65  -65* 

3o4-3  !§ 

Ni  >A  .   12   .  . 

. .     68^-69* 

34l-35f 

Nov.  23  . . 

•     6\)1-6)1        334-345 

"       3  ■  ■ 

Election 

Day. 

"       13   ■  • 

. .     684-683 

35§-35f 

"     24  .  . 

.     68I-695        34!-354 

4  •  • 

••     654-654 

3i3-32 

"       14  •  • 

. .     684-69 

353-365 

"     25  .  . 

•     694-70!        354-36! 

5  .  . 

••     653-654 

3i*-3i3 

"       l6   .  . 

.  .     69  -693 

354-364 

"     26  .  . 

Thanksgiving  Day 

•'      6 

. .     66  -66| 

314-32! 

"       17  •  • 

. .     695-70 

254-36! 

"     27.. 

.     70  -7i4         363-38* 

7  •  • 

.  .     661-67', 

32f-334 

"       18   .. 

. .     69.I-70 

35  -36* 

"     28  .  . 

•     7o5-7i4         373-383 

■'       9.. 

. .     67  -67 1 

32i-33* 

"       19.. 

•  •     694-69! 

34f-35f 

"     30.. 

•      703-71*         374-385 

id  .  . 

..     67I-67I 

32|-33* 

"       20  .  . 

. .     68  -69 

344-35* 

11.. 

..     674-68 

331-35* 

"       21    .  . 

. .     68  -70 

34*-35i 

LOW  AND  HIGH  PRICES,  BY  DAYS.  DECEMBER,  1908. 


Dec.     1 


8 

9 

11 1 


Pfd. 
704-7  if 
7o4-7i4 
7i4-7ii] 
7i*-7*3 
71  -71I 

71  -7i 
7i4-72 

7i3-/-i3 

7K7-! 


Com. 

374-39* 
38  -39* 
373-384 
38*-394 
■■ 

57-  38* 
37H83 
384-381 
38f-39i 


Pfd. 

Com. 

Pfd.            Com. 

72  -72 

385-39! 

Dec 

22 

■  ••     714-75          384-424 

ri3-7i  3 

389-384 

(t 

23  • 

•  ••     734-754        424-434 

7i4-7-'l 

385-394 

it 

24  • 

•  •  •     74  -744        414-424 

714-72: 

384-394 

a 

25  • 

.  . .     Christmas  Day. 

724-72 5 

304-4o4 

a 

26. 

.  .  .      Extra  holidav. 

71  -72 

38I-303 

" 

28  . 

•  ••      741-741         42.1 -45l 

71  -71 

38*  39* 

ti 

29  . 

.  ..      741-7)1         424-434 

71  -71 

334-33 

ti 

30  • 

•  ••     75  "73*        4' 3-423 

"<:  7>3 

381-39 

a 

31  • 

•  •  •     721-75          41J-42* 

GIBSON'S     MANUAL 


213 


MARKET    MOVEMENTS    OF   MISSOURI,  KANSAS  &  TEXAS,  PREFERRED,  FROM 

1900  TO  1908,  INCLUSIVE. 


REMARKS. 


The  new  freight  terminals  at  Kansas  City  have  been  completed  and  put  into  use  during  the  past 
year,  and  much  money  has  been  spent  in  the  reduction  of  grades,  and  their  operation  has  had  a  good 
effect  on  earnings. 

The  company  has  been  active  in  promoting  the  establishment  of  new  industries  in  the  country, 
adjacent  to  its  lines,  and  many  new  ones  have  sprung  into  existence  in  the  last  two  years,  leading  to 
a  flow  of  immigration  and  increased  population,  and  the  promise  of  future  large  accessions  of  traffic. 

In  the  annual  report,  for  1907,  President  Joline  dwelt  on  the  manner  in  which  the  company  has 
been  handicapped  in  providing  for  much-needed  improvements  in  facilities  by  public  hostility  to  cor- 
porations. 

During  the  past  eight  years,  the  company  has  expended  $11,900,000  from  current  earnings,  and 
has  issued  $20,981,000  of  bonds,  all  to  provide  for  new  equipment,  additions  and  betterments.  Further 
large  outlays  are  yet  required,  especially  to  cheapen  cost  of  transportation. 


2i4  GIBSON'S    MANUAL 


Securities  owned,  outside  of  $6,220,000  of  the  company's  own  bonds  in  the  treasury,  only 
$I33.923- 

Total  capitalization  has  expanded  $36,394,000  since  1900. 

Officers:      President  and  Chairman,  Adrian  II  Joline;  Vice-President  and  Treasurer,  C.  G.  Hedge; 

Vice-President   and   General    Manager,  A.   A.   Allen;  Secretary,  C.  N.  Whitehead.     Directors:     Adrian 

II.    Inline.  Charles  G.   Hedge.  James  N.  Wallace.   Henry  W.  Poor,  J.  <  i.  Metcalfe.  James  Brown  Potter, 

V.   A.  Allen.  Janus   llagerman,  C.   I  fade,  R.   W.   Maguirc,  Myron  T.   Ilenick.  B.   P.  McDonald,  Alfred 

J,  Poor.  E.  B.  Stevens,  II.  J.  de  Marez  Oyena  and  Alfred  Waldron  Smithers. 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Wednesday  in  May,  at  Parsons,  Kan.  Direc- 
tors meet  on  call.  Main  office,  Parsons,  Kan.  General  office,  St.  Louis,  Mo.  New  York  office,  41; 
Wall  Street.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  London 
Stock  Exchange. 


GIBSON'S    MANUAL 


215 


Missouri   Pacific   Railway 

Bonded  indebtedness,  June  30,  1908       $102,291,812 

Capital  stock 79-753,985 


Total  capital $182,045, 7'>7 

Mileage,  excluding  leased  lines 5.73° 

Per  mile  capitalization $31,770 

Fixed  charges,    1908,  including  taxes,  per  cent,  of  net   income..  58.8] 

Operating  expense,  new  basis,  excluding  taxes,  per  cent,  of  gross  74-86 

EARNINGS,   MISSOURI   PACIFIC   RAILWAY. 


Year  Ending 

Gross 

**Net 

Net  P.  C.  of 

Earned  1  in 

Dec.  31. 

Op.  Rev. 

Income. 

Gross,  Inc. 

Surplus. 

Stock. 

1900  .  .   . 

$15,930,276 

$6,930,510 

38. 

$3,213,608 

5-5  % 

1901  .   .  . 

18,384,077 

8,699,820 

40.78 

3,237,705 

6.36% 

1902  .  .   . 

18,763,317 

9,260,075 

41.2 

3,297.452 

6.9  % 

1903  .   .  . 

21,950,744 

11,218,021 

41-75 

4,751.960 

8.2  % 

1904  .  .   . 

22,255.740 

9,611,71s 

36.67 

5,689.889 

7.1   % 

Year  ending 

Tune  30. 

1905  .    .   . 

Not  reported 

Not  reported 

Not  reported 

1906  .   .   . 

20,581,033 

12,621,374 

4576 

6.455,424 

8.91% 

1907  .   .   . 

23,089,871 

12,662,254 

43.61 

9,604,387 

9.05% 

*ioo8  .    .   . 

20,946,611 

8,844,337 

36.06 

23,416,253 

3-44% 

*  Interstate    Commerce    classification. 
**  Taxes  included  in   fixed  charges. 


EARNINGS,  IRON 

MOUNTAIN. 

Year  Ending 

Gross 

**Net 

Net  P.  C.  of 

Earned  on 

Dec.  31. 

Op.  Rev. 

Income. 

Gross,  Inc. 

Surplus. 

Stock. 

1900  .  .  . 

$14,581,037 

$6,432,257 

42-94 

$4,074,164 

8.36% 

1901    .    . 

16,961,021 

8,007,519 

44-43 

5,128,261 

16.OI  °/o 

1902  .   .  . 

17,640,578 

7,908,927 

41.81 

5,210,809 

14-74% 

1903  .   .  . 

19,575,350 

8,148,857 

38.8 

5,916,194 

13-44% 

1904  .   .  . 

19,788,829 

8,482,023 

39-85 

6,658,332 

12.87% 

Year  ending 

June  30. 

1905  ..   . 

Not  reported. 

Not  reported. 

• 

1906  .   .   . 

21,209,777 

9,589>399 

41.84 

7,782,022 

9-3  % 

1907  .  .   . 

23,987,020 

10,843,411 

41-85 

8.423,392 

"•43% 

*i9o8  .   .  . 

21,793,294 

8,303,163 

35-64 

3,169,876 

5-3i% 

*  Interstate    Commerce    classification. 
**  Taxes  included  in   fixed  charges. 


CONSOLIDATED  INCOME  ACCOUNT;  M.  P.  and  St.  L,  I.  M.  &  S. 


Year  Ending 

Surplus 

Dec.  31. 

Net  Income. 

Fixed  Charges. 

M.  P.  Dividends. 

for  Year. 

1900   .    .    . 

$12,460,782 

$7,856,892 

$3,818,550 

1901    .    .    . 

15,519,010 

7,698,805 

$3,563,802 

3,914,720 

1902   .    .    . 

14,874,636 

7,769,046 

3,855,"0 

2,689,512 

1903   ..    . 

17,457,730 

8,332,592 

3,890, !  '5 

3,696,378 

1904   .    .    . 

16,224,850 

9,016.880 

3,890-115 

2,034,766 

Year  ending 

June  30. 

1905    .    .    . 

16,073,273 

9,580,327 

3.890,687 

i,54i,3Io 

1906    .    .    . 

17,843,327 

10,394,716 

5,836,305 

492,710 

1907    .    .    . 

19,471,553 

10,544,824 

3.890,875 

3,807,228 

1908   .    .    . 

15,467,713 

10,789,246 

1,935,210 

1,050,506 

2T6 


GIBSON'S    MANUAL 


LATEST  REPORT. 

Earnings  of  Missouri . Pacific  ?y§t«m  for  sjx  rao^tte,   ending  Dec.   31,    1908,   compared   with   last 

\  ear,  were: 

l  iross.  Xet. 

1908 $24,061,107  $7,544,408 

1907 25,187,322  6,613,303 


1900 


[900 
0 


1901 


DIVIDENDS.  MISSOURI  PACIFIC  RAILWAY. 

|.,n     2     [903     1904     1905     1906     1907     1908 

5%  ;•,  5',  -?",  5%         5%         2$%  in  stock. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 
1902 


1903 


1904 


1905 


1906 


19HJ7 


1908 


38f^  Jan.         69      Jan.        96M  Mch.         85)4  Aug. 
72'/2  Dec.       124^  June      125^  Sept.      115  %  Feb. 


87      Feb.         94]/2  May         85^  May        44%  Dec.        28%  Feb. 
111^4  Dec.       110%  Mch.      106^  Jan.         92^  Jan.        67'/.  Dec. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mch. 


Apl. 


May. 


June. 


1900 
1901 
[902 

1 1 H  >3 
1904 

1905 
1906 
1907 
1908 


3S»"  44f 
69  -  93 
99I-107 

io7f-n3s 

9of-  951 
1044-108^ 
99I-106I 
86  -  925 
4H-   47 


44  ' 
85  • 
994 

noj- 
87 

106J- 

98*- 
78- 

28i- 


93$ 
105^ 

115; 

94 

109! 

103^ 
87 
43* 


44*- 

87- 

96i 

106  - 

87- 
105*- 

93  - 
64- 

29I-  43 


5H 
103^ 
ioij 

ml 

"4l 
no.; 

looi; 
801 


49  -  6i| 

iooj-no; 

98i-i03a 

I02f-III^ 

92i-  95 
96  -io&f 

89i-  98f 

721-  i:\ 

40  -  47$ 


54  -  59 5 
72  -1 165 
97^-ioif 

103I-113 
881-  92i 

94$-  99 
85$-  95i 
714-  76! 

454-  64* 


46  -  57 

IIOi-I24i 

991-iir^ 
99  -io6i 
88^-  93$ 
95i-io2i 
89J-  98^ 
72  -  77 
445-  54 1 


July. 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900 
1 90 1 
1902 
1903 
1 1  H  >4 

1905 
1906 
1907 
1908 


471-  534 

964-121$ 

108J-1 19* 

95f-io6i 

9°s-  95a 
97-i-ioii- 

873-  94* 
731-  77% 
48  -  56! 


491-  52j 
94f1io8| 

ii5f-IIOs 
853-  981 

9a-  98| 

99i-i°9f 
93I-1004 

63  -  741 

54*-  60 


46i- 

94  - 
mi. 

86  ■ 

95§- 
102$- 

954 
67. 

50  ■ 


•  523 
-107I 

-125* 

■  95 

■  99l 

io8i 
iooi 

■  7*1 


47* 
92 

102I 

S6§ 

97$ 

1 02  \ 

93 
48 

52i 


■  572 
98I 

1 165 
92I 

105! 

I06* 

98I 

671 

■  575 


54*-  61* 

97f-i04§ 
i03f-nof 
871-  92* 
ioiJ-iic4 
96I-104I 
9ii-  95* 
444-  574 
56?-  64} 


59  -  72* 

100}  -1 07  V 
99^-110^ 
90*-  97 

I02i-IIli 

99  "i°3* 

9°4-  95* 
44$-  56 
6i*-  67* 


LOW  AND   HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Low.      High. 

Nov.     2 56!  565 

"       3 Election  Day. 


6 

7 

9 

10 

1 1 


563 
57f 
571 
592 
59J 
6oi 
6oi 


58 
58* 

59i 
6oJ 

63 

62); 

62* 


Nov.  12 
13 

"  14 
"  16 

"  17 
"  18 

[Q 

•'   20 
"   21 


Low. 

61$ 

62^ 

62- 

62 

62* 

62f 

62 

6oi 
6oi 


High. 
63i 
634 
634 
62$ 

64i 
64$ 
63I 
62a 
62} 


Low 

Nov.  23 60$ 

24  ...  . 


25 
26 

27 
28 

30 


High. 
62} 
61  i     63 

•  •  62i     63* 
Thanksgiving  Day. 

•  •  63      64 
.  .  63      64 

.  .  623     64i 


LOW   AND    HIGH   PRICES,   BY   DAYS,   DECEMBER  1908. 


Dec. 


8 

9 
10 


L 


High. 


63I 

"5  i 

1  )ec. 

1 1 

'•4:; 

67* 

" 

12 

64 

66$ 

" 

14 

65* 

66$ 

Cf 

15 

654 

67* 

" 

1*. 

65 

66| 

1 ' 

17 

654 

66| 

l( 

18 

66J 

it 

IQ 

65$ 

663 

.. 

21 

Low. 

65 

64I 

65* 

623 

64 
62| 

62 

<•.<! 
61* 


High. 

66 

65 

674 

66$ 

654 

65$ 

633 

644 

63 


Low.      High. 

Dec.  22 62^  64! 

"23 64f  66| 

"24 65  66$ 

"     25 Christmas  Day 

"     26 Extra  holiday. 

"     28 65  67 

'•     29 65*  67 

"     30 65!  66$ 

"     31 66  67 


GIBSON'S    MANUAL 


217 


MARKET    MOVEMENTS    OF    MISSOURI    PACIFIC,  FROM  1900  TO   1908,  INCLUSIVE. 

MINOR  TURNS   DISREGARDED. 


REMARKS. 


Missouri  Pacific  owns  $44,336,600  of  the  $44,396,573  of  the  capital  stock  of  St.  Louis,  Iron  Moun- 
tain &  Southern,  which  contributes  one  half  to  the  total  earnings  of  the  system.  Missouri  Pacific  also 
controls  Texas  Central,  Central  Branch  of  Union  Pacific,  Denver  &  Rio  Grande,  and  some  smaller  lines. 
Kansas  &  Colorado  Pacific,  organized  in  1889,  to  consolidate  a  number  of  lines,  connecting  the  main 
arteries  of  the  Missouri  Pacific  system,  will,  with  Western  Pacific,  form  a  part  of  the  transcontinental 
line  from  Pittsburgh  and  Chicago  to  St.  Louis. 

In  January,  1908,  $1,945,450  of  new  stock  was  issued  in  lieu  of  the  semi-annual  2,\  per  cent,  cash 
dividend.  The  July  dividend  was  passed  entirely,  by  resolution  of  the  directors,  earnings  for  the  pre- 
vious nine  months  not  being  considered  to  warrant  a  cash  distribution. 

Securities  owned  by  Missouri  Pacific,  June  30,  1908,  were  $113,065,623  (par  value,  $180,697,746). 
Iron  Mountain  owned  $48,505,909   (par  value,  $75,414,613). 

Total  capitalization  of  Missouri  Pacific  has  increased  from  $115,806,150  in  1900  to  $182,045,797. 

In  1908.  Kansas  &  Colorado  Pacific  authorized  an  issue  of  $50,000,000  first  refunding  mortgage 
bonds  to  adjust  its  indebtedness  to  Missouri  Pacific.     The  amount  due  was  $19,686,998.     Bonds  to  this 


2i8  GIBSON'S     MANUAL 


amount  were  given  to  Missouri  Pacific,  which  credited  the  same  to  Profit  &  Loss.     Against  this  new 
credit   various  amounts  were  written  off,  which  had  been  carried  on  for  some  time  on  the  books,  aggre- 
ng  $12,267,095.     <  If  the  stuck  of  Kansas  &  Colorado  Pacific.  Missouri  Pacific  owns  223,035  shares. 

Legislative  reductions  of  freight  and  passenger  rates  in  six  States,  traversed  by  Missouri  Pacific, 
have  operated  to  diminish  the  gross  income  of  the  railway.  Actions  have  been  begun  in  the  courts  fo 
test  the  constitutionality  of  the  acts  referred  to;  and  Arkansas  has  been  enjoined  from  continuing  the 
reduced  rates  in  that  State. 

The  calling  for  payment  on  March  12.  [909,  of  SO.ooo.OOO  collateral  trust  notes,  at  101,  is  deemed 
to  presage  some   new  general  plan   for  the  financing  of  Missouri   Pacific. 

Officers:  President,  George  I.  Gould;  Vice-Presidents,  Frank  J.  Gould  and  C.  S.  Clarke;  Secre- 
tary and  Treasurer,  A.  11.  Calef.  Directors:  George  J.  Gould,  J.  J.  Slocum,  Edwin  Gould,  Edward  T. 
Jeffery,  Frank  Jay  Gould,  Howard  Could,  K.  B.  Henson,  S.  Davies  \\  arfield,  Fred.  T.  Cates,  W.  K. 
Bixby,  Charles  S.  Clarke  and  O.  L.  Garrison. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Tuesday  in  March,  St.  Louis,  Mo.  Directors 
meet  on  call.  Main  office,  St.  Louis.  New  York  office,  195  Broadway.  Traded  in  on  the  New  York 
Stock  Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


219 


Nashville,  Chattanooga  £82,  St.  Louis  Railway 

Bonded  indebtedness,  June  30,   1908 $15,985,000 

Capital  stock 10,000,000 

Total  capital $25,985,000 

Mileage 1,230 

Per  mile  capitalization $21,126 

Fixed    charges,    1908,  including  taxes,  per  cent,  of  net   income,  new- 
basis  63.34 

Operating  expenses,  excluding  taxes,  per  cent,  of  gross,  new  basis   ..         76.20 


EARNINGS. 

Gross  **Net 

Year  ending  June  30.         Op.  Rev.  Income. 

1900 $6,487,318  $2,272,912 

1901 7,620,128  2,531,256 

I9°2 7,992.530  2,388,546 

1903 9,606,370  2,632,832 

1904 10,206,022  2,643,289 

1905 10,113,056  2,579,337 

1906 11,120,982  2,784,524 

1907 12,238,472  2,526,711 

*i9o8 10,738,252  2,866,794 

*  Interstate   Commerce   classification. 
**  Taxes   are   included   in    fixed   charges. 


Net  P.  C. 

Earned  on 

Gross  Inc. 

Surplus. 

Stock. 

35- 

$1,669,325 

5-25% 

33-12 

2,268,434 

6.19% 

29.8 

2,798,325 

5-24% 

27-34 

3,597,905 

7-97% 

25-85 

3,890,889 

7.68% 

25.46 

3,852,961 

74270 

2505 

4,205,942 

9-53% 

20.62 

4,312,322 

7.06% 

25-95 

4,602,112 

8.4  % 

LATEST  REPORT. 

Earnings  for  six  months,  ending  Dec.  31,  1908,  compared  with  last  year,  were: 

Gross.  Net. 

1908 $5,544,266     $1,217,694 

1907 5,777,369  i,245,39o 


DIVIDENDS. 

1900 

1901 

1902 

1903        1904          1905 

1906 

1907 

1908 

0 

0 

0 

0             4%            5% 

5% 

6% 

5i% 

1900 


LOW   AND    HIGH    PRICES,   BY    YEARS,    SINCE  1900. 


1901 


1902 


1903 


1904 


190S 


1906 


1907 


1908 


43      June        70     June        80     Jan.  85      Oct.       101^  Feb.        137      Jan.       135      Nov.        97      Dec.        97ft  Jan. 

50      May        82 54  Nov.      122      April      114      Feb.       U7H  Dec.       158      Apl.       149^  Jan.        147     Jan.        122J4  Dec. 

This  stock  is  not  active  in  the  trading,  and  there  were  not  over  five  or  six  transactions  in  Novem- 
ber and  December,  1908. 


G  I  B  S  O  N  •  S     M  A  N  U  A  L 


REMARKS. 

This  railroad  is  controlled  by  Louisville  &  Nashville,  which  owns  $7, 177,600  of  its  stock,  but  the 
line  is  operated  independently. 

While  able  to  pay  dividends,  judging  from  earnings  alone,  prior  to  1904,  no  disbursements  were 
made  for  several  years,  the  money  being  devoted  to  improvements  and  new  equipment. 

This  company  is  retiring  its  bonds  at  the  rate  of  from  $26,000  to  $36,000  a  year. 

Securities   owned.  June  30,   1908,  were  $866,447. 

Total  capitalization  in   iqoo  was  $25,996,000,  and  it  is  no  larger  now,  in  Fact  it  is  growing  smaller. 

Officers:  President,  John  W.  Thomas,  Jr.;  Chairman,  E.  C.  Lewis;  Treasurer  and  Secretary, 
I.  N.  Ambrose;  Vice-President  and  Traffic  Manager,  H.  F.  Smith.  Directors:  E.  C.  Lewis.  J.  W. 
Thomas,  Jr.,  IT.  Walters,  A.  H.  Robinson,  I.  E.  Washington,  J  B.  Richardson,  L.  W.  Thompson,  J.  M. 
Fall,  H.  W.   Buttorff,  W.  W.  Berry,  M.  li.  Smith,  N.  C.  Collier,  R.  M.  Dudley  and  Newell  Sanders. 

Fiscal  year  ends  June  30.  Annual  meeting,  Wednesday  after  the  second  Tuesday  in  Septem- 
ber. Directors  meet  quarterly,  second  Tuesday  in  January,  April,  July  and  October.  Office,  Nashville, 
Tenn.     Traded  in  on   the   New   York  Stock   Exchange  (Listed  Department). 


GIBSON'S     MANUAL  221 


National  Biscuit  Company 


Incorporated  in  Ne  wjersey,  Feb.  3.  1898,  with  a  view  to  consolidate  under  one  management  sev- 
eral concerns,  engaged  in  the  manufacture  of  crackers,  biscuits  and  similar  products,  including  Ameri- 
can Biscuit  &  Manufacturing,  Decatur  Cracker,  Hamilton  Company,  National  Cracker,  New  York  Biscuit 
and  United  States  Baking,  with  their  respective  constituent  companies.  In  1903,  the  company  added  to 
its  facilities  by  building  three  new  plants  of  large  size,  at  an  expense  of  about  $1,500,000.  Two  more 
were  constructed  in  New  York  in  1907,  at  a  cost  of  a  million.  Two  of  the  old  factories  have  been  sold 
back  to  former  owners. 


Bonded   indebtedness.   Dec.   31,    1908 $736,071 

Preferred  stock,  7  per  cent,  cumulative 24,804,500 

Common  stock 29,236,000 

Total  capital $54,776,571 


EARNINGS. 

P  C.  of  Profits  Earned  on 

Year  ending  Jan.  31.  Sales.  Profit.  to  Sales.  Surplus.  Common 

1900 $35.65I,899  $3,302,155  9.26  $3,147,472  7.99% 

1901 36,439,160  3-3i8,355  911  3.622,176  5-62% 

1902 38,625,135  3.670.445  9-5  4455424  5-62% 

1903 40,221,925  3.689,338  9.17  5.294,811  6.87% 

1904 40,532,115  3,709,516  9.15  6,107,322  6.78% 

1905 41,040,496  3.73i,928  9.09  6,933,495  6.82% 

1906 39,702,566  3,822.338  9.63  7.850,078  7.15% 

1907 40.722,939  3,954,507  9-71  8,606.470  7.58% 

1908 41^802,224  4.101.415  9.81  9,217,410  8.09% 

Year  ending  Dec.  31. 

1909 39>833.340  3,896,610  9.78  9,623,544  7-39% 


DIVIDENDS 

moo       1961       1902       1903       11)04  11)05  191)6  1907  1908 

Preferred   .    .      7%         7%         7%         7%         7%  7%  7%  7%  7% 

Common    .    .     4%        4%         4%        4%         4'/  4%  5%  6%  6J, 


LOW    AND    HIGH    PRICES,   BY    YEARS,    SINCE   1900. 


1900  1901               1902  1903  1904               190S                1906               1907               1908 

Preferred..  79! ',  ]unc  92      Jan.     101J4  Dec.  94      Oct.  100*4  Jan.     110      Aug.  113;..  Jan.       90      Nov.  102      Jan. 

96      Feb.  103^  Nov.    109'<Apl.  106 %  May  117      Nov.    120-M  Mch.  118J<  Oct.  117  \i  Mcli.  120^  Dec. 

Common...  23      June  ?>7      Jan.       40      Nov.  32      Oct.  36      Jan.       52      Aug.      62      May      58' J  Oct.  68      Jan. 

40^  Nov.  46      May      53;^  Men.  47^  Feb.  59J4  Nov.     69^  Dec.      79!<  Dec.      86^  Jan.  97      Dec. 


-•J  2 


GIBSON'S    MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE   1900. 


L900 


1901 


[902 

1903 


[904 


•905 
1O06 

1907 

1 1 K 18 


1900 


1901 


19OJ 


1903 
1904 

I905 
1906 
1907 
1908 


Jan. 


I 'hi., 
rum. 

Pfd.. 

I  'mil. 

Pfd.. 

Com. 
Pfd.. 

Com. 
Pfd.. 

I  'dill. 

Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


35  ■ 
92  ■ 

37  ■ 

104.I 

43f- 
103  ■ 

45i 

100}- 

36- 
ii5f- 

54*- 

"3i- 

67- 

1 1 6 1  - 

77  - 

102  - 

68  - 


38 

94 

43 

106 

45 :; 

106 

47 
103 

40* 
n64 

56| 
117 

7i 
n6| 

86} 
106} 

76 


July. 


Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 


85  -  85* 

3^i 
103 

45* 
106J 

48} 
101} 

4o4 
108} 

49l 

118 

624 

118 

681 
1 1  of 

76 
120 

91I 


Mill 

4o4- 

1053- 

471- 

99*- 

35* 

107}- 

45l- 
112  - 

54*- 
n64- 

624- 

iio|- 

73fi- 
116  - 

84!- 


Feb. 


92i-  96 

36|-  4<>i 
92  -  94^ 
38  -  40* 
1054-109 

44$-  48 
1044-106 

46  -  47l 
ioi$-i03$ 

393 

115J-1  [8 

543-  60 
117  -us; 

66J-  71.I 
1143-116} 

So}-  85} 
107  -107I 

72  -  76} 


4o3 


Aug. 


86J-  88} 

30I-  32I 

1004-1034 

41  -  44l 
1043-106} 

47i-  48 
994-101 

33i-  383 
108}- 1093 

46f-  48} 
no  -115 

52  -  60 
H7f-il7f 

664-  69 
1104-114 

66|-  74:! 
116  -120 

884-  92 


Mc-h. 


Apl. 


SmI-  91 

35  -  36* 

93  -  96 

42 

109 

46J  534 
106 

47^ 
104.V 

45 

,a 

1 


1 05  I 

454 
I02 

40  - 
117  - 

58I- 


6 

tl6J  l  I/4 

66  -  69 
111  -117I 

75^-  82I 

1 10  -1134 

75  -   82I 


88i- 

32I 
96- 

39  ■ 
107  - 

493- 
104  - 

4if 

1044-10; ; 

42I-  44 
1 174-120 

50I  <.<>■' 
116  -118 

63  -  674 
1 12.1-114! 


,,, 

36i 

97 

■ik 
1094 

52 
106 

453 


76- 
"5i 


784 
116 
864 


May. 

80-86 
28J-  324 
i)7  -100 

39i"  46 

io5J,-io8 
47  -  50} 
1 044,-106  $ 

39f-  44 
1054-107} 

42*/-  45 

1163-119 

57  -  62 

1151-117* 

62  -  65 

uo-iJ-114 

74  -  774 
115  -116 
84  -  88 


June. 


Sept. 


Oct. 


Nov. 


85  - 

3i£- 

102  - 

41!- 
1033- 

4'-  - 

343 

, 

47  - 
ri2|- 

54  - 
116  - 

67  - 
112 


H7\ 


88 

34* 
1024 

44-} 
104$ 

483 
ioo4 

40 
■109I 

49* 

114 

■574 
116 
69! 
112 

75 


'  884- 
3i3- 

99  - 

41  - 
103 

45* 

94 

32 
108 

48  ■ 

"3 
54* 

n84 
67!- 


92  J 

37 
1 02 1 

42,1 
105! 

47 

97* 

37* 
in 

49f 
116 

56 1 
n84 

77\ 


11 


874-  89f 


/  1 
a 


103  -no 
584-  73* 

ii64-ii8 
87  -  90 


9i  -  95* 

35"-  40} 
102  -103! 

4il-  43 
1024.-103} 
40  -  46 
95*-  984 
34  -  37 
112  -117 

494-  59* 
1 12^-1 1 s 

55  -  584 

1174-1174 

724-  763 

90  -  984 

59  -  64 

1174-119} 

87I-  924 


79$-  81 

23  -  30 

100  -103 

43*-  46 
106 

471-  48J 
98} -102 
374-  40* 


1043 


106 

44f" 

117  - 

60  - 

"5f 

63§- 


io64 

40.I 
n84 

63! 
116 

684 


no4-iio} 

73*-  754 

ii4f-U4f 

83f-  85-J 


Dec. 


90*-  921 

352-  394 
1 024-103  2 

42" 
103 


ioi3- 
433- 
99  - 
353- 

116  - 

54J4- 


46 

99i 

374 

"6§ 

584 

1 13I-11V1 

56*-  69} 

1164-117} 

758-  79* 
99J-102 
64  -  68 
1173-120} 
89*-  97" 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


2  . . 

3  ■• 

4  .. 

5  ■• 

6  .. 

7  •■ 
9  •• 

10  .  . 

11  . . 


Pfd.  Com. 

.........     894-90 

Election  Day. 

89*-893 
893-91 

90  -91 

91  "91* 
9i*-92* 
924-92* 
894-92 


119  -119 
IIQ4-II94 


Pfd. 


Com. 

004-904 

89  -914 

89  -89I 

894-9°f 


Nov.  23 
24 


Pfd. 
1174-117* 


Com. 
90  -90 


25 
26 

27 


Thanksgiving  Day. 

- . . . .     90-90 

28 9l*-9i4 

30 - --.. 


LOW   AND   HIGH   PRICES.   BY    DAYS,    DECEMBER,  1908. 


Dec. 


Pfa. 


Com. 


1  1 


/  r 


1 1 73 

no!  in,', 


nol-nol 

II9J-II94 


8o*-8o^ 
90I  go\ 
904-90} 
90^  'I"! 
9ii-93l 


™ -•■•■     03  -93* 


Dec. 


11 

12 
14 
15 
16 

17 
18 

TO 
21 


Pfd. 


n8f-n8| 


n8f-n83 


Com . 
92*-933 

92  -92* 
913  91I 
92  -92 
9i3-9i3 


TTO    -TTO         01  !   92 


Dec.  22 

"  23 

"  -'4 

"  25 

"  26 

"  28 

"  29 

"  30 

"  3i 


Pfd.  Com. 

.........     914-914 

.........     92  -92 

119  -119J     923-95} 
Christmas  Day. 
Extra  holiday. 
uo}-i2o}      ....... 

96  -96] 

.........     953-96 

.........     95}-05, 


GIBSON'S    MANUAL  223 


REMARKS. 

Total  capitalization  of  National  Biscuit  has  scarcely  changed  since  organization.  The  preferred 
stock  has  increased  $979,500;  but  of  the  bonds  and  mortgages,  amounting  to  $1,814,000,  there  has  been 
paid  oft'  $1,077,927. 

Number  of  shareholders  now  7,726,  of  win  mi  2,470  are  employes. 

National  Biscuit  has  been  obliged  to  contend  with  many  imitations  of  its  products.  Twelve 
suits  in  L'nited  States  courts  to  protect  the  company's  trade  marks  were  successfully  won  in  1906,  and 
330  imitations  were  stopped  without  litigation.  In  1907,  68  more  imitations  appeared,  but  were  all 
stopped  without  recourse  to  the  courts.  In  1908,  74  new  imitations  appeared  and  were  stopped.  In 
all,  504  such  imitations  have  been  stopped  since  the  formation  of  the  company,  with  or  without  litiga- 
tion. 

In  spite  of  an  increasing  number  of  rivals,  the  company  continues  to  increase  its  business  by 
making  the  best  goods,  attractively  packed,  and  selling  them  at  stated  prices.  It  refuses  to  engage 
in  a  war  of  rates  or  to  attempt  to  crush  rivals  by  ruinous  competition. 

Officers:  President,  A.  W.  Green;  First  Vice-President,  J.  D.  Richardson;  Treasurer  and  Secre- 
tary. F.  E.  Bugbee.  Directors:  B.  F.  Crawford,  L.  D.  Dozier,  II.  J.  Evans,  A.  W.  Green,  II.  M. 
Ilanna,  F  I..  Iline,  F.  A.  Kennedy,  S.  S.  Marvin,  W.  II.  Moore,  T.  S.  Ollive,  F.  M.  Peters,  N.  B.  Ream. 
J.  D.  Richardson,  S.  A.  Sears,  J.  B.  Yredenburgh. 

Fiscal  year  ends  Jan.  31.  Annual  meeting,  Feb.  11,  Jersey  City.  Office,  10th  avenue  and  15th 
Street,  New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Unlisted  Department)  and  on  the 
Chicago  Stock  Exchange. 


224 


GIBSON'S    MANUAL 


National  Enameling  C&  Stamping  Company 

\  consolidation  of  a  large  numb  d  in  the  manufacture  of  tin,  enamelled, 
japanned,  galvanized  and  copper  utensils  and  wai  rporated  in  \i«  Jersey,  Jan.  21,  \x<r>.  Prac- 
tical!) all  the  enamelled  ware  makers  of  the  I  id  a  large  part  of  the  manufacturers  "f  the 
other  goods  named  cam*  into  the  consolidation.  The  plains  were  located  mainly  in  St.  Louis,  (Jran- 
ite  City,  III..  Brooklyn  ami   Berlin  Village,  \.   Y..  Portland,  Conn.,  Bellaire,  <  »..  .Milwaukee  ami   New 

■  iilv 

Bonded  indebtedness,  Jum  08  ..   ..         $1,000,000 

Pieferred  stock,  7  per  cent,  cumulative 8,546,000 

Common  stock 15.51ji.800 


Total   capital £.'5. 137,800 


ear  Ending 
June  30. 

■ 

1905 
1906 
1907 
[908 


[8   in 


EARNINGS. 

1  rross 

Net 

Earned  on 

Profits. 

Income. 

♦Surplus. 

i  omtnon. 

$1,950,520 

$1,127,504 

M.I  lo.ll  ~ 

■  r. 

6,818 

[,720,307 

t, 729.7°7 

2,244,472 

I.SI9.3S7 

t  ,343.630 

5-97% 

1,528,366 

884,055 

[,005,75] 

i.8< 

[,460,267 

817,644 

835.338 

1.41% 

[,576,396 

948,259 

858,049 

i-757<- 

M'M 

1 ,703, 11  0 

1  ,648 

6.67% 

867,294 

311,822 

1.059.950 

'Excluding  general  resi  count   of  $1,500,1" »'. 


I'n  ferred 
Common 


:'•' 


DIVIDENDS. 
1901  [902  [903  [904  [905 

7% 


[906 

o 


1007 

- 

o 


[908 


l<x».t 


LOW    AND    HIGH 
1904 


PRICES, 


BY 


YEARS, 

19<><t 


SINCE  1903. 
1907 


Preferred   .    . 
Common   .    . 


75  <  >ct. 

93  Mch. 

12  Nov. 

M  Mch. 


75        Tulv 

Nov. 

14 

Nov. 


.si  1       Vug. 
\pl. 
11        lug. 

(1    .    \,.l. 


82      Sept. 

Mch. 
12       May 

fan. 


75       VpL 
■ 

Nov. 
Jan. 


1908 


70  Feb. 
Dec. 
Feb 
Dec 


These  share-  were  not  traded  in  on  the  New  York  Stock  Exchange  until  March.  [903. 


LOW 

AND   HIGH 

PRICES, 

BY  DAYS,  NOVEMBER, 

1908 

Pfd. 

in. 

Pfd. 

1  om. 

Pfd. 

1  om. 

Nov.     _'    .    . 

7"    7" 

Nov. 

1  _>    .    .    . 

81  ' 

[2    -  U 

Nov 

23 

....... 

....... 

"      3    •    • 

Election 

Day. 

" 

13    .     .     . 

....... 

1 1 :  1-!.! 

a 

-'4 

....... 

....... 

-        4     ■     • 

7<> 

lOj-II* 

** 

14    •     •     • 

....... 

1  _■  - 1  2 

.. 

25 

....... 

n!  n; 

5    •    • 

....... 

....... 

•  • 

10    .     .    . 

1-'! 

•  ■ 

Thanksgh 

iiii;  1  >a\- 

6    .    . 

80 

M' 

.. 

17    .     .     . 

Si 

1-'!  i-l 

" 

-7 



....... 

7    ■     ■ 

....... 

....... 

" 

[8   .    .    . 

Bij 

[2   - 1 .'  j 

•  • 

2* 

....... 

....... 

■1    .    . 

....... 

Ijl 

" 

IM              .       . 

1  2   - 1  J 

(4 

30 

....... 

....... 

10   .     . 

....... 

20     .      .      . 

...... 

111    11: 

11.. 

... 

....... 

21      .      .      . 

....... 

....... 

LOW    AND    HIGH    PRICES.   BY    DAYS.    DECEMBER.   1908. 


1 1 
1  2 
1  1 
15 

17 
18 

10 
21 


1 

J 

Pfd. 

.'  !    82 

m. 

Dec. 

•• 

3 
I 
5 

.  .   82  82 

ii'.  -ill. 

■■ 

8 
9 

in 

- 

.. 

Pfd. 

m. 

Pfd. 

1  om. 

...... 

13!  -13"! 

1  >i 

»  » 

...... 

I3H3* 

t3i  1  l 

•  • 

23    • 

...... 

[3 

...... 

'.;. 

-•1 

...... 

13 

133   M 

" 

25 

1   linstn 

as  Day. 

1.^  -Ml 

ti 

.     .  Extra 

loliday. 

13   -13'. 

■  > 

. 

'4;-i.s} 

...... 

....... 

29    . 

...... 

•    14J-15 

. 

13     13 

" 

30    • 

...... 

•    mI-mI 

13  -13 

' ' 

31    ■ 

.  . .  - .  . 

•    14: -14' 

GIBSON'S     MANUAL  225 


REMARKS. 

No  material  change  has  taken  place  in  the  capitalization  since  organization. 

The  company  owns  no  investments  in  securities. 

The  plants  of  the  company  arc  reported  to  be  in  first-class  condition  and  modern  improvements 
have  resulted  in  greater  economy  of  operation.  It  was  impossible  to  operate  the  factories  up  to  their 
full   capacity  in   the   last  fiscal  year    in   consequence  of  the  business  depression. 

An  effort  was  made  in  1906  to  reduce  the  floating  debt  of  National  Enameling,  but  expansion  of 
the  volume  of  business  demanded  the  employment  of  a  larger  working  capital  and  reduction  of  the 
debt   was   necessarily  deferred.      A    farther   influence  was  the  heavy  falling  off  in  business  in   1907. 

June  28,  1905,  this  company  won  a  suit  against  The  New  England  Enameling  Co.,  in  the  United 
States  Circuit  Court  of  Appeals,  whereby  its  sole  right  to  manufacture  Royal  granite  steel  ware  under 
its  patents  was  maintained.     Dec.  6,  1906,  the  decision  was  reversed. 

Officers:  President,  F.  A.  W.  Kicekhefer;  Vice-President,  Thomas  EC.  Niedringhaus ;  Chairman, 
Frederick  G.  Niedringhaus;  Treasurer.  A.  M.  Steinhardt ;  Secretary,  William  II.  Matthai.  Directors: 
Frederick  G.  Niedringhaus,  Chairman;  Eouis  G.  Bartling,  George  V.  Hagerty,  Ferd.  A.  \Y.  Kieckhefer, 
Charles  N.  King,  George  W.  Knapp,  H.  August  Luedke,  William  H.  Matthai.  Albert  \Y.  Niedringhaus, 
George  W.  Niedringhaus,  Oliver  B.  Niedringhaus,  Thomas  K.  Niedringhaus.  Solomon  Richman,  Rob- 
ert D.  Samuels,  Edward  H.  Schwartzburg,  Adolph  M.  Steinhardt  and  Charles  L.  Wagandt. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Tuesday  in  August,  Jersey  City,  N.  J. 
Directors  meet  quarterly,  January,  April,  July  and  October.  Office,  81  Fulton  Street,  New  York. 
Traded  in  on  the  New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S     MANUAL 


National  Lead  Company 


Incorporated  in  New  Jersey,  Dec.  7,  iS<>i,  as  successor  to  The  National  Lead  Trust,  each  holder 
of  a  trust  certificate  for  6  shares  in  the  old  organization  receiving  one  share  each  of  preferred  and  com- 
mon stock  in  the  new  company,  and  a  dividend  of  30  cents  a  share  on  the  trust  certificates.  In  all,  26 
extensive  plants  for  the  manufacture  of  white  lead  and  kindred  products  were  transferred  to  the  new 
corporation.  They  were  located  mainly  in  Massachusetts,  New  York,  Pennsylvania,  Ohio,  Illinois, 
Missouri  and  Kentucky.  Other  properties  have  since  been  acquired,  including  The  United  Lead  Co. 
in  1900.  as  well  as  certain  lead  mines,  the  latter  having  been  purchased  by  one  of  the  constituent  com- 
panies in  1897.  The  mine  became  productive  in  1899.  and  has  added  materially  to  the  profits  of  Na- 
tional Lead. 


Preferred  stock,  Dec.  31,  1907,  7  per  cent,  cumulative  and  subject 

to  a  charter  right  of  redemption  at  par  after  Jan.    1,    1910    .  .     $24,463,600 
Common  stock 20,750,000 


Total  capital $45,213,600 


EARNINGS. 

Earned  on 

Year  ending  Dec.  31.                      Gross.            Net  Income.  Surplus.  Common. 

1900 Not  reported.        $1,076,440  $1,208,948  Def. 

1901 "                      1,112,140           1,277,808  0.44% 

1902 "                      1,202,514           1,437,042  i.o6$> 

1903 1,569.069           1,962,831  3.5  % 

1904 I.595-693           2,515,244  3.6% 

1905 2,082,632          3.554596  6.92% 

1906 2,499,632          4.038,822  5.31% 

1907 "                     2,492,245          4.294.204  5-95% 


DIVIDENDS. 

1900       1901       1902       1903       1904  1905  1906  1907  1908 

Preferred   .    .     7%        ~' ',         7%         7%         7%  7%  7%  7  %  7% 

Common    .    .      \°fo        0            0            o            0  o  2%  £,¥fo  5% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900 


1900              1901              1902  1903  1904  1905  1906              1907  1908 

Preferred..  83      Aug.    74->4  Dec.  78%  Jan.  75      Oct.  80  J*  Jan.  97^  Jan.  100'4  June     80      Oct.  87'/2  Jan. 

106^  Feb.    93^  June  96     Oct.  95      Feb.  98^  Dec.  Ill #  Feb.  106^  Jan.  103     Jan.  106^  Nov. 

Common,                  ug.     15      Dec.  15J4  Jan.  WA  Nov.  14' s  Feb.  24>4  Jan.  66      May      33      Nov.  36      Feb. 

!5  '■  June  32      Sept.  29^4  Feb.  26^  Oct.  89^  Dec.  95}i  Jan.      76^  Jan.  92     Aug. 


GIBSON'S     MANUAL 


227 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Tfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com.- 

1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd. . 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd. . 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


Jan. 
1043-106 
■  25  -  27! 
82  -  92 

l6§-  2o4 

7H-  86 
i5i-  i9f 
91  i-  93 
26  -  29 
•80J-  So} 
Hi-   i6i 

95f-ioi| 

241-  27$ 

102I-1061 

80  -  95I 

I02§-I03 

66 
87*-  91 

38  -  42* 


Feb. 


Mch. 


Apl. 


76} 


104  -io64 
23  -  28* 
82}-  893 

15*-  19 
82*-  82^ 

174-  19 

92  -  95 
26  -  294 

83  -  84! 

Hi-   15-j 

101  -111} 

26J-  39f 

I02}-I06} 

70J-  90} 
99I-102I 

65  "  74:1 

89  -  91 
36  -  45S 


24 1 


i6i 


1 03}- 1 06 

23 

83  -  88 

15 

81  -  864 
16J-  20I 
90  -  94 
24I-  28f 
84}-  844 

Hi-   i5f 
1024-111 

33*-  47* 

102. V-IO4-J 

71 4-  86 
98  -100 
49  -  69 
881-  961 
44  -  60 


104}- 1054 

22  -  25-J 
83  -  85* 
16J-  19* 
854-  89l 

I7|-  20| 

90  -  92 

23  -  26 

87  -  91 

15  "  I9l 
I05}-I  IO 

42*-  5if 
I02-J-I04} 
74  -  85} 
98$-  99* 
574-  64 
94  -  97 
535-  6c4 


May. 
95  -104 

1 84-  224. 

81  -  89! 

15*-  23 J 
87  -  91 
18}-  23£ 

853-  90i 
17  -  24} 
90  -  91 
16}-  19I 
104  -109 

4*4"  493 
1015-1034 
66  -82} 
97  -  IOl4 

374-  681 

964-1003 
57f-  68f 


June. 

95i-  97* 
i8i-  21 

83  -  93f 
19  "  254 
87-  89 
21  -  23 
83}-  88 

15I-  17I 
91  -  94} 
19  -  22 

103  -1 04! 

43  "  473 
ioo}-ioi3 

70  -  m 
964-  99 

581-  62I 
984-100 
63I-  68} 


July. 


971-  98 

19  -  20f 
87  -  904. 
18  -  23 


87i 
21  - 
80}- 
"f 

9if 

20  - 

103I- 

435- 
ioo4- 


89 

22} 

85 
i7f 
95 
24* 
1054 

47i 
ioif 


71}-  8o4 
98  -  98I 
57  -  644 
994-105 

645-  73 


Aug. 

83  -  971 

IS J-  2° 
go  -  90 
19  -  21 

89i-  95 
21}-  26 

81  -  84 

13  -  i7 

92}-  96! 

19J-  24I 

105  -1054. 

434-  49* 
ioif-104 

78  -  824 

93  "  98! 

424-  57! 
102  -105 

72I-  92 


Sept. 


Oct. 


Nov. 


87!-  90 
17  -  18 

87  -  90 
i84-  21 
9°f-  94l 
23}-  32 
80  -  84! 
124-  15 
95*-  96* 
23  -  24I 

I0l}-1024 

44*-  48| , 
ioij-102} 
76  -  80J 
94  -  94i 
45  -  543 
ioif-1024 
74  -  86} 


90  -  98 
i6f-  20 J 

84I-  893 
i8h  21} 
92  -  96 
264-  30* 
75  -  84 
"I-  14 

91  -  98 
21  f-  26} 

1034-107 

45i-  52* 
101I-1034 
73  -  86J 
80  -  93 
35  -48 

I02}-I04 

79  -  85* 


92f-  99 
i84-  23 

"i84- '214 
90  -  94 
24*-  29 
7^  -  79* 
io|-  15 

94l-  98 

23  -  26 

105  -109! 

46}-  74f 

1024-104 

74"-  77i 
83-85 

33  -  4if 
103  J- 106? 

82  -  864 


Dec. 


9i  -  95 
18}-  21J 
74i-  86f 
15  -  i84 
90*-  93 
24  -  283 
79*-  83} 
13*-  i7l 
96f-  98} 

22  -  254 

1024-1093 

73*-  894 

102  -1034 

67*-  77l 
83I-  90 
37l-  44§ 
104  -106 

75  -  84* 


LOW  AND 

HIGH  PRICES,  BY  DAYS,  NOVEMBER, 

igo8. 

Pfd.           Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Nov.     2  . 

.     104  -1 04 J     82  -834, 

Nov.  12  .  . 

105  -106 

844-85^ 

Nov.  23  . 

1044-1044 

82i-83| 

"      3  • 

Election  Day. 

"     13  •  • 

105  -105 

844-85  \ 

"     24  . 

1044-105 

83^-84} 

"      4  • 

.      105  -105}     834-84} 

"     14  •   • 

106  -106 

84}-85} 

"    25  . 

.      1044-1044 

834-84} 

"      5  • 

.     io5}-io54    84  -844 

"     16  .   . 

106  -106 

833-855 

"    26  .  . 

Thanksgiving  Dav. 

"      6  . 

.     105  -io5f    84  -86} 

"     17  •   • 

106  -106 

844-853 

"     27  . 

•      1035-1055 

83}-84 

"      7  ■ 

.     io4f-io6      855-864 

"     18  .   . 

1064-106} 

835-85* 

"     28  . 



83  -834 

"      9. 

.     1055-105!    85  -86} 

19  .   . 

106  -io6| 

83*-84f 

"     30  • 

•     io5}-io5} 

82f-83f 

"     10  . 

.     1051-106      85}-86} 

"     20  .   . 

105  -105 

82f-835 

"     11  . 

.     io5f-io5|    844-85-5 

"     21  .   . 

1044-1054. 

82  -83f 

LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.  1 

o 

"   3 
"   4 

"   5 

tt  ^_ 

/ 
"      8 

"   9 
"  10 


Pfd. 


105  -in;.' 


I05|-I05f 
IO5I-IO5I 

106  -106 


Com. 
82f-83f 
82^-834 
82I-82I 
82I-834 
82  -833 
814-82} 
824-83 
824-834 

83}-844 


Dec.  11 
12 
14 
15 
16 

17 

18 

19 
21 


Pfd. 


106  -106 
106  -106 


105  -105 

104  -104 

105  -105 


Com. 

...... 

Dec.  22  .   . 

79f-8o4 

"     23  .   . 

79f-8i 

"     24  .   . 

775-80 

"     25  .   . 

784-8o 

"     26  .   . 

764-795 

"     28  .   . 

76  -77i 

"     20  .    . 

77  -77% 

"     30  •   • 

75  -771 

3i  •  • 

Pfd. 
1055-1055 


Com. 
76  -77l 
77h79 

.........     785-79} 

Christmas  Day. 

Extra  holiday. 

1054- 1654    775-79* 
784-79 
7/4-78} 
77^77^ 


■sfl 


105'; 


10. 

I05J-I06 


228 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  NATIONAL  LEAD,  COMMON.  FROM  1900  to  1908.  INCLUSIVE. 

MINOR   TURNS    DISREGARDED. 


REMARKS. 

In  January,  1905.  an  increase  of  the  capital  stock  of  $15,000,000  preferred  and  $15,000,000  com- 
mon, to  $25,000,000  of  each  class,  was  authorized;  and  in  December,  11*05.  stockholders  were  given  the 
ri^ht  to  subscribe  for  $3,000,000  more  of  the  preferred,  to  be  paid  for  Dec.  31,  1906.  In  1907.  a  further 
issue  of  $3,750,000  preferred  stock  was  made  in  paymenl  for  various  properties.  Of  neither  class  of 
stock  has  the  whole  amount  authorized  been  issued. 

The  number  of  stockholders,  Dec.  31,  11)07.  was  5.566.  as  again  si  less  than  150  owners  in  the 
properties    consolidated  into  this  company. 

\n  experience  of  sixteen  years  enables  the  officers  of  this  company  to  claim  thai  its  business  is 
less  subject  to  fluctuations  and  to  depression  in  hard  times  than  is  the  case  in  many  other  lines  of 
industry. 

"Other  investments"   besides   the   plants  were  reported  Dec.  31,  1907,  as  £15.738.018. 

Total  capitalization  in  kjoo  was  $30,000,000  and  now  stands  at  $45._>i3.6oo. 

Officers:  President,  L.  A.  Cole;  First  Vice-President,  F.  W.  Rockwell:  Treasurer.  E.  F.  Bealc: 
Secretary.  Charles  Davison.  Directors:  E.  F.  Beale,  Edward  Brush,  d.  ( ).  Carpenter,  L.  A.  Cole.  R.  R. 
Colgate,  E.  C.  Goshqrn,  D.  Guggenheim,  M.  Guggenheim,  W.  W.  Lawrence,  II.  M.  McChesney,  F.  W. 
Rockwell,  R.  P.  Rowe,    V.   P.  Thompson,  Walter  Tufts,  C.  F.  Wells. 

Fiscal  year  ends  Dec,  51.     Annual  meeting,  third  Tuesday  in  April.  Jersej  City.    Directors  meet. 
third   Thursday   in   each   month.      Office.    100   William  Street,  New   York.     Traded  in  on  the  New  York 
ck  Exchange  (Unlisted  Department). 


GIBSON'S     MANUAL 


229 


Newhouse   Mines   C&   Smelters 

This  is  a  copper  company,  with  properties  in  Copper  Gulch,  Utah,  well  developed,  the  main  body 
of  ore  being  reached  by  a  tunnel  6,016  feet  in  length.  Production  was  begun  in  March,  1905.  The 
company  owns  the  Cactus  and  twelve  other  patented  mining  claims  adjoining;  the  Midvale  Placer;  the 
lands  upon  which  are  located  the  town  site  of  Newhouse,  with  a  full  equipment,  power  house,  springs 
and  a  water  system;  the  property  covering  7,882  acres  in  all.  The  development  shows  ore  as  far  as 
916  feet  from  the  surface. 

Bonded  indebtedness,  June  30,   1908 $1,300,000 

Capital  stock  (par  $10) 6,000,000 


Total  capital $7,300,000 

EARNINGS. 

Few  reports  have  been  published.  For  the  fiscal  year  ending  June  30,  1908,  gross  receipts  were 
$1,093,356.  Expenses,  $800,132.  Net  profit,  after  corrections  for  inventories,  $71,921.  Surplus  profits 
account,  June  30,  1907,  $385,632,  and  on  June  30,  too8,  $23,602.  Dividend  paid  Aug.  31,  1907,  was 
$300,0000,  or  5  per  cent,  on  the  stock. 

LOW  AND  HIGH  PRICES. 

This  stock  was  first  traded  in  on  the  New  York  Stock  Exchange,  in  April,  1907,  and  in  that 
month  between  184  and  20J.  High  and  low  prices  for  1907  were:  High,  2of,  April;  low,  5,  Dec.  In 
1908:    High,  9i,  Jan. :  low,  4J,  Oct. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Low. 


Nov.     2 


High 

I  41 

3 Flection  Day. 


4* 


0 
6 

7 

9 
10 

11 


44 

5 

4i 

54 

5 

Si 

51 


Low.  High. 

..    ..     6i  64 

..    ••     64  6| 

..    ..     64  6f 

Thanksgiving  Day. 

6|  6f 

64  62 

6J 


6§ 


LOW   AND   HIGH   PRICES,   BY    DAYS,   DECEMBER,   1908. 


High. 
54 
5§ 
51 


Low 

2-2 51 

23 54 

24 5f  3i 

25 Christmas  Day. 

26 Extra  holiday. 

28 5f  64 

29 6 

30 6  6 

3i 51  6 


6i 


REMARKS. 

The  bonded  debt  is  being  retired  and  $200,000  of  the  bonds  were  cancelled  in  the  fiscal  year  of 
1908. 

Metals  produced  in  the  fiscal  year  were:  Gold,  1,721  ounces;  silver,  48,595  ounces;  copper, 
7,244,179  lbs.      The  copper  cost  an  average  of  104  cents. 

Officers:  President,  Samuel  Newhouse;  Vice-President,  Alvin  Untermyer;  Secretary  and  Treas- 
urer, John  josten.  Directors:  Samuel  Newhouse,  F.  A.  Schirmer,  J.  F.  A.  Clark,  Alvin  Untermyer, 
Hon.  Heber  M.  Wells  and  John  Josten. 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Friday  in  March,  generally  in  New  York. 
Directors  meet  on  call.  Main  office,  Salt  Lake  City,  Utah.  New  York  office,  71  Broadway.  Traded  in 
on  the  New  York  Stock  Exchange   (Unlisted   Department)  and  on  the  Boston  Stock  Exchange. 


23° 


GIBSON'S    MANUAL 


New  York  Air  Brake  Company 

Incorporated  in  New  Jersey  in  1890  to  manufacture  air  brakes  for  railroad  cars.  The  works  are 
situated  at  Watertown,  N.  Y.,  and  have  been  developed  to  extensive  proportions,  employing  from  1,200 
to  1,500  men.  Late  in  1901,  a  large  plant  was  purchased  near  Moscow,  Russia,  in  order  to  meet  the  im- 
perative requirements  of  the  foreign  trade;  it  began  operations  in  April,  1902,  with  500  men.  The 
company  has  steadily  extended  its  activities.  In  August,  1905,  in  the  interest  of  New  York  Air  Brake, 
control  was  acquired  of  The  United  States  Light  cV  1 1  eating  Co..  a  concern  devoted  to  suplying  elec- 
tric light  and  heat,  especially  for  railroad  cars,  through  the  Moskowitz  system  of  obtaining  power 
fn  >m  the  car  axles. 

Bonded  indebtedness   .'. $3,000,000 

Capital  stock 10,000,000 

Total  capital $13,000,000 

EARNINGS. 

The  company  makes  no  public  reports  on  this  subject. 

DIVIDENDS. 

1900    1901    1902    1903    1904    1905    1906    1907    1908 
8%  8%  8%  8%         8%  8%  8%  8%  o 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1900 


1901 


1902 


1903 


1904 


1905 


1906 


1907 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


1908 


112      Sept.       133      July       14S     Mch.    110      Sept.    120      Feb.         140      May       133     July       47%  Dec.  50     Jan. 

175      Nov.       175      Apl.       194^  Aug.     177     Jan.      164      Nov.        168j4  Nov.    '  16334  Jan.      141%  Jan.  98     Nov. 


Low.  High. 

Nov.  2 7/i  77i 

"       3 Election  Day 

"   4 79  79* 

"   5 79i  8iJ 

"   6 82  83! 

"   7 82*  83* 

"  •  9 8i£  82 

"  10 82  82^ 

"11 81  83 


Low.  High. 

Nov.  23 88  90I 

24 91  94i 

"25 96  98 

26  .  .  .  .  Thanksgiving  Day- 

27 95  96! 

28 96^  97I 

3n 96i  96i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low.   High. 

Dec.  1 96      964 

"  2 95i     96* 

"  3 94      94 

"  4 94i     95 

"  5 

"  7 

"  8 gof     93 

"   9 92      93 

"  10 93      944 


Low.   High. 

Dec.  22 

"23 88i     goi 

24 9x.i     93! 

25 Christmas  Day. 

26" Extra  holiday. 

28 94      94 

29  •  •  •» 94      94 

30 90i     91 

"31 93      93 


GIBSON'S    MANUAL  231 


REMARKS. 

In  April,  1908,  stockholders  subscribed  for  an  issue  of  $3,000,000  twenty-year  6  per  cent,  bonds, 
dated  April  1,  convertible  into  stock  at  par  at  any  time  between  July  1,  1909,  and  July  1,  1914.  The 
object  was  to  capitalize  the  improvements,  which  had  been  paid  out  of  earnings  for  several  years,  and 
thus  enable  the  company  to  resume  dividends  at  an  early  date.    The  issue  was  largely  oversubscribed. 

In  March,  1909,  the  company  reported  that  orders  since  Jan.  1st  had  been  25  per  cent,  larger  than 
in  the  same  period  the  year  before.  Its  contracts  with  the  Harriman  roads  do  not  expire  until  next  De- 
cember. 

Officers:  President,  Charles  A.  Starbuck;  Vice-President,  John  C.  Thompson;  Secretary  and 
Treasurer,  William  N.  Shaw.  Directors:  A.  N.  Brady,  F.  S.  Flower,  J.  C.  Thompson,  C.  A.  Starbuck, 
\Y.  N.  Shaw,  G.  B.  Massey,  G.  W.  Mead  and  T.  C.  Purdy, 

Annual  meeting,  third  Tuesday  in  June,  Jersey  City.  Directors  meet  first  Wednesday  after  the 
15th  of  each  month.  Office,  165  Broadway,  New  York.  Traded  in  on  the  New  York  Stock  Exchange 
(Unlisted  Department). 


232 


GIBSON  'S      MANUAL 


New  York  Central  C&  Hudson  River  Railroad 


Bonded  indebtedness,  Dec.  31.  1908 $243,564,845 

1  apital  stock  ($250,000,000  authorized) 178,627,100 


Total   capital $422,191,945 

Mileage 3,782 

Per  mile  capitalization Si  1  1  ,r>3<) 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income   ..    ..  73-15 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  old  liasis   .  73-63 


EARNINGS. 


Gross 
Year  ending  June  30.  Op.  Rev. 

1900 $54,562,952 

1901 66,333,111 

1902 70,903,868 

1903 77.6o5,777 

Year  ending  I  )ec  31. 

1904 ■ 78,573.209 

1905 86,095,602 

1906 92,089,769 

1907 98,369,060 

1908 88,849,368 


♦Net        Net  P.  C.  of 
Income.       Gross  Inc. 
$25,228,110         41-85 


28,275,189 
28,916,401 
29,419.207 

28,919,560 
3I-II8,35I 
33-535,551 
34,041,777 
33,801,362 


39-9 
38.16 

35-5 

34 

33-6 

33-6 

31 

34-07 


Surplus. 
$11,754,890 
11,769,994 
[5,834,667 
15.890,580 

14.593,868 
14.612,120 
14,631,554 
14.698,092 
10,946,871 


**Earned  on 
Stock. 
5-66% 
5.01% 

5-39% 

5.04'. 

5-7i% 

5-oi% 
5-26% 
6.04% 
5.08% 


*  Taxes  are  included  in   fixed  charges. 
**  After  deducting  special  sums  of  $1,500,000  and  $2,800,000  in  every  year,  except  1904,  for  new 
equipment  and  betterments,  and  after  charging  off  uncollectable  accounts,  etc. 

LATEST  REPORT. 
Earnings  for  one  month,  January  31,   1909,  compared  with  last  year,  showed: 


Gross. 

1909 $6,611,643 

I9°8 ; 6,179,327 

DIVIDENDS. 


Net. 

$1,450,634 
1,106,205 


1900 
5% 


n>oi 
5% 


I9O2 


1903 

5% 


1904 
5% 


1905 
5% 


1906 
5% 


1907 
6% 


1908 
5i% 


LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE  1900. 

1900 

1901 

1902                 1903                 19H4                 1905                 1906                 L907 

1908 

I25H  June 

145    ,   IK-. 

,  Jan. 
174'..  No> 

147      Nov.      112^  July       112&Mch.      136*4  May       126     Nov.        89      Dec. 
Jan.        156      Jan.       145^  Dec.       167#  Mch.      156^  Jan.        134*4  Jan. 

90J^  Jan. 
126      Dec. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan. 


Feb. 


Mch. 


Apl. 


1900 
1901 
1902 
1903 
1904 

1905 
1906 
1907 
1908 


i.-;  1. 1-138 
139I-146I 

1594-168! 

1504-156 

[17J-122 

1414-149! 

i47&-i56i 

125  -134I 

90J-103 


130:;- 1 30  i 

14-':.'- 147 
i6i!-i66! 

145  -1514 
1 13  -119J 
14',;- 161 

[4Si-iS3i 
124  -130J 

92$-  97i 


132  -139 
1421-148 
161I-164 
130  -146I 

II2f-Il8| 

tS4i-i67l 

i4ii-i4Sl 
IIII-I25! 

931-IOIt 


I334-I39S 
1464-164^ 
1561-165! 
I28J-I33J 

tl5f-"8! 
141  -163! 
132  -146! 
116  -121J 
964-101! 


May. 

t29i-i35i 

140  -170 
1 53  \- 1 01 4' 
1  _•_].  V  i^-'l- 
«3i-«5i 
136I-145I 
1304-142! 
109  -119I 
100  -107I 


June. 

I25I-I33J 

154  -160 

I53f-i57l 

1-4^-129! 
1 134-1 163 
138I-146! 
1303-142^ 
1084--114} 
100I-105! 


July- 


Aug. 


Sept. 


Oct. 


Nov. 


[900 
1901 
[902 

1903 
[904 

I905 
1906 
1907 
1908 


1-74-I3I 
[48  -1585 
I54i-l67i 

II2fj-I27i 
115    -I20| 

i43l-i49t 

' -7.1374 

no|-ii4:i 

110} 


128^-131 
H9i-i56i 
163  -166 
u6i-i26i 
118J-124I 
146^-156* 
1374-146 
994-1 1 1 3 
100  -110J 


1264-1314- 
i49i-i6of 
155  -i674 
1 133-123! 
122  -1 29 J 

1454-1521 

137^-146^ 


1271-134* 

154  - 
I49f- 

H3i 
126  - 

i47f- 
1 263- 

93i 


t59j 

i59 
120!: 

1364 
154! 
1414 
1033 


100I-108J   [03  -106! 


■  .>-;  i4-':; 
i-s-  174' 
147  -159I 

114:  1  tof 
I32I-M-1 

1474-152! 

126  -1323 

9i4-  99* 
io5i-n8i 


Dec. 
i4o!-i45§ 
i6o|-i7ii 

148  -i57i 

116J-122 

133  -1454 

144  -157 
128  -136} 

89  -  993 
116^-126 


GIBSON'S     MANUAL 


233 


LOW  AND   HIGH   PRICES,  BY  DAYS,   NOVEMBER,  1908. 


Low.  High. 

Nov.    2 105^  106J 

3 Election  Day. 

4 io6J  1083 

5 io&£  109^ 

6 io8J  112^ 

7 "2|  117 

9 "3f  "6i 

10 H4i  n6£ 

"  •■  ■■   ••  "3s  "5i 


Nov 


12 

13 

14 
16 

!/ 
18 

19 
20 
21 


Low. 

High. 

"3i 

"5i 

No 

114I 

116 

t 

114I 

«5i 

t 

114* 

"5 

"5 

"7f 

"St 

117 

115 

116 

"4§ 

"6| 

115 

"6f 

High. 
7\ 


Low. 

Nov.  23 114!;  11 

-'4 "6|  117J 

25 "7  "8i 

26 Thanksgiving  Day 

2j n6|  117J 

28 n6|  ii7.i 

30 116J  118^ 


LOW  AND   HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


Low. 

Dec.  1 117-i 

2 116-} 

3 "6$» 

4  .  .  .  .  . .  n6f 

5 "7 

7 "6f 

8 1174 

9. Il7i 

10 117^ 


Dec.  22 
2.3 
-'4 
25 
26 
28 

29 
30 
3i 


Lo\ 


Hi£ 


119^  I2of 

121$  I23I 

Christmas  Day. 
Extra  holiday. 
123  124I 

122^       I24I 
I22i  I23f 

I23I       126 


MARKET  MOVEMENTS  OF  NEW  YORK  CENTRAL,  FROM   1900  TO  1908,  INCLUSIVE. 

MINOR  TURNS  DISREGARDED. 


j.U  GIBSON'S    MANUAL 


REMARKS. 

Through  purchases  of  their  stocks,  New  York  Central  controls  the  Harlem,  the  Lake  Shore  and 
the  Michigan  Central  roads,  and  thereby  the  several  smaller  lines  controlled  by  the  companies  named. 
In  December,  1885,  The  West  Shore  Railroad  was  leased  for  475  years.  In  iyoo  and  1901,  New 
Vork  Central  and  Lake  Shore  bought  a  controlling  interest  in  Cleveland,  Cincinnati,  Chicago  &  St. 
l.ouis.  In  1889  and  iyoo,  in  conjunction  with  The  Pennsylvania  Railroad,  control  of  the  Chesapeake 
\  1  Ihio  was  bought.  The  Boston  &  Albany  was  leased  Nov.  15,  i8yy.  A  large  amount  of  slock  has 
been  acquired  in  The  Reading  Company;  and  by  persistent  extension  of  its  interests,  New  York  Cen- 
tral, with  a  mileage  of  its  own  of  only  812,  now  controls  and  operates  an  extensive  system  of  3,782 
miles  of  railroad  line.  With  the  exception  of  The  New  York,  Chicago  &  St.  Louis  (which  is  owned 
by  Lake  Shore),  the  various  companies  are  now  operated  as  "The  New  York  Central  Lines." 

New  York  Central  obtained  an  option  in  1907  for  purchase  of  $29,162,200  (par  value)  of  the  com- 
mon stock  of  New  York,  Ontario  &  Western,  a  majority  interest,  at  $45  a  share,  from  New  York,  New 
Haven  &  Hartford.  The  option  expired  Aug.  1,  1907,  lint  was  extended  Erom  Jan.  1,  1908,  and  has  agrin 
expired. 

Stocks  and  bonds,  owned  by  New  York  Central,  Dec.  31,  1908,  amounted  to  $153,874,614.  Ad- 
vances for  leased  lines,  construction  and  equipment,  and  chargeable  against  those  lines,  $29,413,842. 

Total  capitalization  of  New  York  Central  has  increased  since  1900  from  $300,746,121  to 
$422,191,945. 

Dec.  11,  1906,  regular  service  by  electric  traction  was  inaugurated  from  the  Grand  Central  Station 
in  New  York  to  Highbridge  for  Hudson  River  trains,  and  the  service  was  soon  afterward  extended 
to  Yonkers,  and,  on  The  Harlem  Railroad,  from  New  York  to  Wakefield. 

Continual  progress  is  being  made  by  the  company  in  the  abolition  of  grade  crossings,  revision 
of  grades,  and  improvements  of  yards  and  terminals. 

The  dividend  rate  of  New  York  Central  &  Hudson  River  was  raised  to  6  per  cent,  in  January, 
1907,  aided  by  an  increase  of  the  Lake  Shore  dividend  from  8  to  12  per  cent.,  and  of  the  Michigan 
Central  dividend  from  4  to  6  per  cent.  The  action  of  the  two  subsidiary  companies  added  $2,147,754 
per  annum  to  the  income  of  New  York  Central.  In  January,  1908,  the  two  companies  named  each 
declared  2  per  cent,  extra.     In  April,  1908,  New  York  Central  returned  to  a  5  per  cent,  dividend  basis. 

In  1904  and  1905,  New  York  Central  purchased  large  interests  in  various  trolley  railroads  in 
New  York  State;  and  on  Aug.  21,  1908,  the  Public  Service  Commission  approved  a  financial  plan, 
submitted  informally,  for  a  union  of  the  trolley  companies,  under  the  management  of  a  single  holding 
corporation.  The  Mohawk  Valley  Company,  capital  $20,000,000. 

In  January,  1909,  the  company  sold  its  $5,000,000  of  Chesapeake  &  Ohio  stock  to  the  Edwin  Haw- 
ley  syndicate. 

January  6,  1909,  a  new  contract  was  entered  into  with  the  New  Haven  road  for  New  Haven's  use 
of  the  Harlem  tracks  from  Woodlawn  to  the  Grand  Central  station  and  of  the  station  itself,  and  for 
electric  power.  The  contract  is  to  be  perpetual,  but  if  New  Haven  secures  its  own  entrance  to  the  city, 
the  rental  will  be  reduced.  Use  of  the  Mott  Haven  yard  can  be  relinquished  on  12  months'  notice. 
It  is  understood  that  New  Haven  pays  about  7  cents  a  passenger. 

January  11,  1909,  J.  P.  Morgan  &  Co.  were  formally  designated  as  financial  agents  of  New  York 
Central,  in  order  to  dispel  a  belief  that  the  election  of  E.  H.  Harriman  as  a  director  would  lessen  the 
previous  close  relations  of  J.  P.  Morgan  &  Co.  with  the  company. 

Officers:  President,  William  C.  Brown;  Vice-President  and  General  Manager,  Alfred  H.  Smith; 
Chairman,  Chauncey  M.  Depew;  Treasurer,  E.  L.  Rossiter;  Secretary,  Dwight  W.  Pardee.  Directors: 
Chauncey  M.  Depew,  William  K.  Vanderbilt,  Frederick  W.  Vanderbilt,  E.  H.  Harriman,  J.  Pierpont 
Morgan,  Hamilton  McK.  Twombly,  James  Stillman,  William  H.  Newman,  Charles  C.  Clarke,  George  F. 
Baker,  George  S.  Bowdoin,  William  Rockefeller  and  Darius  O.  Mills. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  third  Wednesday  in  April,  Albany,  N.  Y.  Directors 
meet  Wednesday  of  each  week.  Main  office,  Grand  Central  Station,  New  York.  Traded  in  on  the 
New  York  Stock  Exchange  (Listed  Department)  and  on  the  London  Stock  Exchange. 


GIBSON'S    MANUAL 


235 


New  York,  Chicago  C&  St.  Louis  Railroad 


Bonded  indebtedness,  Dec.  31,   1907 $22,289,000 

First  preferred  stock,  5  per  cent,  non-cumulative 5,000,000 

Second  preferred  stock,  5  per  cent,  non-cumulative 11,000,000 

Common  stock 14,000,000 


Total  capital $52,289,000 

Mileage 523 

Per  mile  capitalization        $99,979 


Fixed  charges,  1907,  including  taxes,  per  cent,  of  net  income 
Operating  expense,  per  cent,  of  gross,  old  basis 


EARNINGS. 


Gross 

Year  ending  Dec.  31.  Op.  Rev. 

1900 $7.023.359 

1901 7,485,484 

1902 7.138,899 

1903 8,418,319 

1904 8,645,374 

1905 9,168,730 

1906 9,902,209 

1907 10,465,671 


Net  Income  Net  P.  C. 

Less    Taxes,  of  Gross.  *Surplus. 

$1,588,301  22.53  $738,765 

1,776,110  23.62  346,901 

1,809,844  25.21  364,023 

1,821,229  21.42  388,271 

1,842,384  21.22  427,188 

2,119,096  23.18  467,55! 

2,370,318  23.82  511,626 

2,722,985  25.97  636,802 


43- 1 
74.16 


Earned  on 
Common. 

Def. 

o 

o 

o 

o 

2.07% 

2.84^ 

3-58% 


*There  is,  in  addition,  the  sinking  fund  account, 
fund,  now  $914,176. 


now   $669,537,   and   special    improvement 


LATEST  REPORT. 

Preliminary  report  of  earnings  for  12  months,    ending   Dec.    31,    1908,   compared    with    last   year. 


shows: 


Gross. 

1908 $9-435,557 

1907 10,465,671 

DIVIDENDS. 


Net. 

$2,418,958 

2,703,771 


First  pfd.  . 
Second  pfd. 
Common .    . 


1900 

5% 

o 

o 


1901 

5% 

o 


1902 

5% 
3% 
o 


1903 

5% 

3% 
o 


1904 
5% 
3% 
o 


1905 
5% 
3% 
o 


1906 

5% 

3% 
o 


1907 

5% 
4% 
o 


1908 
5% 
5% 
o 


1900 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1906 


1901 


1902 


First  pfd.  ..  7434  May 

110      Dec. 

Second  pfd.  29      June 

58J4  Dec. 
Common.. .  11      June 

2454  Dec. 


1903 

97      Mch.  110J4  Nov.  100      Oct. 

120      Sept.  12454  Jan.  118      Jan. 

47      Mch.  80      Nov.     50      Sept. 

95      Sept.  100     Apl.       87      Jan. 

16      May  40      Nov.      1954  Sept. 

577/s  Sept.  57%  Aug.     45     Jan. 


1904 


1905 


1907 


1908 


IOO54  Feb. 

115  Nov. 
60  June 
78     Dec. 

25  May 
47      Dec. 


114     July 
122J4  Jan. 

74      May 

95      Dec. 

42     Jan. 

7654  Dec. 


Ill     Apl. 

120%  Jan. 
SO  May 
92     Dec. 

59      Mch. 
7354  Apl. 


85  Nov. 
110  Jan. 
41  Oct. 
91^4  Jan. 
19%  Oct. 
6354  Jan. 


90  Jan. 
105  Nov. 
60  Feb. 
85  Dec. 
2454  Jan. 
5754  Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS, 


1st  Pfd. 


Nov.  2 

"  3 

"  4 

"  5 

"  6 

"  7 

"  9 

"  10 

"  11 

"  12 

"  13 


100 
105 


■102 
•105 


2d  Pfd. 

Election  Day. 
72  -72 

74*77* 

77J-79J 

80  -81* 


14 102I-102J 

16 102I-102I 


79*80 

79  -8ii 

80  -80 
79\-79\ 
79  -79i 


Com. 


3«i-4ii 

42^-44 

44*47 

47  "49 
46*471 
46*48 

48  -50 
5o  -50 
49*5 1 
5i  -52 
52  -52 


Nov. 


17 
18 

19 
20 
21 

23 
24 

25 
26 
27 
28 
30 


NOVEMBER,  1908. 

1  st  Pfd. 
103I-103} 


2d  Pfd. 


79  "79 


-....  791-793 
....  80  -80J 
Thanksgiving  Day. 


Com. 

51*5*4 

51  -51 
51  -52 

49  "SO* 

50  -50 
5o  -50 
50*51' 
5»i-52i 


47*5o 


231  i 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES.  BY  DAYS,  DECEMBER,  1908. 


1). 


3 

4 

5 

7 
s 

9 

hi 

1 1 
u 
14 
'5 
16 


1st  Pfd. 


2d  Pfd. 


80  -80 

81  -81 

814-83 
83-83 
83  -83J 

83  -83 

84  -85 

85  -85 


Com. 
49  -49 


■ 

52|  54 

52  -52 

53  -534 

53  -54 

54  -561 
554-563 

55  -553 


Dec. 


17 
18 

19 
21 
22 

23 
24 

25 
26 
28 
29 
30 
3i 


1st  Pfd. 


2d  Pfd. 


Christmas  1  lay. 
Extra  I  foliday. 


Com. 
53  -55 

52  -53 

55  55 

56  57± 


57  '57 
56  -56J 


33  -.1 


63 


REMARKS. 

This  is  primarily  a  freight  road,  and  passenger  traffic  contributes  only  15^  per  cent,  to  gross 
earnings. 

In  October.   1882,  a  controlling  interest  was  sold  to  Lake  Shore  &  Michigan  Southern,  but  the 
!  is  operated  and  reports  independently. 

No  ownership  in  StocKS  and  bonds  of  other  railroads  is  reported. 

Total  capitalization  has  remained  almost  unchanged  since  1900.  The  only  increase  has  been 
in  the  bonded  debt,  to  the  extent  of  a  few  millions. 

Officers:  President,  William  II.  Canniff;  Chairman.  Chauncey  M.  Depew;  Treasurer,  Charles  F. 
Cox;  Secretary,  Dwight  W.  Pardee.  Directors:  Chauncey  M.  Depew,  William  K.  Vanderbilt,  Fred- 
erick XV.  Vanderbilt.  Hamilton  McK.  Twombly,  William  II.  Newman.  William  II.  Canniff,  James  Still- 
man.  J.  Pierponl  Morgan.  John  S.  Kennedy.  George  F.  Baker,  Ralph  W.  Hickox,  William  K.  Vander- 
bilt, Jr.,  and  William  Rockefeller. 

Fiscal    Near  ends    Dec.  31.     Animal   meeting,  first    Wednesday  in    May,  Cleveland.     Main  office, 
Cleveland,   Ohio.     New   York   office,    (.rand    Central   Station.     Traded  in  on  the   New   York  Stock    Ex 
change  (Listed  Department). 


GIBSON'S    MANUAL  237 


New    York,   New    Haven    CSb   Hartford    Railroad 


Bonded  indebtedness,  June  30,   1908 $56,957,000 

Debentures,  including  those  of  merged  and  subsidiary  companies     173,595,700 
Capital  stock 97,895,700 

Total  capital $328,448,400 

Mileage 2,047 

Per  mile  capitalization [60,453 

Fixed  charges.   190S,  per  cent,  of  net  income 62 

Operating  expense,  per  cent,  of  gross 72.03 


EARNINGS. 

Gross  *Net  Net  P.  C.  Earned  on 

Year  ending  June  30.                         Op.  Rev.  Income.  of  Gross.  **Surplus.  Stock. 

190° $40,325,151  $12,646,432         30-94  $12,186,183  8.74   - 

1901 40,132,311  12,646,392         31.07  13,123,516  8.67% 

1902 43.521,087  12,860,273         29.14  13.498,845  8.71% 

1903 47,296,077  12,906,871         26.97  J3.819.566  8.36% 

1904 48,282,909  14,030,134         28.52  14.649.037  8.12% 

1905 49.981,947  15.372.376        30-02  15,118,598  8.38% 

1906 52,984,322  10.937,493         36.14  13.084.446  ***8.48% 

1907 • 55,601,936  24,080,756        38.88  17,402,039  10.33% 

"■'1908 53.050,147  23,155,262        40.69  12.860.490  5.38% 


*  Report  for  June  30,  1908,  was  made  partly  in  accordance  with  the  Interstate  Commerce 
classification,  partly  on  the  basis  of  the  report  for  1905-1906.  To  bring  the  column  of  Net  Income 
into  harmony  with  previous  years,  taxes  are  not  deducted  here,  but  are  included  in   fixed  charges. 

**  Profit  and  Loss  Account,  disregarding  insurance,  reserve  and  other  special  funds,  the  total 
..f  which  in  190S  is  $4,198,384. 

***  After  deducting  $3,000,000  for  improvements. 


LATEST  REPORT. 

Earnings  for  seven  months,  ending  January  31.  1909.  compared  with  last  year,  were: 

Gross.  Net. 

1909 $31,706,686  $9,917,517 

1908 33.176,303  9.702,242 


DIVIDENDS. 

1900         1901  1902         1903         1904  1005  1906  [907         1908 

8%         8%  8%  8%  8%  8%  8%  8%  8fc 


23? 


GIBSON'S     MANUAL 


LOW  AND   HIGH   PRICES,  BY   YEARS,  SINCE  1900. 


1900 


1901 


1902 


1903 


1904 


1905 


1906 

Fch.      2095-SJan.        187^May      1S5J4  May       191 H  Dec.       189*4  Dec. 
:  Jan.       217     June      2SS      Apl.       225  ;4  Jan.       199     Oct.       216     Sept.      204H  Jan. 


1907 


V.I  IS 


127}C 
189     Jan. 


128^  Jan. 
161      Nov. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 

1900 2121-215$ 

1901 211  -2134 

[9O2 209J-2I2i 

[903 22ll-225^ 

-  ; 194I-196 

1984-203 

1906 197  -s 

1907 1841-189 

1908 I28f-i39i 

July. 

I9OO 2I0}-2I0i 

IQOI 214  -215} 

I9O2 231^-241! 

[903 194  -200 

I904 189  -195 

[905 1994-202* 

190  -196 

■) 162J-T68 

[908 135  -142 


Feb. 


Mch. 


Apl. 


213  -215 

206I-J1  1  ' 

210  -212^ 
217  -222 
190  -I95I 
200i-2I0j 
199  -202f 

1791-185 

130H38 


214  ■ 

208  - 

208"- 
189  • 
200  - 
198 

mi 

132  ■ 


214 

2101 

2104 

217 
192 
208 
202  i 
182" 

I3S 


211I-213I 
211  -214I 

215  -255 
200  -209 

is,,; 
201 1  -'"):i 

L-5  -179 
132  -138. 


May. 

2Ilf-2I53 

212  -2I5| 
23O  -245 
1874-200* 

1854-1884 

"M  -203 

1  ' ; ,  1973 
1644-172$ 

134  -141J 


June. 

210J-212 
213  -217 
228J  237 

I92i-I97 

186  -180J 
197.^-200 
191  -197 

1594 

134  -140 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


2104-212 
215  -216 
233  -236 
195  -197 

201J-211 
194  -197 
158  -165 
140  -144I 


207^-212 
211  -2151 
230  -237 
1924-196 
194} 
207  -216 
[904-1953 
140I-160 

138-145! 


209 
2114 
225 
193 

iqii 

in  J 

I294 

I40 


■2IO| 
•214 

■233 
195 

■199 

•209! 

-I94I 
I42J 
I47J 


2I04-2I3 
2Ili-2I4 
221  -2284 
[944-I964 
193  -1971 
200  -2044 
192  -I95" 
1 27i-I384 
I474-l6l 


211  -213 
2IO  -214 
221^-225 

195   197 

I9O  -I99 
r9l|-I983 

189I-I93 
131  -I40 
I56  -l6l 


LOW  AND  HIGH  PRICES.  BY  DAYS,  NOVEMBER,  1908. 


Low.  High. 

Nov.  2 1474     148 

3 Election  Day. 

4 148     1484 

5 150     ^oJ 

6 1514     153 

7 i55     158 

9 158     161 

10 158^    160 

11 159  .  160 


Low.   High. 

Nov.  23 155      159 

24 155      160 

25  ..  ..  ..   158I     [584 

26  .  .    .  .  Thanksgiving  Day. 

27 1584  1594 

28 

30 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low.        High. 

Dec.     1 .... 

2 158*  1583 

3 

4 

5 

7 

8 1574  1574 

9 

10 [58  1584 


Low.        High. 

Dec.   n 158J  158J 

-      [2 158  158 

"      '4 159  160? 

"      '5 

"     16 1584  1584 

"      17 1584  159 

"      18 156  158 

"      ^ 

"      21 157  157 


Low.        High. 
Dec.  22 .... 

"     23 158  158 

"     24 

"     25 Christmas  Day 

"     26 Extra  Holiday 

"     28 159^  160 

"     29 160  161 

"     30 160  1604 

3J 161  161 


GIBSON'S     MANUAL 


239 


MARKET  MOVEMENTS  OF  NEW  YORK,  NEW  HAVEN  &  HARTFORD,  FROM  1900  TO  1908, 

INCLUSIVE. 


25C 

IS  00 

1901 

1901 

1903 

not 

(905 

I90fe 

1907 

I90g 

247 

?<<o 

235 

iL 

?3f 

ffl 

?7S 

W 

^ 

' 

215 

A  h 

aA 

2lo 

\ 

A 

n 

V 

i 

A 

?00 

V 

h 

m 

l\/> 

aI 

rv 

V 

190 

V] 

w 

1 1 

TO 

m 

1 

V 

180 

I 

I7.S 

\ 

170 

Ifc5 

lf>0 

11 

Ift 

1 

150 

IH,S 

140 

135 

130 

12$ 

New  York,   New   Haven   &   Hartford   is   one   of  the   stocks  whose   present   market 
price    reflects    to    some    extent    the    enormous    increase    in    capitalization    since    1900. 

REMARKS. 

Operations  for  the  fiscal  year  of  1908  netted  the  company  a  deficit  of  $2,516,693.  The  regular 
dividend  was  paid,  however,  Surplus  Profits  account  being  somewhat  reduced  thereby. 

An  option  has  been  given  to  New  York  Central  &  Hudson  River  to  purchase  the  291,622  shares 
of  New  York,  Ontario  &  Western,  a  majority  interest,  held  by  the  New  Haven  road,  at  $45  a  share. 
The  option  expired  Aug.  1,  1907,  but  was  renewed  from  Jan.  1.  1908.  This  stock  cost  the  New 
Haven  road  an  average  of  $44.95  a  share.  The  option  again  expired  early  in  1909  and  may  not  be  re- 
newed. 

Operating  expense  was  reduced  as  much  as  possible  in  1907-1908,  but  it  had  proved  a  difficult 
task.     A  cut  was  made  in  the  salaries  of  officials:  employes  were  reduced  in  number,  but  not  in  com- 


340  GIBSON'S    MANUAL 

pensation.  President  Melkn  urged,  in  the  annual  report  for  1908,  that  unless  labor  and  the  cost  pf 
materials  share  in  the  necessary  liquidation,  the  price  of  transportation  must  l>c  advanced.  He  say--: 
"There  is  an  economic  fallacj  somewhere  in  a  policy  that  results  in  an  advance  in  prices  during  a 
period  of  extreme  depression,  but  it  is  impossible  for  any  one  interest  to  hear  the  burden  of  high  prices 
for  the  major  portion  of  what  constitutes  its  cost  of  production." 

The  New  Haven  road  controls,  by  ownership,  New  York,  Ontario  iV  Western;  New  York  & 
New-    England;   Central   New   England;   Newburgh,   Dutchess  &  Connecticut;   New   York,   Providence 

&  Mi '-.tun.  and  various  other  tributary  lines ;  and,  by  lease,  among  others,   I  he  <  >ld  Colony  Railroad. 

Within  the  last  few  years,  the  company  lias  invested  $58,533,367  in  trolley  lines  and  their  equip 
ment,  and   incidentally  in  electric  lighting  and  water  company  enterprise.    These  concerns  have  now 
been  grouped  under  The  Connecticut   Company,  wholly  owned,  and  The  Rhode  Island  Company. 

In  1907,  this  company  bought  control  of  the  projected  rival  electric  roads,  the  New  York. 
Westchester  &  Boston,  and  The  New  York  oc  Portchester,  laid  out  from  the  Harlem  River  through 
Westchester  County  to  the  Connecticut  line.  The  New  Haven  road  paid  $11,265,000  in  acquiring  the 
securities  of  the  lines  mentioned.  At  a  hearing  before  the  Public  Service  Commission,  President 
Mellcn  announced  an  intention  to  build  the  two  roads  as  soon  as  litigation  is  ended  and  are  favorable, 
and.  further,  a  desire  to  construct  and  operate  a  rapid  transit  subway  down  the  east  side  of  New  York 
City,  if  other  arrangements  cannot  be  made. 

The  3$  per  cent,  coupon  debenture  certificates  of  New  York,  New  Haven  &  Hartford.  S20.007.300 
in  amount,  are  convertible  into  stock  at   $150  in  bonds  for  $100  of  stock  at  any  time  between   Tan.   1. 
toil,  and   Tan.   1.   1916.     The  6  per  cent.  40-year  debentures,   amount    $39,029,600,    are    convertible    into 
k,  at  par.  after  Jan.  15,  1923. 

Total  capitalization  has  increased  from  $80,521,600  in  u)oo  to  S328.448.4cx1  in  tqo8.  The  earn- 
ings have  steadily  grown  with  the  progress  of  New  England,  but  the  market  price  of  the  stock  bears 
witness  to  the  influence  of  a  larger  weight  of  securities  on  a  railroad  property. 

Securities  owned.  Tune  30.  1008.  were: 

Stocks  leased  railroads,  not  controlled,  hook  value $9,205,642 

Investments  in  companies,  wholly  owned  (i.  e..  N.  E.  Navigation. 
Millbrook  Co..  Hartford  &  N.  Y.  Transportation,  and  Renning- 

ton  &  North  Adams  Street  Railway)  .• 27,741,230 

Other  investments  (N.  Y.,  Ontario  &  Western  ;  Central  New  Eng- 
land: N.  Y.  Connecting  P.  P.:  Boston  Terminal:  and  Mer- 
chants' &  Miners'  Transportation) 27,741.230 

Street  railroads  and  equipment 58.533.367 

Marketable  stock--  and  boivN 4,433.000 

Total $127,150,395 

P.v  reason  of  its  investments  in  the  stocks  of  trollcv  and  other  companies,  the  "other  income"  of 
'he  New  Haven  road,  over  and  above  operating  revenue,  has  grown  from  $546,121  in  IQOO  to  $3,862,151 
in  T008. 

Tn   October,   [908,  it    was  announced   that    the  \Tew   Haven   road  was  considering  the  acquisition 
of  the  stock  and  bonds  of  United  Traction  &  Electric  and  Phode  Island  Suburban,  two  local  electric  rail- 
road systems  in  Rhode  Island,  whose  total  capital  is  $22,000,000.    The  deal  would  involve  an  issue  of 
•itics  by  the  New  Haven  road  to  a  similar  amount.      Fixed    charge-;   would    not,   however,  be   in- 
creased by   the   arrangement. 

Tn  January  1000.  after  prolonged  negotiation,  the  company  made  a  new  contract  with  the  New 
York  Central  and  the  Harlem  roads,  whereby  it  secured  perpetual  use  of  the  Harlem  tracks  from 
Woodlawn  to  the  Grand  Central  station,  and  of  the  station  itself,  and  a  supply  of  electric  power.  The 
■ental  is  about  7  enger.     In  case,  however,   New    Haven    establishes   its   own   terminal    in 

New  York,  the  rental  is  to  be  redu 


GIBSON'SMANUAL  241 


Officers:  Chairman  and  President,  Charles  S.  Mellen  ;  Vice-President,  T.  E.  Byrnes;  Treasurer, 
Augustus  S.  May;  Secretary,  John  G.  Parker.  Directors:  William  Rockefeller,  J.  Pierpont  Morgan,  Geo. 
Macculoch  Miller,  Nathaniel  Thayer,  Charles  F.  Brooker,  George  J.  Brush,  T.  De  Yer  Warner,  Frank  W. 
Cheney,  Edwin  Milner,  William  Skinner,  I).  Newton  Barney.  Charles  S.  Mellen.  II.  McK.  Twomblv. 
Robert  W.  Taft,  John  H.  Whittemore,  James  S.  Elton.  James  S.  Hemingway,  James  McCrea,  Edward 
D.  Robbins,  A.  Heaton  Robertson,  Frederick  F.  Brewster,  Lewis  Cass  Ledyard,  Charles  M.  Pratt. 
Henry  K.  McHarg  and  Amory  A.  Lawrence. 

Fiscal  year  ends  June  30.  Annual  meeting,  third  Wednesday  in  October,  New  Haven,  Conn. 
Directors  meet  monthly.  Main  office.  New  Haven.  New  York  office.  Grand  Central  Station.  Traded 
in  on  the  New  York  Stock  Exchange  (Listed  Department). 


J4^  GIBSON'S     MANUAL 


New  York,  Ontario  C&  Western  Railway 

Bonded  indebtedness,  June  30,  1908 $23,948,000 

Preferred  stock 4,000 

Capital  stock 58,113.983 

Total  capital $82,065,983 

Note: — Preferred  stock  to  the  amount   of  $2,000,000   was   issued   in   1 1 1  e  reorganiza 
ticm.  1ml  has   since  been   retired  with   the  exception  of  the  $4,000  referred  lo  above. 

M  ilcage 546 

Per  mile  capitalization $150,304 

Fixed  charges.  [908,  including  taxes,  per  cent,  of  net  income  ....  5°-37 
Operating    expense,    per    cent,    of    gross,  old   basis,  taxes   being 

included 68-79 


Year  Ending  ( in  iss 

June  30.  Op.  Re\ 

1900 $4,963,482 

"k>i 5.322,883 

1902' 5456,696 

1903 6,176,517 

1904 6,652,483 

1905 7,090,888 

1906 7.265,058 

1907 8.202,361 

1908 8,121.494 

LATEST  REPORTS 

Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  last  year,  were: 

Gross.  Xet. 

1909 $4.93L5i3  $1,470,495 

[908 4,900.213  1.548,906 

DIVIDENDS. 
1900         iwi  11  1902         1903  [904         1905         1906         1907         1908 

Preferred..    00000  si%        5i%        5i% 

Common...    00000  4^%         2%  2%  2% 


EARNINGS 

Net  Income. 

Net  P.  C.  of 

Earned  1 m 

1  ,ess  Taxes. 

t  Jross  Inc. 

Surplus. 

(  ommon. 

$1,822,258 

35-5 

$4,152,512 

1.47% 

1,962,991 

27. 1 

5.069.400 

1.51% 

1,810,917 

3o-34 

5,763,232 

1.42% 

2,021,367 

30.72 

6,142,935 

1.46% 

2,051,194 

28.79 

6,099,388 

i-53% 

2.491.357 

3303 

4.836,145 

2.2  % 

2,484,988 

32.2 

4.907,961 

2.04^0 

3.011,732 

34-7' 

5.136,336 

2.85% 

3.009,876 

35. 

5.45 1. 1 55 

2.62% 

*In  January.  1905,  a  dividend  of  $3,150  "ii  the  preferred  -took  and  of  3  per  cent,  on  the  com- 
mon was  paid  from  accumulated  surplus, 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 


IS';  tune        24      May        25J4  Dec.         19      Sept.        19-jji  Mch.        40^  Jan.         4- .May        28      Oct.         29^  Feb. 
32%  Dec.       40'/-  May        37-^  Sept.       35%  Feb.         \7jj  Oct.        64     Mch.       57^  Jan.         48#  Jan.        47^  Dec. 


LOW  AND  HIGH  PRICES.  BY  MONTHS,  SINCE 

Ja'n.  Feb.  Mar.  Apl. 

[9OO 2O&-23I  22|    25I  J^l-j6\  2_'.',-Ji>! 

""" 28J-35i  305-34}  30J-37"  33f-38i 

!902 33i-36|  33i-35  32  -34i  32i-35l 

[903 32-35  32^-35!  20^-32.5  27i-35f 

t904 _M  i  -2)|  I9I-23I  t9f-22|  2li-22} 

1905 4o3-45i  431-5''!  53f-64  47l-63f 

1906 5*\S7i  49-551  48£-5i|  45i"53^ 

"'"7 N  ffl  i-l-4^1  tti  37l-39i 

"<"s 32i  36  29I  323  293  34!  32|-34l 


1900. 

May 

June 

jo;-jj:; 

[8j  -•-: 

24  -40 I 

34i-39i 

32  -34J 

321-33! 

-\5i-3oi 

215-265 

205J-22 

21I-26S 

44f-52S 

49  -53l 

435-53 

46i-5iJ 

3i3-38^ 

32  -37! 

33i  «l 

37  -4ii 

GIBSON'S     MANUAL 


243 


July 


1900 l8j-2I 

1901 30  -37i 

1902 32f-34:f 

I903 21§-26i 

I904 26|-3l| 

1905 5<>i-53l 

1906 45i"4Si 

•907 35i-38i 

1908 39  -43i 


Aug. 


Sept. 


Oct. 


Nov. 


20  -22  J 

19  -21I 

20  -23I 

2I^-26S 

314-36! 

3i  -36i 

.Us  35' 

33I-361 

.vV.SV'i 

32i"37l 

32  -.V>i 

-^1-33 

191-25 

19  -234 

\')\-2ll 

igi-2oi 

30  -34i 

3i  -37 

34  -47k 

391-43* 

52I-58 

52I-554 

52|-56i 

5ol-55s 

46  -51I 

474-5^1 

44§-49i 

44'f-48| 

30^-36 

3*4-344 

28  -32 i 

28i-3li 

4 1 1-44 

38i-434 

39i-4i£ 

4of-45 

Dec. 


24S-3-", 

32f-35l 

25l-32s 
20I-233 

391-45 

5°4"54i 

46^-50] 

3ii"34i 

43l~47l 


LOW  AND   HIGH   PRICES,  BY   DAYS,  NOVEMBER,  1908. 


Nov. 


Low.     High. 


3 
4 
5 
(> 

7 

9 

10 

ii 


40i_ 
Ilection 

4t 
Day 

Nov.  12 
"  13 

4ii 
4if 

41* 

42i 

"  14 
'•  10 

42 
43 
434 

4-ri 
431 
43i 

17 
"  18 

"   19 

43! 
43l 

44 
44$ 

"  20 
"  21 

Low. 

High. 

44 

444 

Nov.  23 

44! 

443 

24 

444 

444 

"  25 

44 

44| 

"   2() 

44 

44,4 

"  27 

435 

444 

"   28 

42| 

44 

3<> 

42| 

439 

423 


43i 


I  jOW. 

42:i 
434 

431 


High. 

43i 

43§ 


44 
Thanksgiving  Day 

434  44 

43*  43 1 

434  45 


LOW   AND   HIGH   PRICES,   BY    DAYS,   DECEMBER,   1908. 


Dec.     1 


3 

4 
5 
7 
8 

9 
10 


Low. 

High. 

444 

45t 

45 

46! 

45 

451 

454 

46I 

451 

469 

46 

46f 

46 

464 

46 

47f 

474 

471 

D 


1 1 
12 
'4 
15 
16 

17 
18 

19 
21 


Low. 

High,  j 

464 

474  De 

46S 

464   " 

46} 

47  |  " 

454 

46I   " 

451 

46i   " 

441 

46i   " 

44 

44f 

44! 

441   " 

43l 

441   " 

Low. 


23 454 

24 454 

25 Christmas 

26 Extra  Ho 

28 45l 

29 46  J 

30 46" 

31 46J 


High. 

45l 
451 
46! 
Day 
liday 
47S 
474 
46f 
461 


MARKET  MOVEMENTS  OF  NEW  YORK,  ONTARIO    &    WESTERN,    FROM    1900    TO    1908, 

INCLUSIVE. 


.'44  GIBSON'SMANUAL 


REMARKS. 

Gross  earnings  in  1907-1908  would  have  been  shown  to  be  $8,375,000  were  it  not  for  the  new 
system   of   keeping  accounts,    under   the  orders   of  the    Inter-State   Commerce   Commission. 

Gold  notes  of  this  company  are  being  steadily   retired.     Now   outstanding,  $3,225,000. 

The  preferred  stock  of  this  company  formerly  possessed  the  right  to  elect  a  majority  of  the 
directors  until  a  dividend  had  been  paid  on  the  common  stock.  The  preferred  stock  having  been  grad- 
ually retired,  the  3%  dividend  on  the  common  in    11705   cancelled   the   special   rights   of   the   preferred. 

A  majority  of  the  common  stock  is  owned  by  New  York,  New  Haven  &  Hartford,  having  been 
purchased  in  November,  1904.  An  option  was  given  to  New  York  Central  from  January  1.  1908, 
for  purchase  of  this  stock  at  $45  a  share.    The  option  has  since  expired  and  may  not  be  renewed. 

The  coal  traffic  of  New  York,  Ontario  &  Western  is  derived  largely  from  The  Scranton  Coal 
Co.  and  The  Elk  Ilill  Coal  &  Iron  Co.,  both  of  Pennsylvania,  whose  purchase  of  anthracite  proper- 
tie's  was  directly  aided  by  loans  from  the  railroad  company,  in  return  for  which  the  N.  Y.,  O  ec  W. 
obtained  contracts  for  transportation  of  coal. 

Investments   in   other   companies,    1908,   were  $11,872,808. 

Total    capitalization    has   increased   only   $8,510,000  since  1900. 

Officers:  President,  Thomas  P.  Fowler;  Vice-President  and  General  Counsel,  John  B.  Kerr: 
Vice-President  and  General  Manager,  James  E.  Childs ;  Secretary  and  Treasurer,  Richard  D.  Rickard. 
Directors:  Charles  F.  Brooker,  D.  Newton  Barney,  Frank  W.  Cheney,  James  E.  Childs.  Thomas  P. 
Fowler,  John  B.  Kerr,  Charles  S.  Mellen,  George  MacCulloch  Miller,  J.  Pierpont  Morgan,  William 
Rockefeller,   Grant   B.   Schley,   'William   Skinner  and  Charles  S.  Whelen. 

Fiscal  year  ends  June  30.  Annual  meeting,  last  Wednesday  in  September,  New  York.  Direc- 
tors meet  last  Wednesday  in  each  month.  Office,  56  Beaver  Street,  New  York.  Traded  in  on  the 
New  York  Stock  Exchange  (Listed  Department). 


GIBSON'S     MANUAL  245 


Norfolk  £&  Western  Railway 

Bonded  indebtedness,  June  30,  1908,  including    equipment    trust- 
certificates  $111,765,500 

Adjustment   preferred  stock,  4   per   cent,     non-cumulative,     pre- 
ferred as  to  assets 22,991,400 

Common  stock  (authorized  $66,000,000) 64,469,200 

«"*--  

Total  capital $199,226,100 

Mileage I.920 

Per  mile  capitalization $io3.763 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income   ....  48-03 

Operating  expense,  per  cent,  of  gross,  old  basis 6/-6 


EARNINGS. 

Gross                   *Net  Net  P.  C.  of                     ***Earned  on 

Year  ending  June  30.                     Op.  Rev.              Income.  Gross  Inc.    "Surplus.     Common. 

1900 $14,091,005          $5,663,4/1  39-98         $1,811,443         0-627° 

1901 15,785,442           6,408,600  40.5            2,633,473*        2.27^0 

1902 17,552,206           7.490,873  42.5            2,815,546        2.28% 

1903 21,160,675           8,611,504  40.4            3,000,588        3.28% 

1904 22,718,977           8,521479  37.27          3-I56.973         3-82% 

1905 24,089,260           9.oi4,399  37-1             3,201,928         3.69^0 

1906 28,487,766         10,853,488  37.88          3.800,854        4.9370 

1907 31,164,381          10,742,791  34.37          4,472,406         (..0470 

1908 28,962,217         10,088,959  34               4472.772         4-5  % 

*Taxes   deducted,   this    road   having  in    the   past   charged   them  against  operation. 

**Betterment     fund,     in     addition,     is     now   $283,254,  having   been    reduced   to   this    from 

$4,093,696  in  1904,  inspite  of  yearly  credits  to  the  fund,  of  usually  between  one  and  two  and  a 
half   millions— $1,360,000  in  1908. 

***After    liberal    appropriations    for    betterments. 


LATEST   REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  1909.  compared  with  last  year,  were: 

Gross.  Net. 

1909 $17,011,275  $6,781,342 

1908 18,931,041  6,397,523 

DIVIDENDS. 

1900       1901  1902       1903       1904         1905  19011       1907        1908 

Preferred    ....      47"         4%         4  %         4%         4%         4  %         4  %         4%         4% 
Common o  270         2V/0         37"         37"         3*%         4i%         5%         270  June. 

LOW  AND  HIGH  PRICES,  BY   YEARS,  SINCE  1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred    .67      Jan.  82      Feb.  90      Feb.  85      Aug.  85      June  91^  Feb.  87      June  70      Oct.  74      Mcli. 

90      June  92^4  Nov.  95      Sept.  93^  Feb.  95      Dec.  96      Aug.  96      Jan.  90^  Jan.  90      Nov. 

Common... 22W  Jan  42     Jan.  55      Ian.  53^  Nov.  53^  Mcli.  76      May  84      Feb.  56      Oct.  58      Feb. 

45i4  Dec.  61f£  Nov.  80J4  Oct.  76l4  Feb.  80 J^  Dec.  S8V2  Mch.  97-^  Oct.  92'4  Jan.  86J4  Nov. 


-4,» 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES. 


(goo Pfd.. 

Com. 

Pfd.. 

Com. 

1902 Pfd.. 

Com. 

[903 Pfd.. 

Com. 

[904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

[906 Pfd.. 

Com. 

1907 Pfd.. 

O  'in. 

1908 Pfd.. 

Com. 

1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 *.  Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

I9O7 .   .  .  Pfd.. 

Com. 

1908 Pfd.. 

Com. 


Jan. 

67  -J'-! 

223-26 

82J-844 

42  -40:; 
9*4-93 

55  -59* 

92  -93 
73i-76 
8y  -89 
564-623 
92  -94 

93±-9" 
85  "931 
88  -90A 
844-92} 
79-81 
631-70 


Feb. 

701-754 
-5i-5o.l 
82  -84J 
443-48 
90  -923 
50  -58^ 
92  -934 
72J-76J 
883  883 
55  -60J 
9Ii"944 
79i-»42 
9I4-92 
84  -93  i 

82  -85 

83  -87 

58 '-654 


BY  MONTHS,  SINCE  1900. 
Mch.  A  pi. 


74  -7» 
3Ji-38 
83i-8? 
454"52S 

yo4-yi 

5"i-58i 
9P  -90I 

68J-733 

89  -89 

534-59 
93  -944 
83  -884 

9o4-92i 
844-883 
80  -82| 
71  -84| 
74  -79f 
594-654 


76  -81 

341-404 
86  -90 

494-56 

90  -91 

5'>3-592 

a  >j-9o 
661-724 
88^-90" 
57  -594 
914-914 

76i-87 

894-914 

853-913 

75   "75 
74  -8oj 
783-80 
63  -664, 


May 

JO  -80 

334-384 

87  -90 

474-571 
904-914 

554-58J 
893-891 

"7^7^ 

88  -88 

553-57 
914-924 

76  -80] 
90  -91 J 

84  i -903 
80  -82 

72g-79i 
654-72! 


June 

74i-9o 
30  -30^ 
883-90.', 

50  -553 

904 -yo?, 

55i-5^I 
88}-y2 

58  -683 
85  -90 
532-5^ 
93  -934 
774-851 
87  -9i 
864-90! 
844-84i 
714-76 

663-703 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


774-784 

313-354 
88  -90 

454-53 
93  -98 
56  -"5 J 
86  -884 
604-67-I 
90  -91 
563-624 
934-94 
84S-871 
914-92 

85  -904 
77  -84 
74  -77 
80  -80 

68}-744 


75  -78 
33  -344 
884-90 

484-571 
93  -94 
644-731 

85  -85 

564-04; 

90  -91 

608-68! 

92i-96 

843-87 

9o|-94i 
84-84 
68  -744 
82  -82 

73  -75! 


74  -764 
3i|-354 
894-90 

5i  -573 
9il-95 

70  -784 
88  -884 

544-634 
904-91 

67  -7oi 
92  -92 
833-86} 
904-91 
92!-9> 

694-721 
804-81 

71  -754 


75  -784 
335-381 
89  -90 

534-571 

9i  -93 

693-80! 

874-88.', 

543-59 

92  -93 

694-733 

92  -931 
843-882 

904-90! 

70-83 

56  -71 

803-824 

7if-753 


774-824 

364-45 

90  -92I 

564-6  if 

91  -93 
67!-74:s 
86  -86 

535-575 

92  -94 
703-764 

92  -93 
834-87 
90  -90-J 

93  -954 
70  -70 

61  -654 
80  -90 

744-86} 


814-83 
4i  -45! 
9of-92 
525-6o4 
90  -92 

67  -74 
88  -88 

56  -59if 
93!-95 
744-8o4 
924-934 
83  -85i 
90  -904 

894-953 
75  -77 
614-65^ 
86  -88 
83  -853 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.  -■ 
"     3 

-  4 
"  5 
"     6 

-  7 
9 

"  10 
"  n 


Pfd. 
804-85 

(•".lection 
Si    -85 
82  -85 
85  -85 
87f-87t 


80 

Sf, 


•90 

No 


Com. 

744-751 

Day. 

76-78 

774-78 
78  -80 
8o4-8i4 

Nl|   84i 

83t-84i 
824-84 


Nov.   12 

13 
14  . 
1 6 


17 

18 

19 
20 
21 


Pfd. 

804-90 

80  -90 


80 
80 
80 

84 
80 
82 
83 


-90 
-90 
-90 
-90 
-90 
-90 
-90 


Com. 
83  -83! 


-83* 


83 »-' 
83  -83! 
83  -84 

83  -833 
824-834 
824-84! 

831-84 
831-833 


Pfd.  Com. 

Nov.  23 84  -90  83  -833 

24 80  -90  83  -83! 

25 84  -90  84  -844 

_'6    .  .    .  .Thanksgiving  Day. 

2-j 82  -90  84  -84J 

28 -...  844-864 

30 -•••  82J-85 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.  1 
"     2 

"     3 

4 

5 

7 

••     8 

"    9 
"  to 


Pfd. 


Com. 
844-85 

844-844 

83  -84 

84J-844 

831-84} 
833-84 

84  -84 

841-85! 

843-851 


Pfd.  Com. 

Dec.  11 -...  843-854 

12 86  -86  84  -84I 

14 -■••  84I-85 

15 -•••  84  -84} 

16 -...  844-844 

17 -•••  83I-84 

18 874-874  833-83! 

19 -■•■  833-854 

-'I -.-.  84  -84f 


Pfd. 


Dec.  22 

23 
24 


25 Christina 

26 Extra  ho 

28 -... 

29 -... 

30 87^-87^ 

31 88-88 


Com. 

84  -843 
843-85 

85  -851 
s  Day. 
liiiav. 
85  :85l 
853-855 
854-854 
851-853 


GIBSONS     MANUAL 


-M7 


MARKET  MOVEMENTS  OF  NORFOLK  &  WESTERN,  COMMON,  FROM  1900  TO  1908, 

INCLUSIVE. 


REMARKS. 

Norfolk  &  Western  has  met  the  contraction  in  business  activity  by  drastic  operating  economies, 
but  was  obliged  in  -May,  1908,  to  sell  $7,500,000  5  per  cent,  two-year  gold  notes,  secured  by  $10,000,000 
divisional  and  first  lien  general  mortgage  bonds. 

The  outstanding  capital  stock  has  remained  practically  unchanged  since  1900.  The  bonded  debt 
has  grown  from  $49,395,500  to  $111,765,500. 

From  its  organization  down  to  June  30,  1908,  Norfolk  &  Western  has  expended  $59,068,758  for 
betterments  to  property  and  equipment,  of  which  $39,053,941  was  provided  for  by  the  sale  of  capital 
obligations,  and  $20,014,817  from  surplus  income  and  the  sale  of  two-year  notes. 

Oct.  11,  1906,  Norfolk  &  Western  voted  for  an  issue  of  $34,000,000  convertible  bunds,  to  be  issued 
as  required,  and  the  authorized  amount  of  the  common  stock  was  increased  from  :f<><>. 000,000  to  $100,- 
000,000  to  provide  for  ultimate  conversion.  Of  the  new  bonds,  $14,576,000  were  sold  jn  1907,  and  they 
are  convertible,  par  for  par,  prior  to  June  1,  1917,  and  can  thereafter  be  called  at  105  and  interest. 

Investments  in  other  companies,  June  30,  1908,  were  $3,861,738. 

Officers:  President,  L.  E.  Johnson;  First  Vice-President,  Wm.  G.  Macdowell ;  Chairman,  Henry 
Fink,  New  York;  Treasurer,  Joseph  B.  Lacy:  Secretary,  E.  H.  Alden.  Directors:  L.  F.  Johnson. 
Henry  Fink,  Joseph  I.  Doran,  H.  C.  Frick,  John  P.  Green,  Wm.  G.  .Macdowell,  Victor  Morawetz, 
Samuel  Rea,  Walter  H.  Taylor,  L.  C.  Weir  and  Joseph  Wood. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Thursday  in  October,  Roanoke,  Va.  Direc- 
tors meet,  as  fixed  by  majority  vote,  usually  between  the  20th  and  27th  of  each  month.  Main  office, 
Roanoke,  Va.  New  York  office,  40  Exchange  Place.  Tradded  in  at  the  New  York  Stuck  Exchange 
(Listed  Department)   and  on  the  London  Stock  Exchange. 


-tS  GIBSON'S     MANUAL 


North  American  Company 


\  holding  company,  successor  to  The  Oregon  &  Transcontinental  Co.,  and  incorporated  in  New 
Jersey,  June  14.  1890,  with  a  broad  charter,  which  enables  it  to  transact  many  different  forms  of 
business.  The  new  company  purchased  the  securities  <>f  its  predecessor  and  has  since  extended  its 
field  of  operations.  It  owns  and  controls  practically  the  entire  lighting  and  street  railroad  systems 
of  St.  Louis  and  Milwaukee;  has  important  electric  light  and  power  interests  in  Detroit;  owns  the 
entire  gas,  electric  light  and  power  service  of  Racine,  Wis.,  and  in  addition  thereto  owns  The  West 
Kentucky  Coal  Co.  and  Cincinnati,  Newport  &  Covington  Light  &  Traction.  The  capital  stock  of  $40,- 
000,000  was  reduced  in  IQOI  to  $12,000,000  by  an  exchange  of  shares,  but  has  since  been  expanded  to 
provide  for  late  acquisitions  of  property. 

I  apital    stock    outstanding.    Dec.    31,    1908 $29,743,300 

EARNINGS. 

Year  Ending  Surplus  Undivided  Earned  on 

May  31.  Receipts.  of  Year.  Profits.  Stock. 

1902 $555.74-'  $502,256  $1,129,986  418% 

'9°3 606.937  189,537  1.330,140  3-31% 

\  ear    Ending 

I  ><,'.   31. 

1904 978,240  59,083  i.99I>744  5-35/' 

1905 ".378,613  27,988  2,812.232  5.23% 

I9°6 1.052.392  Def.  534,184  3.999,548  3.2% 

1907 1,610,965  287,432  1,996,614  4-71% 

twoS 1.723,186  i.44«).i63  3-445.777  4.86% 


*The   changes    in    this   account    are   accounted  fur  by  the  fact  that  the  company  readjusts 
tlic    value    of    assets    Dec.    31     in    each    year. 


DIVIDENDS. 

1900    1901    1902    1903    1904    1905    1906    1907    1908 
o      o      o     4%  -?'.  5%    5%         3i%  o 


LOW  AND  HIGH  PRICES,  BY  YEARS, 

SINCE   1900. 

1900 

1901 

1902                 1903                 1904                 1905 

1906 

1907 

1908 

1^    .  Jan 
22J4  Dec. 

19^  Jan. 
25      Feb 

88     Jan.         68     Sept.       80     Mch.       95&N..\. 
134      Sept.       124^  Jan.        107      Nov.       107      Apl. 

87*4  Nov. 
107     Jan. 

37     Nov. 
89*4  Jan- 

42%  Feb. 

78      Nov. 

*After    February,   1901,   the  stock  was  not  traded  in,  pending  the  readjustment  of  the  capi- 
tal.      Trailing  began   again    in   January,    1902,   at  a   much  higher  range  of  prices. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan. Feb. Mar. Apl. May June 

0 13!-  I5i  14  -  I5i  143-  1 5f  14J-  Mi-  15  '41     '5i 

19OI 19I-   2l|  20-25  ••- ......  ...- ....... 

1902 88-94:  9^-95  93  "I27l  '-'']-M  118  -130  120-125 

1903 115  -124^  112  -119  99-114  93  -ioif  88  -100  83  -  92^ 

1904 82-90  81-87  80      87  82|    85I  81  -  84 1  80J-  86 

1905 98  -104  1003-105  100  -104     .       100  -107  97J-J03  97J-1003 

98-107  98  -103!  97-1  94-102  93-98  91I-  98J 

1907 80J- 893  84*  69J-  803  7i4- 7Si  65  -  75*  65^-69 

1908 43  -  54*  )-'i    48i  42J-  53S  5°  -  59i  .v-64  58-63? 


GIBSONS     MANUAL 


149 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900 

1 901 

1902 

1903 

1904. 

1904 

1906 

1907 

1908 


Hi-   15! 


121 


85f 


-128 
70  - 

85-i-  90 
98  -101} 

9ii-  95t 

67  -  70 
60  -  66| 


15  -  i5f 

121  -124J 
70  -  83 
87  -  93* 
99  -103 
93  -  97i 
50  -  684. 
6if-  66f 


14  -  1 Si 

1214-134 
68"-  78 
92  -  96^ 
96§-ioo 

9i  -  95 
57  -  62! 
S9i-  64I 


'4:l-  i6f 


Ii7|-i28| 

70  -  76I 

94  -  '»;■' 

96  -  99 
88  -  93I 

4*i-  59 
624-  66| 


16 


21 


117  -124J 

7°  -  73 
95  -107 

95i-i°3 
87J-  90 

37  -  45i 
65f-  78 


l84-  22i] 
106  -IK) 

74  -  85 
97  -104I 
97  -102 

87*-  92| 

4iJ-  47:,' 
7if-  77-i 


LOW   AND   HIGH   PRICES,   BY   DAYS,  NOVEMBER,  1908. 


0\> 

2 

" 

3 

4 

a 

s 

" 

6 

" 

7 

<< 

9 

<< 

10 

*< 

11 

Low.      High. 

651  .         65* 

Election  Day 

67  67-i 


681 
694, 
70} 
72 

72I 
70 


69I 

70I 
7<>J 
73* 
73i 
70 


Low. 
Nov.  23 72 


24 

25 
26 
27 
28 
30 


High. 

72* 
74'i 
75i 


7*1 

74*. 

.  .   Thanksgiving  Day 

74* 

76i 

761  78 


77i 


LOW  AND  HIGH  PRICES,  BY   DAYS,  DECEMBER,  1908. 


Dec.  1 

"  2 

"  3 

"  4 

"  5 

7 

"  8 

"  9 

"  10 


Low. 

•  77l 

■  77\ 

■  76 

•  7Sl 

•  75 

•  74 

•  745 

■  75f 

■  74i 


High. 

77i 

77\ 

76 

76I 

75 

75 

76f 

75f 

751 


High. 


Low. 

Dec.  22 734     73J 

"23 731     75 

"24 73J    74J 

25 Christmas  Day 

26 Extra  holiday 

"28 74*  74i 

"29 74^  74J 

"     30 

"3i 


REMARKS. 

In  the  annual  report  for  1907  attention  is  called  to  the  fact  that  the  public  service  corporations 
of  The  North  American  Company  adopted,  many  years  ago,  the  essential  principles  of  the  objects  of 
the  laws,  ?nacted  in  several  States,  particularly  in  Missouri  and  Wisconsin,  for  uniform  accounting, 
publicity  of  rates,  standard  facilities  adequate  to  public  requirements  and  the  enforcement  of  reason- 
able rates  and  practices.  This  was  done  for  business  reasons,  entirely  uninfluenced  by  projected  leg- 
islation. 

Securities  owned,  $33,068,857.     Loans  receivable,  $1,975,523. 

In  1907  the  company  sold  $2,500,000  5  per  cent,  collateral  trust  notes  (authorized  amount 
$5,000,000).  They  were  issued  for  construction,  development  and  purchase  of  new  properties,  the  mar- 
ket being  unfavorable  then  to  the  issue  of  bonds. 

Officers:  President,  C.  W.  Wetmore ;  Vice-President,  E.  M.  Bulkley;  Treasurer,  George  R. 
Sheldon;  Secretary,  Silas  W.  Burt.  Directors:  Edward  Q.  Keasbey,  John  I.  Beggs,  C.  W.  Wetmore, 
S.  W.  Burt,  Edwin  M.  Bulkley,  William  Nelson  Cromwell,  G.  R.  Sheldon,  Charles  F.  Pfister,  Ran- 
dolph Rodman,  F.  S.  Smithers,  Adolphus  Busch,  Breckinridge  Jones,  Charles  II.  Huttig,  F.  Vogel,  Jr., 
Charles  A.  Coffin,  James  Campbell,  W.  J.  Curtis  and   Henry  R.   Mallory. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  fourth  Wednesday  in  January,  Newark,  N.  I. 
Directors  meet  third  Wednesday  of  January,  April,  July  and  October.  Office,  30  Broad  Street,  New 
York.     Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


-•.;•>  GIBSONS     MANUAL 


Northern  Pacific  Railway 


Bonded  indebtedness,  June  JD,   [906  (including   £15,353,239   of 

oilier  companies  assumed) $297,852,739 

Capital    Stock,   omnium    (See   "Remarks") 155,000,000 

Total  capital $452,852,739 

Mileage 5,649 

Per   mile   capitalization    (See   "Remarks") $80,183 

Fixed   charges,    1 90S,    including  taxes,  per   cent,   of    net    income  30.96 

<  Operating  expense,  per  cent,  of  gross,  new  basis 58. 42 


EARNINGS. 

Year  ending                  Gross,                 Net  income    Net  1'.  C.  of  Famed  on 

June  30                      Op.  Rev.                  I  .ess  Taxes     llm^   Inc.  "Surplus           Common 

t9°0 $30,021,319             $15,348,768         49.98  $2,504,805              3-'4% 

""" 32,560,984                        £5,609,585              46.87  3,507.423                      5.02% 

19°^ 41.387,380          19,572,098      46.34  8,054.710          5.51', 

i9°3 46,142.105             20,650,585        43.7  '1.725,656            ;.-,/% 

D904 46,524,574             22,162,241        46.15  1 1.104.1178            7.85 

roo5 50,722,886             24,074,225        45.73  14.381,219            9.11% 

1906 61.223,476             2.1.634,349        47.08  19.936,979            ">.6 

*i9°7 67,465,635              31.753.072        45.14  44.595.707           u-32% 

*i9o8 68.235,484              30,297,889        41.04  50,611,365            11.04'. 

"Figures   for   these  two  years  are  on  the  basis  of  Inter-State  Commerce  classification. 

**Nct  including  reserve  and  insurance  funds,  which  were  in  1908,  respectively,  $9,416,028 
and  $5,000,000. 

***After  deducting  appropriations  for  insurance  and  reserve  fund-  and  depreciation  of 
equipment. 


LATEST   REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  hii»i,  compared  with  the  similar  period  in  1007,  were: 

Gross.  Net. 

[909 $47,792,566      H). 532.820 

1908 45,000,819      [9,867,205 


DIVIDENDS. 

3                  [9O4                  I'lOs 

1906 

1  ■  H  .7 

[908 

7% 

7% 

7% 

*l8.267r 

MK»'  I  OO I  [9O2  I' )<)3 

Common.  3*,  »'.  &%         7% 

'Including  $41  -''>  pel    share',  paid   in    December,  from  the  surplus  of  The  Northwestern  lm 
l>r< >\  emenl    Co.,  a   subsidiary. 


GIBSONS     MANUAL 


1900 

Common...  45-J4  Sept. 
86'  '•  Dec. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1901 


1902 


1903 


1904 


1905 


1906 


1907 


1908 


liy?  Tan. 
*700      May 


165      Apl.     179J4  Dec.    100J4  Oct.     116^  Jan. 
216      Aug.    23254  Feb.    18954  Jan.     157-^  Nov. 


♦Northern  Pacific  was  cornered  in  May,  1901,  causing  a  sharp  panic  on  May  9.  It  is  under- 
stood that  some  short  contracts  were  covered  privately  at  1,000.  The  stock  was  then  stricken 
off   l lie    list    of    the    New    York    Stock    Exchange,   and    was    not    restored   until    April.    1905. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 

1900 5°4-  54i 

1901 77l-  9° 

11)02 -.  .  .  . 

1903 -•••• 

I904 " 

I9°S -•••■ 

I906  . 199  -211^ 

1907 149  -189^ 

1908 I16J-I29I 

July 

1900 49f-  5-> 

1901 .118-118 

1902 -.  . .  . 

1903 -■•■■ 

i9°4  ■■■ "•••  ■ 

1905 187I-208 

1906 190  -2054 

i9°7 I2(5  "I37f 

1908 1361-142! 

*Ex-extra  dividend  of  $11.26. 


Feb. 

5 if"  54i 
8ii-  87 J 


2054-2324 

I44i-i554 
1174-126$ 


Mar. 


Apl. 


Ma\ 


June 


52*-  6if 
82I-  96 


2064-223! 
H4i-i46J 
120I-129I 


57-1-  62! 
93f-"9i 


165  -178 

i93i"223 
1264-139 
I25i-i34i 


55  -  6i* 
107  -700 


1694-196 
i79i-2iij 
120  -137-J 
1294-138  J 


Aug. 


Sept. 


Oct. 


Nov. 


48  -  6if 
150  -150 


181    -I90 
I9I    -214 
1191-130$ 
133    -1383 


Dec. 


5o4-  53! 


204  -216 
2031-2194 
113  -13- 
140I-146I 


45l-  52-J 

1224-122.', 


20S|-2I4 
207g-2I9 
121  -I34I 
1303-146" 


461-  583 


20I  -2124 
208f-2l8~ 
I004-I32f 
I35I-I46} 


56S-  74i  694-  864 


191 4-2054 
2094-228 

I024-II  l| 

*i39f-!57f 


193-2-207^ 
1794-224^ 
1094-1215 
1372- i44 


LOW   AND   HIGH   PRICES,  BY   DAYS,  NOVEMBER,   1908. 


Nov 


Low.        High. 

2 145  146 

3 Election  Day. 


4 
5 
6 

7 

9 

10 

1 1 


146 

1484 
i48f 

i4'»s 

150 

I49f 

1  |<il 


Nc 


1 49  s 
1 5°  2 
149$ 
151S 
1.51S 
1 5  if 
[514 


12 

13 

14 
16 


/ 


18 

19 
20 
21 


I^OYV. 

High. 

150 

i52i 

Nov.  23 

1524 

i53§ 

24 

i53f 

i54i 

"  25 

i53t 

iSSi 

"  26 

1552- 

156I 

"  27 

i55s 

iS7t 

"  28 

1425 

145 

"  30 

I39l 

143 

140:',' 

141* 

Low.  High. 

140$  142 

. .  140!  142 J 

• •   142^  _  143* 

Thanksgiving  Day. 

. .   142}  142 £ 

■  •   1424  I43i 


141 


1432 


LOW   AND   HIGH   PRICES,  BY   DAYS,   DECEMBER,  1908. 


Dec. 


1 
2 

3 

4 
5 
7 
8 

9 
10 


Low. 

141I 
141 
1404 
142 

141? 
142 

142$ 

142& 

I42f 


High. 

1 42  £ 
144 

142$ 

H3i 
i43i 
142! 
1 42  J 
H3l 
H3i 


Dec. 


11 
12 

14 

IS 
16 

17 
18 

10 
21 


Low. 
141I 
141I 

142I 

1 4 1  \ 

142 

140$ 

139? 
140 

137* 


High. 

i43i 
1424 

I43l 
1424 

143 
1424 

1 40  J 

1 40  & 

i39i 


High. 


140? 

141! 
141I 


Low. 

Dec.  22 138 

"  23 1404 

"  24 140$ 

"  25 Christmas  Day 

"  26 Extra  Holiday 

"  28 1414     142J 

"  29 142J    144 

"  30 1424    i43f 

'•  31 1424     142I 


252 


GIBSON'S     MANUAL 


MARKET   MOVEMENTS   OF  NORTHERN  PACIFIC,  FROM  1900  TO    1908,  INCLUSIVE. 

MINOR   TURNS    DISREGARDED. 


230 

1900   1 

101 

1902 

1903  j  1909- 

M05     190 

G>     |9oi 

I90g 

220 

J 

1 

210 

,      J 

200 

ft 

T 

HO 

1 

180 

I 

1. 

no 

| 

160 

r 

150 

1 

1 

IfQ 

1 

130 

1 

1 

l?0 

■r 

| 

110 

1 

' 

|00 

1 

1 

10 

H 

\ 

70 

1 

So 

Ai 

50 

A 

He 

'I 

1 

In  May,  1901,  Northern  Pacific  was  cornered  and  sold  as  high  as  700.  There  were 
.i  few  scattered  sales  afterward,  as  represented  by  spots  on  the  dotted  line.  The 
stock  was  then  struck  off  the  list  of  the  New  York  Stock  Exchange  until  April  24,  1905. 

In  January,  1907,  Northern  Tacific  sold  down  from  189^  ex-rights  (rights  between 
20^4  and  2354)  to  162J^,  and  then  joined  the  general  downward  movement  in  the 
market. 


GIBSON'S     MANUAL  253 


REMARKS. 

In  accordance  with  their  rights,  under  the  reorganization  plan  of  1896,  the  directors  of  Northci  n 
Pacific  retired  and  paid  off  the  former  $75,000,000  of  4  per  cent,  non-cumulative  preferred  stock  at  par, 
fan.  1,  1902.     The  common  stock  was  coincidently  raised  from  $80,000,000  to  $155,000,000. 

Jan.  7,  1907,  the  authorized  common  stock  was  increased  to  $250,000,000  and  stockholders 
were  allowed  to  subscribe  for  $93,000,000  of  the  new  stock,  at  par,  to  be  paid  for  in  instalments,  end- 
ing in  January,  1909.     Interest  paid  on  the  subscriptions  for  stock  is  charged  against  net  income. 

Securities  owned  by  Northern  Pacific  June  30,  1908,  excluding  $17,274,570  of  treasury  stocks 
and  bonds,  amounted  to  $110,467,157,  which  have  been  pledged  as  collateral  for  Northern  Pacific  and 
Great  Northern  joint  bonds  and  the  Duluth  division  bonds. 

Total  capitalization  will,  in  January,  1909,  have  increased  about  $246,000,000  since  1900,  having 
regard  to  the  larger  capital  stock  above  referred  to. 

Northern  Pacific  and  Great  Northern  jointly  own  $109,314,310  of  the  $110,839,100  stock  of  Chi- 
cago, Burlington  &  Ouincy,  for  which  they  paid  $200  in  joint  4  per  cent,  gold  bonds  for  $100  of 
stock.     The  stock  is  deposited  in  trust  as  security  for  the  bonds. 

The  Northwestern  Improvement  Co.,  which  was  brought  into  sudden  prominence  Nov.  5,  1908,  by 
the  declaration  of  an  extra  dividend  on  Northern  Pacific  stock,  was  incorporated  in  1897,  after  the  re- 
organization of  the  railroad  company.  It  has  carried  on  investment  operations  in  lands,  coal  mines 
and  irrigation  works  along  the  line  of  the  Northern  Pacific.  It  has  at  intervals  taken  over  large  tracts 
of  land  from  the  railroad,  supplying  the  latter  with  needed  funds,  and  has  itself  profited  by  the  enor- 
mous increase  in  values  in  the  Northwest.  Its  $7,000,000  of  bonds  and  $2,775,000  of  stock  are  owned 
by  Northern  Pacific;  and  distribution  of  its  surplus  of  $17,453,000  permitted  the  railroad  to  declare  an 
extra  dividend  of  $11.26  a  share. 

Officers:  President,  Howard  Elliott;  Vice-President,  James  N.  Hill;  Treasurer,  Charles  A. 
Clark;  Secretary  and  Assistant  Treasurer,  George  H.  Earl.  Directors:  Howard  Elliott,  Lewis  Cass 
Ledyard,  J.  Pierpont  Morgan,  Jr.,  George  W.  Perkins,  Charles  Steele,  George  F.  Baker,  Arthur  Curtiss 
James,  John  S.  Kennedy.  Grant  B.  Schley,  William  Sloane,  William  P.  Clough,  Alex.  Smith  Cochran. 
Amos  Tuck  French.  James  N.  Hill  and  Payne  Whitney. 

Fiscal  year  ends  June  30.  Annual  meeting,  first  Tuesday  in  October,  New  York.  Directors 
meet  on  call.  Main  office,  St.  Paul,  Minn.  New  York  office,  34  Nassau  Street.  Traded  in  on  the  New 
York  Stock  Exchange  (Listed  Department). 


*54 


GIBSONS     MANUAL 


Pacific  Coast  Company 


\  reorganization  of  The  Oregon  Improvement  Co.  and  incorporated  in  New  Jersey,  Nov.  27, 
iSwj.  i"  lake  over  the  business  and  property  of  <  Iregon  Improvement,  after  the  foreclosure  of  Nqv.  6, 
[897.  The  company  owns  The  Pacific  Coast  Railway,  The  Columbia  &  Pugef  Sound  Railroad,  The 
Pacific  Coast  Steamship  ('".,  and  several  coal  mining  concerns  in  the  Coast  States.  It  has  a  railroad 
mileage  of  137;  a  fleet  of  15  or  more  steamships,  and  over  5.000  acres  ''i  coal 


lands. 


Bonded  indebtedness,  June  30,  1908 $5,000,000 

hirst    preferred   stock,  5   per  cent,   non-cumulative 1.525,000 

:|;Second  preferred  stock,  4  per  cent,  non-cumulative 4.000.000 

Common  stock 7,000,000 

Total  capital $17,525,000 

"After  4  per  cent,  has  been  paid  on  the  common  stock,  the  second  preferred  and 
common    share    equally    in    further   disbursements. 

Fixed  charges.  1908,  excluding  taxes,  per  cent  of   net    income    ..    ..  24.13 

Operating  expense,   including  taxes,  per  cent,  of  gross 85. 35 


EARNINGS 

Year  Ending 

Gross 

Net  Income 

Net  P.  C. 

Earned  on 

June  30. 

Op  Rev. 

Less  Taxes.  0 

f  Gross  Inc. 

Surplus. 

O  >mmi  ni. 

1900    .     . 

•     $S.290.443 

$1451.854 

27.1 

$1,045,322 

10.24% 

1901    .     . 

•        5.137.546 

1.203,719 

23.2 

1.088,127 

7.22% 

1902    .     . 

5,074,207 

1,129,805 

22.1 

1,142,354 

6.12% 

1903    .     . 

.       5.606,753 

1,256.356 

22.7 

1.364,153 

10.26% 

1904    .    . 

5.902,973 

1,230,461 

20.7 

1,710,677 

10.04% 

1905    .     . 

6,199,276 

i.36o,739 

21.8 

2,161,965 

1 1.9  % 

1906    .     . 

•       6,308,413 

1455.382 

22.8 

2,603,561 

12.5  % 

1907    .     . 

7,406,495 

1,489,673 

19.9 

3  017,923 

12.72% 

1908    .     . 

7.272,958 

1.071,144 

14-7 

3,062,032 

5.88% 

in  addition  to  profit  and  loss  account. 


DIVIDENDS. 


1 000 

[901 

1902 

1003 

""M 

1905 

[906 

1907 

1 1  )i  >s 

[si    pfd.    5'< 

5% 

5% 

5% 

5% 

5% 

5% 

5% 

5% 

2d    pfd.   4% 

\'< 

4i% 

S% 

5% 

5i'<- 

6% 

6% 

47'; 

<  "in..  .    4% 

4% 

4i% 

5'; 

5% 

3i'. 

6% 

6% 

m 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1900. 


1900 


1901 


1'inj 


I'm.? 


1904 


1905 


1906 


1st  Pfd 82      Apl. 

90'A  Dec. 
2d  Pfd 57      May 

69y2  Oct. 
Comnii  in. .  .  46      Mav 

62      Nov. 


1907 


89      Feb.      98     Dec.  80     July  95     July  100     Jan.     105      Jan.      65      Nov. 

103^  Dec.  106      Mch.  105      May  101      Sept.  108      Feb.     106     Jan.     *76      Nov. 

63      Jan.       72 J4  Dec.  50*4  Aug.  61  'j  Tan..  85       Tan. 

83      Nov.     84J4  Sept.  76     Jan.  86'^  Dec.  109      Oct. 

52     Feb.     60     Ap!.  39?i  Sept.  51      Feb.  78J4  Jan. 


105 }4  Jan.      85      Dec." 

135      May    12454  Jan. 

103      Jan.       56      Nov. 


I 'JUS 


90 
90 
79 
97 
65 


May 
May 
Mch. 
Jan. 

Sept. 


78      Dec.       81^  Sept.    72     Jan.       82^  Dec.    \09]4  Oct.     142     June    124J*  Jan.       93^  Jan. 


"No  sales  of  the   first   preferred  in   1907  until  .November. 


GIBSONS     MANUAL 


255 


Nov.     2 

3 

4 
5 

-  6 

7 

9 

io 

ii 

12 

13 

"       14 

-  16 


Election  Day. 


LOW  AND   HIGH   PRICES,   BY   DAYS,   NOVEMBER,  1908. 

istPfd.         2d  Pfd.  Com.  1st  I'f.l. 

Nov.   17 -.  . . 

"     18 -... 

19 -••• 

20 -... 

21 -.  . . 

23 -••■ 

24 -  ■  •  • 


73i-73i 

75  -75 

80  -81 


82i-82| 
80  -82 


^5 
26 
27 
28 

3° 


2d  Pfd. 


Com. 


79k-79l 


Thanksgit  ing  1  )ay. 


LOW   AND   HIGH    PRICES,   BY    DAYS,   DECEMBER,  1908. 


Dec. 


1 

2 
3 
4 
5 
7 
8 

9 
10 
11 
12 
14 
15 
16 


1st  Pfd. 


2d  Pfd. 


85  -85 

85  '-85 


Com. 


81  -8 1 4, 

82^-82^ 
82^-85'i 
86  -86 
85  -86 


86  -86 


Dec.  17 

"      18 

19 
"     21 


23 

24 

25 
26 
28 

29 

30 
3i 


1st  Pfd. 


2d  l'f.l. 


Com. 


Christmas  Day. 
Extra  Holiday. 


•  REMARKS. 

The  fact  that  net  income  has  not  kept  pace  proportionately  with  gross  earnings  is  due  mainly  to 
increased  cost  of  labor  and  supplies.  Labor  conditions  on  the  coast  have  not  been  satisfactory  to 
employers,  especially  since  the  San  Francisco  earthquake  in  1906.  The  depression  of  1907  has  also 
affected  the  receipts.     A  large  revival  of  business  is  now  looked  for. 

Total  capitalization  in    1900  was  $16,971,000.     There  has  been  scarcely  any  change. 

Securities  owned  are  not  separately  reported  by  this  company. 

A  subsidiary  concern,  known  as  The  Pacific  Coast  Coal  Co.,  was  organized  in  1907  to  operate  the 
coal  properties  of  the  company. 

March  17,  1908,  the  steamer  Pomona  struck  an  uncharted  rock,  and  after  being  headed  for  shore 
ran  upon  a  submerged  reef  and  proved  a  total  loss;  $41,538  was  charged  off  on  account  of  this  disaster. 

The  company  maintains  a  fleet  of  25  steamships  in  operation. 

Officers:  President,  Henry  W.  Cannon;  Treasurer,  John  Kean ;  Secretary,  Clifford  C.  Fay. 
Directors:  John  Kean,  J.  N.  Hill,  H.  A.  Tucker,  E.  H.  Harriman,  H.  W.  Cannon.  J.  D.  Farrell,  Grant 
B.  Schley,  Copley  Amory  and  W .  M.  Barnum. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Wednesday  in  October,  Jersey  City,  N.  J. 
Directors  meet  first  Wednesday  in  January,  April,  July  and  October.  Office,  10  Wall  Street,  New 
York.    Traded  in  on  the  New  York  Stock  Exchange   (Listed  Department). 


256 


GIBSONS     MAN  UAL 


Pacific  Mail  Steamship  Company 

Incorporated  April  i_\   1848,  in  New  York,  for  tin-  track  to  the   Isthmus  of  Panama  and  Califor- 
nia, and  in  recent  years  sending  its  ships  to  the  Sandwich    Islands,  Japan,  China  and  oilier  points  bc- 
yond  the   Pacific  Ocean.     A   controlling  interesl    was  purchased  through  Speyer  &  Co,  in  November, 
tgoo,  l>\  The  Southern  Pacific  Co.,  which  acquired  $10,005,000  of  the  stock. 

Capital  stock $20,000,000 

EARNINGS 

Year  Ending  Gross  Nel  Surplus  Profit  &  Loss. 

Vpril  30.  Recipts.  of  Year. 

looo $3,817,620  $830.1X0  Del'.    $10,783,507 

1901 3,071,166  167,8-M  •'         [0,615,686 

[902 2.029,346  Del.  307,935  "        11.046,834 

[903 2,827,506  8,281  11,091,533 

1904 3,601,766  -'411,896  "       1 1,013,895 

1905 5775,/83  4-7,656  Not  reported 

[906 5.724,337  282,884 

1907 4,839,245  130404 

1908 4,336,312  Def.  428,817 

DIVIDENDS. 

\o  dividends  have  been  paid  since  December,    1899.     It   was   then   announced   thai    surplus  earn- 
ings would  be  used  for  improvement  of  the  fleet. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900 


1901 


1902 


1903 


1904 


1905 


1906 


1907 


1908 


25?4  Tune 
57   Nov. 


30]/2   May 
49V2   Nov. 


37       Nov. 
49^  Mch. 


17   Aug. 
42J4  Jan. 


24 
55 


Feb. 
Nov. 


33   May 
53^  Dec. 


28^4  June 
51  y2   Jan. 


19   Nov. 
41  y2   Jan. 


24  ,Apl. 
40'A   Dec. 


LOW  AND   HIGH   PRICES,   BY   DAYS,  NOVEMBER,   1908. 


Low.    High. 

Nov.  2 26$      26I 

"   3 Election  Day. 


4 
5 
6 

7 

9 

10 

11 


26f 

27i 
27i 
29 
28! 

28 
29 


271 
271 
29 

29i 

2Qf 

29 

3° 


Low. 

Nov.  12 29 

13 29^ 

14 29f 

16 29! 

17 3if 

18 31 

19 30! 

20 30! 

21 30! 


High. 
3° 

Nov 

29! 

" 

30 

31* 

it 

32! 

" 

32* 

(( 

32 

3i 

3i4 

! 

23 
24 
25 
26 

27 
28 
30 


Low.  High. 

■  • •  3°£  31 

••  31  3ii 

••  31*  31* 
Thanksgiving  Day. 

••  31!  31! 

••  3T3  33 

• ■  32}  33* 


LOW   AND   HIGH   PRICES,  BY   DAYS,   DECEMBER,  1908. 


I  >ec. 


3 
4 

5 
7 
8 

9 

10 


Low. 
34 
37 
36* 
371 
37 
?>7:\ 
37l 
37 
3^ 


High. 
37i 
39i 
38J 
38& 
38j 
385 
40i 
381 
37i 


Low.         High. 

Dec.  22 34$  34? 

"23 35  36 

"24 35*  36 

"     25 Christmas  Day 

"     26 Extra  Holiday 

"     28 36  36* 

"    29 36I  36? 

"    30 36  36* 

"31 36  36* 


GIBSON'S     MANUAL 


-3/ 


REMARKS. 

The  falling  off  in  general  business  in  1907  is  reflected  in  the  earnings  of  Pacific  Mail.  The 
moderate  receipts  of  1907-8  were  due,  in  part,  also  to  restriction  of  immigration  from  Asia  and  partial 
failure  of  the  coffee  crop,  the  shrinkage  in  that  crop  being  about  one-half  the  normal  harvest. 

This  company,  whose  stock  sold  as  high  as  $$2V)  a  share  in  1865,  suffered  severely  from  the 
competition  of  the  overland  railroads  after  they  were  opened  for  traffic.  Stockholders  are  now  look- 
ing forward  to  completion  of  the  Panama  Canal  as  possibly  inaugurating  a  new  era  of  prosperity  for 
Pacific   Mail. 

Officers:  President,  E.  II.  Harriman,  Vice-President,  K.  P.  Schwerin ;  Treasurer,  A.  K.  Van 
Deventer;  Secretary,  Alex  Millar.  Directors:  E.  II.  Harriman,  George  H.  Macy,  Ogden  Mills,  Max- 
well Evarts,  Henry  W .  De  Forest,  Robert  Goelet,  R.  S.  Lovett,  W.  V.  S.  Thorne  and  R.  P.  Schwerin. 

Fiscal  year  ends  April  30.  Annual  meeting,  last  Wednesday  in  May.  Office,  120  Broadway, 
New  York.     Traded  in  on  the  New  York  Stock  Exchange    (Listed   Department). 


858 


GIBSONS     MANUAL 


Pennsylvania  Railroad 

Bonded  indebtedness,  Dec.  31,  [908 $304,358,645 

Capital   stock    (par  $50) 314,604,200 

Total  capital $618,962,845 

Mileage  (main  line  and  branches,  [,706),  total  operated 11,293 

Per  mile  capitalization $54,809 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income  ..  47-°5 

Operating  expense,  excluding  taxes,  per  cent,  of  gross 7x-47 


EARNINGS. 

ear  ending 

Gross 

Net  Inc., 

Xet  P.C.  of 

:  ::*Earned 

Dec.  31. 

( )p.  Rev. 

1  ess  Taxes. 

Gross  Inc. 

Surplus. 

1  'ii  Stock. 

IIJOO   .    .    .    . 

SSS.53v.828 

$35,810,042 

37.68 

S  j  2, 485. 304 

11.68% 

[90]   .    .   .    . 

[01,329,795 

43.180,559 

39.28 

24.310,476 

10.51% 

[902 ..   .   .   . 

1 1 -',663,330 

*45  •093,347 

37-05 

24.j4j.2js 

12.83% 

1903  .    .    .    . 

122,626.4m 

46.665,291 

34-99 

24.742.225 

8.98% 

[904  .    .   .    . 

118,145,270 

40.013,601 

35-52 

24.-25.4S4 

9.09% 

1905  .    .   .    . 

133,921,993 

49.981.456 

34-24 

24,725, 4S4 

9.84% 

1906  .   .   .   . 

148,239,882 

:::55,5°3,466 

34-47 

24,725.484 

16.5  % 

1907  .    .   .    . 

164,812,825 

*55,020,420 

30.81 

24,725,484 

12.02% 

1908  .   .   .    . 

136,296,871 

49,284,580 

32-71 

24.254,800 

8.96% 

*In  addition  t"  iliis  income  there  were  "profits  from  securities"  in  1901.  1902. 
1906  and  1907.  amounting  to  $10,361,298,  $17,362,551,  $15,200,849  and  $4,648,576,  re- 
specth  ely. 

♦♦Excluding  special  funds,  which  in  1907  were:  Extraordinary  expense  fund, 
$2,500,000;  for  purchase  of  securities  guaranteed  (trust  of  Oct.  9,  1878),  $6,285,541; 
and  various  smaller  funds  aggregating  $3,228,154;  total,  $12,013,695.  In  1908,  the 
total  of  these  special  reserves  was  $9,859,822. 

♦♦♦Before   making   a    variety   of   special    appropriations,    which    nearly    or    quite 
consumed   the  balance  remaining  after   dividends,  and  disregarding  "profits  from  securi 
al,o\  e.  a-   follow  s: 

1901            1902                1903              1904              1905  1906  1907           1908 

Car  trust  principal  paid..     $1,503,173    $1,471,725      $2,684,615    $3,249,238    $3,249,238  $6,446,888  $3,150,694  $3,799,267 

Extraordinary    expenses...      14,361,352     12.500,000      26,835,279      6,220,923      8,424,881  8,701,475  3,260.651    3,538.981 

Extraordinary  expense  fund      5,000,000     2,500,000      2.500,000  

N.  Y.  tunnel  construction 13,000,000  7,000,000     1,000,000 


were : 


LATEST  REPORT. 
Earnings  for  January,  looo.  compared  with  last  year,  for  the  lines  cast  of  Pittsburgh  and   Erie, 

Gross.  Net 

1909 $U,220,8l2  ^J.^JjMtp) 

I908 IO.563.3i2  2,275,599 

For  tlie  same  period,  on  the  lines  west  of  Pittsburgh  and  Erie,  gross  decreased  S1X.07j.300.  and 
net  decreased  S_>.69i,5oo. 


GIBSON'S     MAN  UAL 


259 


1900 
6% 


1 90 1 
6% 


1902 
6% 


DIVIDENDS. 


1903 
6% 


1904 
6% 


1905 

6% 


[906 

6i% 


1907 
7% 


1908 
6% 


LOW  AND  HIGH  PRICES.  BY  YEARS.  SINCE   1900. 

1900 

1901                 1902                 1903                 1904                 1905 

1906 

1907 

1908 

124J6  Sept. 
14954  Dec. 

137      .May       147      Jan.        110^  Nov.       111^  Mch.      13154  May 
161^  Apl.        171)      Sept       157-5-g  Jan.        140      Dec.       148      Aug. 

12254  July 
14754  Jan. 

10354  Nov. 
141&  Jan. 

108J4  Jan. 
13254  Dec. 

LOW  AND  HIGH  PRICES,  BY  MONTHS, 

SINCE  1900. 

Jan. 


Feb. 


Mar. 


Apl. 


May 


1900 128J 

1901 I42| 

I902 147 

1903 I5I& 

1904 116I 

1905 i35 

1906 142 

1907 129!- 

1908 io8f 

July 

1900 126 

1901 140 

1902 1511 

i9°3 "81 

1904 115? 

1905 140 

1906 122J 

190" I2lf 

1908 I20§ 


i33t 
153 

1571 

' 23! 
i39i 
147I 

Hif 
"/J 


1291-136! 
146J-152 
14^-1513 
1461-151! 

112^-121  I 

i37f"I45f 

I37f-i44:l 
127  -132J 
109I-113 


I33f 

148]- 
H9h 
1364- 

mi- 

140I- 

13* 

114  • 

mf- 


140! 

[  S  2 .', 

148-i 
120 

147'. 
f39i 

I2(|| 


I341 
152  ' 

i49i 

13-' 

Il6|: 

I37l' 

i35s- 

I22§- 

II5I-I2I 


■142-2 

i6i4 

i53i 

138* 
119I 
i44l 

143^ 

I28g 

a 

1 


1284-137J 
137  -158 

I47I-IS3J 

1 2 si- 1 38 

1 12-3- n  8! 
13 1 2-140] 

131  -137] 
ii8J-i28£ 
1 1 8}- 1 24 f 


June 


125  -I33i 

148-J-IS4I 
1481-152* 
123  -1271 
113I-116I 
i33f-I4i| 
125  -135* 

II7j-I22f 
II9i-I23l 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


I29f 

1 5  if 
i6if 

I26i 
I2lf 

1432 
1 30  J 

I25f 
I26J 


127*- 
I4l3- 
I58J- 
II9I- 

n8f 
142I- 
130I- 
114I- 

122*- 


1 30  i 
148* 
163} 

I26J 

126! 

148 

1461 

I22f 
I26f 


I24f- 

i4of 
159  - 
«5f 

i-4:;- 

i4of- 

i39i- 
n8f 

"9i- 


129S 

H7i 

170 

125! 
132I 
i4Sl 

145! 

I2l|- 

I25I 


I27i-I3SS 
I42J-I48I 
I57|-l66J 
II5|-I20| 
1314-1381 

I42f-i45i 
139  -146* 

I06i-I20i 
I2l|-I27| 


I3l! 

I44f 
I53i 
uo^ 

i34i 

i37f- 
r36f- 

103* 
126I 


I44s 
152^ 
1633 

I2ll 

I39f 

1463 
1454 

mi 

1312 


1411-149! 
145  -152J 

I49i-i58f 

II41-I20J 

132  -140 

1381-144! 

1353-1404- 

io8f-ii5l 

1281-132! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


N<: 


Low.    High. 

2 126!      127J 

3 Election  I  )ay 


4 
5 
6 

7 

9 
10 
11 


128 

127.I 

1 27! 

1272 

127! 

128I 

127I 


131 2 

129 

I28| 

129 

129! 

129? 

129 


No\ 


12 

13 

14 
16 

17 
18 

19 
20 
21 


Low. 

I27t 
129I 
129! 
129I 
1295 
129I 
1284 
128I 
128! 


High. 
130 
130I 
i30f 
i3°i 
130I 
130I 
129I 

1291 

129 


Nov.  23 
-'4 
25 
26 
27 
28 
30 


Low.  High. 

1284-  129 

129  I29f 

•  129I  130I 
Thanksgiving  Day 
.   1204-  129I 

•  1-")'  i3oi 
■   120!  130I 


LOW  AND   HIGH  PRICES,  BY   DAYS,   DECEMBER,  1908. 


Low.  High. 

Dec.  1 128!  129! 

"   2 128*  129I 

"   3 I28f  128I 

4 129  129I 

5 '-">'  130! 

7 129!  130J 

8 129I  130 

9 129?  1303 

10 130!  130J 


De 


11 
12 
14 
15 
16 

'7 
t8 

19 
21 


Low. 
129I 
1 29I 
130 

!->')] 
I  29J 

fj8-< 
128', 

I28f 

1281 


High. 
130! 

i3of 

1314 
1303 

!3Pf 

130I 
129I 
129I 
128I 


Dec. 


22 

23 

24 

25 
26 
28 
29 
3° 
3i 


High. 
1293- 

1302 


Low. 

1282 

1291 

130    1305 

Christmas  Day 
Extra  Holiday 
130!  131:' 
131}  132* 
1 3 1 !  132I 
'  3 '  I  132I 


200 


GIBSONS     MANUAL 


MARKET  MOVEMENTS  OF  PENNSYLVANIA  RAILROAD  FROM  1900  TO  1908.  INCLUSIVE 


REMARKS. 


The  extensive  Pennsylvania  system  of  railroads  comprises  r  1  ._><>3  miles,  of  which  6,19]  lie  east  of 
Pittsburgh  and  Erie,  and  2.885  represents  the  mileage  operated  under  the  title  of  "lines  west  of  Pitts- 
burgh and   Erie."     Some  other  mileage  in  addition  to  that  makes  the  grand  total. 

"The  Pennsylvania  Company."  which  operates  the  lines  "west  of  Pittsburgh  and  Erie,"  owns  no 
road  in  fee.  Its  $60,000,000  of  stock  is  owned  entirely  by  The  Pennsylvania  Railroad.  The  Pennsylvania 
Co.  owns  $188,663,759  °f  stocks  and  bonds. 

Securities  owned  by  the  Pennsylvania  Railroad    Dec.    31,    1908,    were    $234,907,752.      A    large 

amount  of  these  securities  is  pledged  to  secure  the  Pennsylvania's  own  issues. 

Total  capitalization  has  more  than  doubled  since  1900,  having  grown  from  $260,785,000  to  $618.- 
962,845.     The  enormous  income  of  the  company  lias,  however,  sustained  the  price  of  the  stock. 

March  15,  1907,  an  issue  was  made  of  $60,000.0011  three-year  5  per  cent,  collateral  notes,  the  times 
not  being  favorable  to  the  sale  of  long-term  securities. 

In  the  annual  report  for  1908  the  cost  of  the  New    York  tunnel  extension  was  represented  in  the 

balance  sheet  as  S40.5jS.004  ;  but  there  should  be  added  to  this  amount  the  farther  sum  of  $30,000,000 
which  had  been  charged  in  1906  and  1007  against  Income  and  Profit  &  Loss  accounts.  The  companies 
engaged  in  construction  of  the  tunnel  have  now  been  merged  in  The  Pennsylvania  Tunnel  &  Terminal 
Railroad  Co.  The  tunnel  will  admit  Pennsylvania  and  Long  Island  Railroad  trains  to  New  York  City 
and  allow  the  sending  of  through  trains  from  the  West  and  South  via  Mott  Haven  to  all  points  in  New 
England. 

President  McCrea  refers  in  the   1007  report   to  the  law  of  Pennsylvania  reducing  passenger  fares 

l"  2  cent-  a  mile.  While  the  average  receipts  had  not  been  above  that  rate,  yet  a  literal  compliance 
with  the  law  would  have  compelled  the  company  to    advance    the    special    rates   on    commutation    and 


GIBSONS     MANUAL  261 


excursion  business  which  are  specially  authorized  by  the  State  Constitution.  Legal  proceedings  were 
begun  to  test  the  constitutionality  of  the  new  law  and  were  carried  to  the  highest  court  in  the  State. 
That  tribunal  pronounced  the  law  unconstitutional. 

The  convertible  bonds  of  Pennsylvania  Railroad  are  of  two  classes :  The  first  issue  of  $50,000.- 
000  3is  gold  bonds  is  dated  Nov.  1,  1902;  of  these  a  trifle  more  than  $30,000,000  were  converted  into 
stock  at  $70  a  share  in  January,  1908;  the  balance  are  convertible  at  $70  a  share  on  any  interest  day  on 
30  days'  notice,  and  if  called  (as  they  may  be  at  102^)  may  be  converted.  The  second  issue  was  oi 
$100,000,000  3!  gold  bonds  Dec.  1,  1905,  and  these  bonds  are  convertible  into  stock  at  any  time  up 
to  Dec.  i,  1910,  at  $75  a  share;  if  called  (at  par  and  interest)  on  or  after  Dec.  1,  1910.  the  bonds  may 
be  converted  up  to  30  days  before  the  day  of  redemption,  as  set  in  the  notice,  at  $75  a  share  as  before. 

A  statement  published  Nov.  23,  1908,  announced  that  more  than  $25,300,000  had  been  paid  out  by 
the  employes'  relief  funds  of  the  Pennsylvania  system  since  their  organization  in  July,  1889,  on  the  lines 
west  of  Pittsburgh  and   in   February,   1886,  on  the  lines  east  of  Pittsburgh. 

It  is  announced  that  preparations  are  now  being  made  to  electrify  the  New  York  division  of  the 
road  from  Jersey  City  to  Philadelphia.  The  running  time  between  the  two  cities  is  to  be  reduced 
from  two  hours  to  one  hour.  This  work  is  an  extension  of  the  electrification  of  the  line  from  Long 
Island  City  to  Newark,  and  will  be  followed  by  electrification  as  far  as  Pittsburgh.  The  new  engines, 
capable  of   120  miles  an   hour,  are  being  constructed  by  The  Westinghouse  Company. 

Officers:  President.  James  McCrea;  Vice-President.  Charles  E.  Pugh ;  Treasurer,  J.  F.  Fahne- 
stock;  Secretary,  Lewis  Neilson.  Directors:  Percival  Roberts.  Jr.,  N.  Parker  Shortridge,  Rudolph  Ellis. 
Charles  E.  Ingersoll,  Clement  A.  Griscom,  Henry  C.  Frick.  William  H.  Barnes,  George  Wood,  C. 
Stuart  Patterson,  Effingham  B.  Morris,  Thomas  De  Witt  Cuvler,  James  McCrea.  Lincoln  Godfrey,  John 
P.  Green,  Charles  E.  Pugh,  Samuel  Rea  and  John  B.  Thayer. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  second  Tuesday  in  March.  Directors  meet  second 
and  fourth  Wednesday  of  each  month.  Main  office,  Philadelphia.  Pa.  New  York  office,  85  Cedar  Street. 
Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  Philadelphia,  Boston 
and  London  Stock  Exchanges. 


i62  GIBSONS     MANUAL 


People's  Gas  Light  C&,  Coke  Company 

A  consolidation,  granted  b)  law,  of  all  the  companies  of  the  former  Chicago  <  las  Trust.  Orig 
inallj  incorporated  under  a  special  charter,  secured  from  the  Legislature,  Feb.  12.  1855,  the  company  en 
tered  the  Gas  Trust,  when  the  latter  was  formed,  and  under  an  art  of  July,  1897,  finally  became  the 
parent  company  itself,  all  the  old  companies  being  merged  in  People's  Gas  Light  &  Coke.  From  time 
to  time,  since  (897,  various  other  local  gas  companies  have  been  absorbed,  and  in  February,  1907,  with 
the  consent  of  the  City  Council,  <  Igden  Gas  and  Universal  Gas  were  leased  for  34  years.  ( >^den  Gas 
will  be  purchased  when  its  franchises  expire.  Northwestern  Gas  Light  \  Coke  is  controlled  in  the 
interest  of  People's  Gas.  The  company  has  interests  in  natural  gas,  but  in  [905  the  decreased  volume 
of  the  supply  compelled  a  curtailment  of  the  amount  furnished  to  customers. 

Bonded  indebtedness,  Dec.  31,  tips  $37,096,000 

Capita]   stock  -        -  32,969,100 


Total  capital     -  $70,065,100 

EARNINGS. 

Year  ending  Gross  Net 

Dec.  31.  <  >p.  Rev.  Income. 

19°° $9,°9°.337  $4,642,550 

1901 9,663.74''  4.871,305 

[902 11,058,413  5,145,202 

i9°3 11.X54.X00  5,414,438 

kj<)4 12,014,085  5,678,264 

190.S 12,284,363  5.705,579 

[906 11.0X0.044  4.X(j^.74 1 

I9°7 t3.'  i6.368  5,172,742 

[908 13.738.970  5,516,245 

DIVIDENDS. 

[901  [902  [903  [904  1905  i' 1907  1908 

6%  6%  6%  6%  6%  6%  5%  6%  6% 

LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE   1900. 


Famed 

Surplus. 

on   Stock 

$4,130,321 

6.67% 

4.748,057 

7.29% 

5,427,227 

8.0;'. 

"049.788 

8.8% 

7.505,787 

9-5% 

8,676,931 

9-559* 

9,319,607 

6.95% 

'(.860.333 

7"4% 

10,637,881 

8.  ^6% 

1900 

1901 

1902 

1903 

1904 

19H5 

1906 

1907 

1908 

Oct. 
Ill;    Apl. 

9Sy4  Jan. 
120"  ,  June 

ran. 
109    1  Sept 

87y4  Sept. 
Feb. 

"J;,  Mch. 
112]  1  Dec 

May 
115'    Apl. 

88     ( >ct. 

in:        |  .,, 

Oct. 

"N-,  Jan 

80      fan. 

UK,'       1  >,.,-. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan.                    Feb.  .Mar.                    Vpl.                    Ma\  June 

1900 i""'.  i"<>;  07I  '  92-109  101  - 1 1 1 A  96!  104]  93I-"'1'; 

t901 95|      '  98         lOll  IOI      -I08i  1(>7         II     ■  oX1      Mm,  ■     ,   .-I20.1 

0*1  99J-102  99  ioif-iosi  1003-105;  '4-ro2j 

[903 103  -107;  ioj  -io8|  i"ol  [03!                 [05I  99I  '  o3?-iooi! 

[904 954-I02J  07;    [O]  j  I        100;  ,,5;    1                                ,,;!  g5       gfr\ 

[905 105I-10X;  io6f-i09l  107J-114  I02f-ii5i  07!  -110  99I  104I 

1906 98  103        ioi|  92I-  99I  89J- 96  89J  95  89  93I 

04!  '-s-  '>-'!  >>7<  85-93*  *<>l-   'Mi!  ss !  "3 1  So  J  mi  '. 

80  89  84  884-  923  •   933    -•; 


GIBSONS     MANUAL 


263 


July 

1900 97  -ioof 

1901 in  -119-J 

1902 101  -107 

1903 92  -  99i 

1904 97I-101 1 

1905 104  -106? 

1906 88-93 

1907 91  -  92^ 

1908 92  -  96I 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


933- 

107J- 
102  - 

89J- 
99I- 

90  - 
84  - 

94  i- 


100^ 
,,3.1 
106  J 

96 

102  ; 

93 

97'i 


82I-  93J 
1041-113 

102.',-I09-i 

95i 

I04JS 

104! 
91 
88J 
973 


87I- 
toog 

101? 


85  ■ 

93i 


8if- 
101J- 
99i- 
89 

101 :; 

102;' 
88  - 
70J- 
942- 


96 
108 
tosi 

95i 

1  to| 

to5| 

81  i  i 
96.I 


93  -IO-^ 
97i-i04| 
98I-103I 

91I-  95* 
106-J-112] 

100  -105I 

88  -  941 

71  -  78 

95  -i°2 


961 

96I 
98* 

91 ! 
103I 

99 
9 


no 
104! 

1 '  1 1 1 
99^ 

-lex) 

MS- 


76J-  7$ 
995- 1 06 i 


Nov.  2 


4 
5 
6 

7 

9 

10 

11 


LOW   AND   HIGH 

Low  High 


PRICES,   BY   DAYS,  NOVEMBER,  1908. 


3 Election 


95i 

953 

96£ 

97 

97i 

97l 

974 


Nov. 


23 

24 
^5 
26 

27 
28 

30 


Low 
•  •   99« 

••   99i 

iool- 
Thanksgiving 

100 


101-i 
iooj 


High 
IOO§ 

100& 

IOlf 

Day 
ioi'i 
[Ol| 

101 1 


LOW  AND   HIGH   PRICES,  BY   DAYS,  DECEMBER,  1908. 


Dec. 


Low  High 

22 IOO'J-             lOl| 

23 102               io6i 

24 104!             105I 

2^, Christmas  Day 

26 Extra  Holiday 

28 104I             lOS| 

29 I05                                         I05;l 

30 I04I          105 

31 1044             104! 


MARKET   MOVEMENTS   OF   PEOPLE'S  GAS   LIGHT   &   COKE    COMPANY,  FROM  1900 

TO    1908,    INCLUSIVE. 


264  GIBSONS     MANUAL 


REMARKS. 

Miles  of  street  mains  Dec.  31,  1907,  were  reported  as  2,312. 

Securities  owned  $2,206403,  mostlj    the  company's  own  unissued  capital  stock. 

People's  Gas  has  been  confronted  with  the  same  agitation,  which  has  broken  out  elsewhere,  for 
reduction  of  the  price  of  gas.  In  October,  lyoo,  a  local  ordinance  arbitrarily  fixed  the  price  at  75 
cent>  per  i.(xx>  cubic  feet.  This  action  was  vigorously  opposed  in  the  courts.  The  75  cent  ordinance 
was  finally  repealed,  and  the  price  was  t"i x<.<  1  at  85  cents  for  5  years  From  Feb.  1.  KM' 

For  several  years  the  companj  also  bought  certain  onerous  back  assessments  of  taxes,  and  in 
10x57  won  its  case  in  the  Supreme  Court  of  the   United  States,  disposing  of  an  important  litigation. 

Total   capitalization   has   remained   practically  unchanged  since  u>O0. 

Officers:  President.  George  O.  Knapp;  Vice-President,  E.  < ..  Cowdery;  Chairman,  C.  K.  <",.  Rill- 
ings;  Treasurer,  \Y.  S.  McCrea;  Secretary,  L.  A.  Wiley.  Directors:  C.  K.  G.  Billings,  George  <  >.  Knapp, 
A.  N.  Brady.    \.  R.   blower  and   Walton   Ferguson. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  Feb.  10.  Chicago,  111.  Directors  meet  on  call.  Main 
office,  Chicago.     New  York  office,  54  Wall  Street.    Traded  in  on  the  New  York  Stock  Exchange  (Listed 

Department)  and  on  the  Chicago  Stock  Exchange. 


GIBSON'S     MANUAL  265 


Phelps,  Dodge  C&  Co.,"  Inc. 


Incorporated  under  the  laws  of  New  York,  Dec.  15,  1908,  for  tin •  purpose  of  taking  over  the  mines 
and  metal  business  of  the  old  firm  of  Phelps,  Dodge  &  Co.,  of  New  York  City.  The  corporation  is  a 
holding  company,  owning-  the  entire  capital  stock   save  directors'  --hares  of  the  following: 

Copper  Queen  Consol.  Alining  Co.,  capital  $2,000,000,  owning  [35  mining  claims  and  a  smelter 
in  Cochise  County,  Arizona. 

Moctezuma  Copper  Co.,  capital  $2,600,000,  owning  a  plant  and  2,500  acres  of  mineral  lands  in 
Sonora,   Mexico. 

Detroit  Copper  Mining  Co.,  capital  $1,000,000,  owning  145  mining  claims  and  a  smelter  in  the 
Clifton  district,  Arizona. 

Stag  Canon  Fuel  Co.,  capital  $500,000,  owning  38,718  acres  of  land,  almost  all  underlain  with 
coal  in  New  Mexico. 

Phelps,  Dodge  &  Co. 

The  metals  selling  business  of  the  old  firm,  and  its  good  will,  were  transferred  to  the  corporation 
without  charge.  The  four  subsidiary  companies  were  purchased  by  an  exchange  of  stock  on  the  follow- 
ing terms:  Copper  Queen,  $135  in  new  stock  for  each  $10  share;  Moctezuma,  $307  9J/3  for  each  $100 
share;  Detroit  Copper,  $150  for  each  $25  share;  Stag  Canon  Fuel,  $800  for  each  $100  share.  The  plan 
was  promptly  agreed  to  with  almost  absolute  unanimity. 

Total  assets  of  the  four  companies  were  stated  to  be  $28,949,739.     Total  liabilities,  $4,161,166. 

The  officers  of  the  company  believe  that  the  coal  mining  properties  of  the  new  concern  will  yield 
approximately  200,000,000  tons  of  coal. 

Capital  stock,  one  class $50,000,000 

BUSINESS  OF  THE  THREE  COPPER  COMPANIES. 

Production,  lbs.  Earnings. 

1903    64,408,740  $3,201,621 

1904   77,637.595  4.062,992 

1905    89,418,088  6,675,288 

t"9o6  112,281,878  9.794,735 

1907  9o,955,926  6,119,247 

The  stock  of  Phelps,  Dodge  &  Co.,  Inc.,  was  admitted  to  the  Listed  Department  of  the  New 
York  Stock  Exchange  March  10,  1909,  with  a  view  to  give  the  stock  a  definite  standing  as  collateral  for 
loans. 

Officers:  President,  James  Douglas;  Vice-Presidents,  Cleveland  H.  Dodge,  Arthur  Curtis  James 
and  James  McLean;  Treasurer  and  Secretary,  George  Notman.  Directors:  James  Douglas,  Cleveland 
H.  Dodge,  Arthur  Curtis  James,  James  McLean,  George  R.  Agnew,  E.  Hayward  Ferry,  Francis  L.  Hine, 
George  Notman  and  Wm.  Church  Osborn. 


266  GIBSON'S     MANUAL 


Pittsburgh,  Cincinnati,  Chicago  C&>  St.  Louis  Railway 

lionded  indebtedness,  Dec.  31,   1907 $56,959,000 

Preferred  stock,  4  per  cent,  non-cumulative,  hut  after  the  com- 
mon receives  3  per  cent,  the  preferred  is  to  have  5.  and  the 
two  classes  are  to  share  equally  after  5  per  cent,  is  paid  on 

both   *27,563,922 

Common  stock   ^29,095, 569 

Total  capital    $1 13,618,491 

♦Including    about    $104,300    of    preferred    and    $2,585,500  of   common   stock   not   yet   exchanged    for  those  of   other 
companies. 

Mileage    1,171 

Per    mile    capitalization $97,027 

Fixed  charges,  1907.  including  taxes,  per  cent,  of  net  income 46.2 

Operating   expense,   per   cent,   of   gross,  old  basis 76.36 


EARNINGS. 

Net  P.  C. 

Year  ending                                                Gross                   Net  Inc.,          of  Gross  :;:;: Earned  on 

Dec.  31.                                                 Op.  Rev.               Less  Taxes.          Inc.  *Surplus.               Stock. 

1900   $19,012,677             $5,090,002             26.57  $3,664,861             2.17% 

r90i    20,683,174              6,217,436            29.98  3.678,731            3-97% 

J902   22,610,557              5v/6./29            25.47  3.696.512            3.54% 

x9°3   24.650,401               5,936,067            24.02  3.706,835            3-03% 

r904   24,209,492              (.,224.582            25.64  3,759.925            2.78% 

1905    26,583,559              7,018,030            26.03  3. 781.661             412% 

1906 29.606,196              7,654.040            25.68  3,826,489            4-95% 

*9°7 32,341,303              8,047.916            24.58  3-819.520            563% 

*Not    including    sinking    fund,    which    in    1007    was   $3,425,042, 

After    appropriating    for    extraordinary    expenses    sums  recently  approximating  a  million  a  vear. 

LATEST  REPORT. 

Earnings  for  twelve  months,  ending  Dec.  31,  1908,  preliminary  report,  compared  with  last  year. 

Gross.  Net. 


were 


1908 $26,132,038  $7,273,748 

1007 32,201,819  7-694o*3 


DIVIDENDS. 

1900       1901        1902      1903  1904  1905  1906  1907  1908 

Preferred    4%        4%        4%       4%  4%  4%  A'AJo  5%  5% 

Common    o             1%         3%        3%  3%  3%  3%  4%  4% 


LOW   AND   HIGH   PRICES,  BY  YEARS,  SINCE  1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred 78      June  88  Jan.  113      Mch.  90  Oct.  90  Apl.  105       Aug.  100  May        74^4  Nov.       81 '/s  Mch. 

94      Jan.  113  Dec.  128       May  115  Jan.  107  Dec.  112       Mch.  109  Aug.  105^  Jan.  io8J4  Nov. 

Common 49^  Sept.  57  Jan.  80^  Jan"  55  Sept.  55  Apl.  70       May  78  Feb.  51       Oct.  59      Jan. 

80^  Jan.  81  Dec.  105^  Sept.  94  Jan.  80  Dec.  87^  Mch.  87  Jan.  78      Jan.  88><  Dec. 


GIBSONS     MANUAL 


1900 
[901 

1  (JO  J 

1903 
1904 

19OS 

1906 
[907 

HJOS 

I900 
I9OI 
1902 

I9°3 
1904 

1905 
I906 
I907 
I908 


Pfd.. 

Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd. . 
Com. 
Pfd.. 
Com. 


LOW  AND 

Jan. 
9°4"  94 


HIGH  PRICES,  BY   MONTHS,  SINCE   1900. 


"5 
88 

57 


8oi 

95 
62 


8oJ- 
110  - 

90  - 

97  ■ 

03  - 
108  - 

75  ■ 
106  • 

834- 
iosi- 

7i:i- 
84;- 
59- 


91  i 

115 
94 
98 
66| 

108 

79 
1 08  A 

87" 

1052 

78 

90 

70 


Feb. 

85  -  89 
68  -  72^ 

9*4-  95 

57  -  61 

84'  -'87 

104  -1074 

87  -  8yi 

99  -  99 
61  -  61 

105  -108 

79h  83* 

1 07  i- 1 07.'. 

78  -  83 
100  -101 

73  -   75 


Mch. 

Si  -  91 
00 1-  70 
92  -  94 1 
58  -  69l 

U3  -114A 
85  -  87:; 

105  -105 
So.',-  86 


ApL 

Sj[-  88 
63  -  69 
94  -  99 
654-  7^ 


S: 


89 


65S-  66 


60  -  62 \ 
1 08^-112 

794"  874 
105  -105 

78f-  80 
934-  98 
67  -  724 
8ii-  89 
65  -  69J 


75  -  Soi 
yo  -  91 
55  -  60 

108  -109 
74  -  82 

105  -105 
80  -  83 
95  "  95 
69 J-  7-'.! 
87  -  89i 
69-72 


May 

871=  85 

5^  -  59i 
98  -105 

674-  77 

[20  -128 

89  -  984 
lOO  -IOO 
80 


9L 
56 


9U 
60 


106  -Job 

70  -  774 
100  -108A 
75  -  854 
934-  94 
66  -  71 
88  -  93 
/o  -  7i4 


July 


Aug. 


Sept. 


Oct. 


Nov. 


June 

7«  -  85 
58  -  60 
99I-101 

75  -  80 
11(1  -116 

95  -  9/4 
100  -100 
60  -  74A 
91  -  92 
56-  56 


76-  78 
108  -108 
82  -  84J 
91  -  91 
674-  68 
91  -  98 
72  -  74 


Dec. 


Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd. . 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 


79  "  82f 

524-  594 
100  -102 

74f-  75 


95  -IO° 
100  -100 

58-  72 
92i-  95 
60  -  63J 


76  -  80 

80  -  80 
95  -  95 


80  -  824 

50  -  54 
102  -102 

72  -  75 
120  -120 

944-  99 
974-  974 
574-  63J 
97  -101 

634-  73 
105  -no 

78  -  834 

[ 074-109 
79-  86 


79  "  83 

493-  51 

102  -102 

70  -  71 

96  -1054 


79  -  84 
50  -  59$ 


55  -  65 
1004-105 

684-  7i 
106  -106 

80  -  83  J 
108  -108 

84  -  86 


90 

74 


944 
764 


65  -  68 
92I-  933 
7i  -  764 


66  -  67 
90  -  94 
734-  78 


93  -100 
(jo  -  90 
56-61 

101  -105 
70  -  77 

8o'-'s3 
108  -108 
824-  85* 
69A-  82 
51  -  66} 

94  -  98} 
75  -  80 


80J-  87I 

554-  59 

1 044 -1 07 4 

70  -   784 


90  -  96 

90  -  90 

59  -  60 

102  -106 

73  -  77 
106  -106 
80  -  83j 


84  -  854 
74f-  80 
53  -  6oJ 
io8J-io8^ 
81  -  88 


85  -  90 
554-  594 
108  -113 
74  -  81 


90  -  94 
95  -  99 

59  -  644 

105  -107 

744-  80 

106  -io84 
804-  86§ 


80  -  844 
8i4-  86 
60-63 
104  -104 
854-  884 


Nov.     2. 

3- 

4- 

5- 
6. 

7  ■ 

9- 
"  10. 
"      11. 


1  )ec.      1  . 

2 

"        3- 

'•        4- 

"        5- 

7- 

8. 

9- 

"       10. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.  Com. 

.......       81  -81 

Election  Day. 
.......       814-834 

io8f-io8|    83  -84} 
.......       841-85 


85  -85 

86  -87 

87  -874 


Pfd.  Com. 

.......       85-85 

.......       85  -85 

.......       854-854 

Thanksgiving  Day. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 


Com. 

854-854 

Dec.  n  ...  . 

854-854 

"   12 

....... 

14 

86  -864 

[5 

87  -88 

"   16 

88  -884 

'•   17 

....... 

•'   18 

....... 

"   19 

....... 

"   21 

Pfd. 


Com. 
874-874 
874-874 

874-874 

87^-87! 


104  -104 


?74- 


v4 


874-874 
87  -87I 


Dec. 


22. 

23- 
24- 
-'5  ■ 
26. 
28. 
29. 
30. 
3i- 


85  -85 


I  MM. 


Com. 


......       874-874 

Christmas  Day. 
Extra   Holiday. 


87-87 


268  GIBSON'S     MANUAL 


REMARKS. 

This  railroad,  generallj  known  b)  the  popular    name    of    Pan    Handle    system,    is    controlled 
through  stock  ownership,  l>\   The  Pennsylvania  Company,    which    bj     March   31,    [908,   had   acquired 
ij  the  preferred  and  $16,631,100  of  the  common  stock. 

Income  in   i>>o.s  has  been   materially   affected  b)   the  business  depression,  which  resulted  in  en 
forced  idleness  of  a  large  percentage  of  the  equipment   and   compelled   a  reduction   in   the  operating 
force. 

I.ii.il  capitalization  has  increased  about  $19,000,000  since  [900,  being  mostly  in  the  funded  debt. 

Bonds  and  stocks  owned,   [907,  amounted   to  S7.1  ^0.0X5. 

Officers:   President,  James   McCrea;  Vice  President,   Joseph    \\ I:   Treasurer,   T.    II.    B.    Mc 

Knight;  Secretary,  S.  B.  Liggett.  Directors:  E.  B.  Taylor,  Samuel  Rea,  E.  B.  Morris.  Janus  McCrea, 
W.  II.  Barnes,  S.  S.  Dennis,  John  P.  Green,  X.  Parker  Shortridge,  I).  T.  McCabe,  G.  L.  Peck,  Joseph 
Wood,  J.  J.  Turner  and   B.  S.  Cunningham, 

Fiscal  year  cuds  Dec.  ,}i-t-  Annual  meeting,  second  Tuesday  in  April,  Pittsburgh,  Pa.  Direc- 
tors meet  fourth  Wednesday  of  each  month.  Office,  Pittsburgh,  Pa.  Traded  in  on  the  New  York 
Stock  Exchange  (Listed  Department). 


GIBSONS     MANUAL 


269 


Pittsburgh  Coal  Company 

A  consolidation  of  steam  and  gas  coal  mining  interests  in  the  Pittsburgh  region,  incorporated 
in  New  Jersey  Sept.  1,  1899.  Since  its  inception,  the  company  has  been  strengthened  by  the  acquisition, 
through  lease  and  otherwise,  of  several  additional  properties.  It  owns  about  150  coal  mines  and  160,000 
acres  of  coal  lands,  within  40  miles  of  Pittsburgh,  and,  in  addition,  approximately  5,500  coal  cars.  The 
output  in  1907  was  19.810,427  tons,  run-of-mine,  a  small  decrease  from  the  year  before.  In  April.  1905, 
the  company  closed  a  25-year  contract  with  the  United  States  Steel  Corporation  for  supplying  that  con- 
cern with  coal.  Later  a  similar  contract,  terminating  in  April,  1911,  was  made  with  Republic  Iron  & 
Steel. 

Bonded  debt,  Dec.  31,  [908 $22,025,451 

I 'referred  stock,  7  per  cent,  cumulative .• .  .  27,071,800 

Common  stock   28,104,600 

Total  capital $77,201,851 

Fixed  charges,  1008.  per  cent,  of  net  income 69.16 


EARNINGS. 

Year  ending                                            *Tons          Net  Profits  Earned  on 

Dec.  31                                             Produced.  After  Expenses.  **Surplus.  Common. 

1900,  16  mos $5,480,690  $2,167,381  705% 

1901    4.272,209  3,188,053  3-37% 

1902   14,976,081          5-753-9I3  5467-495  7-52% 

i9°3   15.664,460          7,787,094  0,778,430  143% 

1904  14,338.500          4.261,512  3,887,725  0.52% 

1005   16.210,041          3.25S.358  4-i69.377  o 

1906   20,020,276          5,297,123  4.089,210  o 

1007   19,810,427          5,731.983  6,988,803  o 

1908   14,337.220          3,024,921  7,021,235  o 

*Tons  of  2,000  lbs.   and  including  sonic   small  purchases  from  other  producers. 
**Reservc   funds,  in   addition  to  Undivided  Profits  were  $4,056,217  in  1907. 


By 


Preferred 
Common 


1900 

7% 
o 


1901 
7% 


DIVIDENDS. 


1902 

7% 
0 


1903 

7°/o 
o 


1904 

7% 
o 


1905 


I906 

o 
o 


1907 

o 
o 


1 '  ji  iS 

o 

o 


OOOO  o 

|an.  1.  1909,  there  will  be  due  on  the  preferred  stock  24^  per  cent,  of  accrued  dividend. 


LOW  AND  HIGH  PRICES,    BY    YEARS,    SINCE    1905. 


1905 


Preferred 52$  Nov. 

80}  May. 
Common   13^  Nov. 

21    May 


1906 


50    July. 
62!  Jan. 
13!  May 
i8i  Nov. 


10..7 


37    Nov. 
6of  Jan. 
7    Nov. 
16&  Jan. 


1908 

36i  Feb. 

50   Dec. 

8  J  Mch. 

i4|  Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.  Com. 

Nov.    2 -.  . .  io|-io| 

3 Election  Day. 

4 


Pfd. 

Nov.    12 46  -464. 

"      >3 -■•• 

"      14 -•■■ 

"      16 471-403 

"      17 -•■■ 

"      18 -... 

19 -•■• 

"     20 47i-47i 

"     21 


Com. 


132-14 
132-135 


Nov.  23. 

"     24. 


Pfd. 


Com. 


25 4/1-4*       ...... 

26 Thanksgiving  I  >ay. 

27 " -■'■■ 

28 -... 

30 


47  "47 


270 


GIBSONS     MAN  UAL 


I  tec 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


I'f.l. 


3 475-48-i 

4 48  -50 

5 50-50 

49l-5o 

48  -49 


/  • 
8. 


10 481-50 


1  'mil. 


' 3  1  "I  3 i 

i3$-i3i 
I3I-I3* 

13  -i3i 
125-13 

i3i-Hl 


Dec. 


11... 
12. .. 
14.  .. 
15.. 
16... 
17... 
18... 
19... 
21. .. 


Pfd.  Com. 

48^-49^     I4i-i4i 


49  -49t 


14  -14 

131-M's 
14  -i4i 


Dec.  22. 

23- 

24. 

25- 
26. 


29. 
30- 

3i- 


Pfd.  Com. 

491-49  §     I3f-i4 
49?-49f     ...... 

Christmas  Day. 
Extra  Holiday. 
48i-485     13-133 
48I-48I     •••-■■■ 

49  -49 


REMARKS. 

In  1902,  a  relief  association  was  established  to  provide  disability  benefits  and  pensions  for  men 
becoming  decrepit  or  aged  in  the  company's  service. 

Before  listing  its  stock  at  the  New  York  Stock  Exchange  in  1905,  Pittsburgh  Coal  had  been 
purchasing  from  time  to  time  various  lots  of  not  only  its  bonds  but  its  common  and  preferred  shares. 
As  this  stock  appeared  in  the  balance  sheet  as  a  liability,  the  Stock  Exchange  required  that  it  should 
be  sold  or  retired.  It  is  yet  in  the  treasury  and  amounts  to  $4,928,200  of  preferred  and  3,895,400  of 
common  stock.     The  authorized  shares  of  the  company  are  $32,000,000  of  each  class. 

The  Darr  mine  disaster  of  Dec.  19,  1907,  cost  the  lives  of  238  men.  There  are  yet  pending  60 
suits  for  damages.  Cost  of  rescue  work  and  relief,  $82,407,  was  charged  to  the  personal  injury  fund. 
Cost  of  restoration  of  the  mine  property.  $69,865,  was  charged  to  depreciation  reserves. 

New  docks  and  storage  facilities  at  Duluth  are  now  projected,  the  cost  of  which  will  be  paid 
from  current  earnings  or  working  capital. 

Suspension  of  dividend  in  1905  grew  out  of  the  necessity  for  working  capital  and  $3,355,561  has 
been  accumulated  for  this  purpose  up  to  Dec.  31,  1908. 

Securities  of  other  companies,  held  by  Pittsburgh  Coal,  Dec.  31,  1908,  were  $7,966,905. 

Officers:  President,  Matthew  H.  Taylor:  First  Vice-President,  W.  R.  Woodford ;  Treasurer,  F. 
M.  Wallace  :  Secretary,  F.  J.  Le  Moyne.  Directors:  James  H.  Heal.  John  A.  Bell,  John  I.  Bishop,  Harry 
Bronner,  Alexander  Dempster.  C.  M.  Underbill,  J.  C.  Dysart,  William  Flinn.  I).  L.  Gillespie,  J.  Den- 
niston  Lyon.  A.  W.  Mellon.  Andrew  J.  Miller.  George  T.  Oliver,  Henry  R.  Pea.  Grant  B.  Schley,  M. 
II.  Taylor,  W.  R.  Woodford. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting.  Feb.  loth,  Jersey  City,  N.  J.  Office.  Pittsburgh. 
Pa.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  Philadelphia  and 
Pittsburgh  Slock  Exchanges. 


GIBSON'S     MANUAL  j;i 


Pressed  Steel  Car  Company 

Originally,  a  combination  of  The  Schoen  Pressed  Steel  Co.  and  The  Fox  Pressed  Steel  Equip- 
ment Co.,  located  at  Allegheny  and  McKee's  Rocks,  Pa.,  and  Juliet,  Ills.  Incorporated  under  New 
Jersey  laws.  Ian.  12,  1899.  The  company  has  been  progressive  and  extended  its  field  of  operations  from 
lime   to   time.     Among  the   present   subsidiaries  arc   the  following: 

Canada  Car  Co.,  plant  at   Montreal. 

Central  Car  Wheel   Co.,   McKee's  Roclcs,  Pa. 

Fidelity  Land  Co.,  lodging  houses. 

Pennsylvania  Car  Wheel  Co.,  Allegheny. 

Pennsylvania  Malleable  Co.,  McKee's  Rocks,  Pa. 

Western  Steel  Car  &  Foundry  Co.,  Hegewisch,  Ills.,  and  Anniston,  Ala. 

Under  a  large  number  of  important  patents,  this  company  manufactures  steel  freight  and  pas- 
senger cars,  wheels,  trucks  and  steel  specialties  for  cars.  The  plants  are  maintained  in  a  high  state  of 
efficiency.  Until  1004  average  annual  requirements  were  195,000  cars.  In  1905,  340.000  cars  were 
ordered. 

Bonded   indebtedness.    Dec.   31,    1908 $1,310,000 

Preferred  stock,  7  per  cent,  non-cumulative,  preferred  as  to  assets.  12,500,000 

Common  stock    12,500,000 

Total  capital    $26,310,000 

EARNINGS. 

Year  ending  Gross  *Earned  on 

Dec.  31.  Sales.  Profits.  Surplus.  Common. 

1900   $22,540,115  $2,075,181  $1,290,881  9v6% 

1001    23,032,491  1,927,925  1,700,171  7-27% 

1902  •  33.883.5!9  4>578>"4  4-33M79  27.22% 

1903   26,601,249  2.768,897  4,568,985       13.     % 

1904    4,498,268         Loss      707.111  2,531,874       Deficit. 

1005    19,357,827  1,106,901  2,588,775         0.37% 

1006   36,158,586  3-381,884  4-745.659       i7-25% 

1907    36,443,304  2,907,920  6,413,570       13-34% 

1908    8,589,422  265,478  5,694,057  o 

*After  appropriations  for  depreciation  and  renewal,  which,   for  the  last  two  years,  have  been  $350,000  and  $365,000 
respectively. 

DIVIDENDS. 

1900     1901     1902      1903     1904     1905     1906     1907     1908 

Preferred  7%       7%       7%        7%       7%       7%       7%       7%       7% 

Common 6%       4%       4%       5%       3%         °  °  °  ° 

LOW   AND   HIGH   PRICES,  BY  YEARS,  SINCE  1900. 


IQOO        IQOI         1902        1903        1904         1905         """'       1907         1908 


Preferred     .70V4  Sept.  72V2  Melt.  82^  Feb.  62!4  Nov.  67       May  87       Feb.  95  July  "4       Nov.  69       Jan. 

Sgl/2  Nov.  89       Apl.  96J4  Oct.  95       Feb.  92      Dec.  ioi'/  Oct.  105  Feb.  90^  Jan,  102'  ,    Dec. 

Common 32'^  Sept.  30      Mch.  39      Jan.  22^  Nov.  24' j   May  33^  Jan.  43  July  [5^  Nov.  171/1,  Feb. 

S&M  Jan.  52      Jan.  63  JX  Oct.  6s->4  Jan.  41 M  Nov.  58^  Dec.  64H  Jan.  57      Jan.  45      Dec. 


GIBSONS     MANUAL 


LOW  AND  HIGH  PRICES,  BY    MONTHS,   SINCE   1900. 


I907  • 
[908. 


[901  . 

1 .  f  a . 
1903. 

I  •  x  .4  . 

[  008 . 


Nov. 


ro. 

1 1 . 


- 


.Pfd.. 
.Com. 
.Pfd.. 

.Pfd.. 

.Pfd.. 

.1  "■■111. 

.Pfd.. 

1 
.Pfd.. 

.  * '.  'in. 
.Pfd.. 
.  O  ■in. 
.Pfd.. 
.Com. 
.Pfd.. 


Jan. 

35 

39  "  424 

93 

62 

-;  33 
1 .  14 1 

47  57 
i«i  -  80 


Feb. 

74  il 

39   •(■' 
95 

"4 
7'  ■ 

39 
97 

53  -  "V; 

99 

53 
69J-  78 
20J 


Mar. 

83  86 
|8 

30 

83  86 

39  -4-i 

92  944 

-7 

$6  . 
96   3 

54', 

194 

71  ■ 
[9!  - 


Apl. 


79  84 

I'  •   54 
& .  s. , 

39 

83  89 

i" 

'"'  94i 

< I 

72 

-'4  J 

99J 

36 

97 

- 
23 


July 


Aug. 


Sept. 


(  »ct. 


Ma) 
8  j 

83 

13   5< '  1 

554 

-4l  27l 
96 

34 
95 
13  -  5*1 

30   37? 
87 
31 

Nov. 


.Pfd.. 
.Com. 
Pfd.. 
.Com. 
.Pfd.. 

1  Kin. 

.Pfd.. 
.Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.  Com. 
.Pfd.. 

.Pfd.. 

.Com. 


76 

41 

40  - 
85  -  88 

45 
80 

40  -  54 
77  i 
34 

38   43 
99! 

43 

38 
85 

343 


7i  -  73 
373-  4i 
84* 
43f 
85 

5i3 
82 

34 

7r  '  77] 

32  "  34 
95  -  975 
42  -  473 

995 
5°i-  553 
91 

25  -  33$ 
95  -  97* 

33  36* 


39l 

39  -4-'! 
88 

5' 

7?  I  - 
42 1 

3*i-35 

95I  'i"! 

i-  -46 

97i 

52I  55 

83  85 
-5l-3T 
923-96 


72 

36  4* 
83 

37  -  41* 
90  -  96J 

56  -  63i 

'  '7      77 
26J  35I 

84I 

44! 
96  -1 

45 

99i 

534 

67 

t6f  26! 

95 
3i4  344 


89J 

43  - 

80  -  87I 

41  h   45 
90  -  94 

7" 
j>  1 

91! 

4i:; 

97  -IOl| 

174 

100 

55 
71 
t5f-  iSl 

95  100 

33S  4©i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


June 

77l 
42 

87 

87 
49? 

-- 
5'   -  56i 
68  -  71 

25f 

94 
36I-  391 

99 

44  -   54 
873-  90} 

3i  -  351 
82  -  84 

<*9i 

Dec. 

8i   -  853 

52J 
86 

38  -  42J 

"        93 

62i 

65  -  70 

24f  33i 

87  -  92 

344-  4i? 
99  "IOIi 

5if  583 

98  -  99* 

5i3-  55i 

65  -  694 

17   -    2l| 

1  02 ! 
38J-  45 


Pfd.  Com. 

Election 

95  -  </.\     35 


97 

•CI 


■XI 

100 


Ni  .\ . 


1  _>. 

13 

14- 
16. 

'7- 
18. 
[9. 
20 


Pfd. 


993 
99 

98 


100 

■  *  ■'; 

99 


21 


1 '.  .in 
39I-40 

38*  38* 


Pfd.  Com. 

Nov.   23 98  -  98      38^-383 

'■      24 07-00      39  -39I 

25 974-  99      39  "39i 

26 Thanksgiving  Day. 

"       27 07J-  00        .V))-.V'l 

"     28 -...       391-393 

-     30 - -•• 


LOW  AND  HIGH  PRICES.  BY  DAYS.  DECEMBER.  1908. 


Pfd. 


<  '••in. 


383- 


381-383 
384 


1 1 . 

12. 

I.). 
15. 


Pfd. 
08  -  994 


993 

993 


oo? 

r8 -... 

21..  99     "o: 


1  '..ni. 
39i-39i 

\2      \2\ 

\i\  43 

40J-41 


Dec. 


24. 
25. 

29. 


Pfd. 

00! 

[OO 

too] 


99J- 

liio 


Christ 

Extra 

lul',    IOI I 

11)1  j 

102      I02 

.?  1 I02 


1  •■ill. 
40      1-1 
\2    -42J 

43l 
mas  Day 
I  lolida) 

138-444 
423  43l 
438-43< 


GIBSONS     MANUAL 


2/3 


MARKET  MOVEMENTS  OF  PRESSED   STEEL  CAR  COMPANY,  COMMON,  FROM  1900  TO 

1908,  INCLUSIVE. 


REMARKS. 

While  earning  large  sums,  over  the  preferred  dividends,  in  every  year  except  three,  this  company 
has  aimed  to  keep  its  resources  well  in  hand  and  to  accumulate  a  strong  working  capital. 

A  branch  of  the  business,  which  assumes  more  importance  every  year,  is  the  manufacture  of 
steel  passenger  cars.  While  orders  for  this  class  of  rolling  stock  have  come  so  far,  mainly  from  sub- 
way and  elevated  lines,  one  was  received  in  1907  for  steel  passenger  coaches  from  a  leading  overland 
trunk  line.  It  is  expected  that  these  cars  will,  in  due  time,  become  the  accepted  standard  for  passenger 
travel,  if  the  existing  antagonistic  public  sentiment  toward  railroads  in  general  shall  change. 

Total   capitalization   has   remained   practically  unchanged  since  1900. 

Securities  owned,  1907,  were  $2,538,554.  No  dividends  are  received  from  this  source,  however, 
the  subsidiary  companies  requiring  their  profits  for  working  capital. 

Reduction  of  business  in  the  latter  part  of  1907  brought  some  small  compensation  in  reduction  of 
the  cost  of  labor  without  diminution  of  efficiency. 

1004  was  the  poorest  vear  this  company  ever  saw;  there  had  been  no  such  depression  in  the  in- 
dustry since  1893.  Competition  was  keen,  and  rather  than  take  business  at  a  disastrous  loss,  the  com- 
pany stayed  out  of  the  market  until  the  revival  in  the  last  three  months  of  the  year. 

tqoS  was,  however,  another  bad  year.    During  the  last  nine  months,  the  freight  shops  were  prac- 
tically idle,  and  only  about  10  per  cent,  of  the  usual  number  of  men  employed.    The  works  of  the  Penn- 
sylvania Car  'Wheel  Co.  were  closed  the  entire  year,  but  some  orders  are  now  on  hand.     In  a  good  year 
the  railroads  require  about  200,000  new  cars,  besides  those  built  in  their  own  shops,  whereas  in   190S. 
the  railroads  ordered  only  39.000  from  car  builders.    The  outlook  in  1909  is  for  improvement. 

Officers:  President.  Frank  N.  Hoffstot :  First  Vice-President.  J.  W.  Friend;  Treasurer,  P.  G. 
lenks;  Secretary,  Adrian  H.  Parkin.  Directors:  James  A.  Blair.  James  H.  Reed.  F.  N.  Hoffstot.  A.  S. 
Matheson.  T.  IP  Given,  I.  W.  Friend,  James  N.  Wallace,  F.  G.  Ely,  Adrian  H.  Parkin. 

Fiscal  year  ends  Dee.  31st.  Annual  meeting,  third  Wednesday  in  February,  Jersey  City,  N.  J. 
Main  office,  Pittsburgh.  Pa.  New  York  office,  24  Broad  Street.  Traded  in  on  the  New  York  Stock 
Exchange  (Listed  Department). 


274  GIBSON'S     MANUAL 


Pullman  Company 


Incorporated  in  Illinois,  Feb.  22,  1867,  as  The  Pullman  Palace  Car  Co.,  the  present  name  having 
superceded  the  old  one,  Dec.  30,  1899.  The  principal  rival  of  this  concern,  The  Wagner  Palace  Car 
a  Vanderbilt  enterprise,  was  purchased  Jan.  1,  1900,  the  capital  stock  being  raised  from  $54,000,000 
to  $74,000,000  for  that  purpose.  The  new  stock,  $20,000,000,  was  paid  to  the  Wagner  Company  and  rep- 
resentatives  of  the  latter  entered  the  Pullman  board  of  directors.  Manufacture  of  palace,  dining  and 
sleeping  cars  is  carried  on  mainly  at  Pullman,  Ills.,  but  there  are  other  shops  at  Buffalo,  N.  Y.,  formerly 
owned  by  the  Wagner  concern;  St.  Louis,  Mo.;  Ludlow,  Ky.;  Denver,  Colo.;  and  Wilmington.  Del. 
Freight  cars  are  also  produced  to  some  extent  and  latterly  from  steel.  The  original  capital  was  $1,250,- 
000,  but  extension  of  the  operations  of  the  company  has  required  successive  additions  to  the  stock,  un- 
til it  has  now  reached  the  sum  of  $100,000,000.  Total  number  of  employes  in  1907  was  25,308;  in  1908. 
at  Pullman,  5,713. 

Capital  stock  $100,000,000 

EARNINGS. 

Year  Ending  Cars  Passengers  Total  Net  Profits  Earned  on 

July  31.  Made.  Carried.  Revenue.  of  Year.  Surplus.  Stock. 

1900  16,704.1 1 1  7v52^76  $15,022,858  $6,623,476  $4,875,943  8.95% 

1901  16,424,790  9,618,438  17,996,782  8,786,221  7,762,279  11.87% 

1902  19.416,021  10,753,643  20,597,903  8,934.674  10,778,030  12.07% 

1903  22,546,878  12,321,260  23,120,713  9417.688  14,275.749  12.73% 

1904  22,838,400  13,312,660  24,788,738  8,661,591  18,017,374  11.7  % 

1905  16,512,387  14,969,219  26,922,023  10,054,554  22,151,946  13-58% 

1906  27,718,992  16,253,947  29,588,642  10,890,059  27.122,020  14.71% 

1907    37,019,027  18,020,379  32, 186.OI3  H-626.333  *5,265,220  11.62% 

1908  24,813,385         18,603.067  31.620,241         9.788.924         7.046.787  9.78% 


*Reducti<>n  of  Surplus  Profits  account  due  to  36  per  cent,  stock  dividend,  calling  for  $26,015,225,  the  stock  being 
raised  from  $74,000,000  to  $100,000,000,  by  vote  of  Nov.  14,  1906. 

DIVIDENDS. 

[9OO      tool       1902      I903      IOO4     I905     [906     I907     I908 


' 


8%  8%  8%  8%  8%  *8%  s\  8% 


*In  addition  to  36  per  cent,   stock  dividend,   Nov.  30,   1906. 


LOW  AND   HIGH   PRICES,  BY  YEARS,  SINCE  1900. 

101  Ml 

1901                 1902                 1903                 1904                 1905                 1906 

1907 

1908 

176     Tunc 
204     Dec. 

195^  Jan.       215     Jan.         196     July       209     Mch.      230     May        180     Dec. 
225      Oct.       250     Apl.        235-J4  Jan.       242     Nov.       258    Aug.       270     Nov. 

135^  Nov. 
181^  Jan. 

147     Jan. 
174     Nov. 

LOW  AND  HIGH  PRICES,  BY   MONTHS,  SINCE   1900. 

Jan.                    Feb.                  Mch.                  Apl. 

Ma\ 

June 

1900 187 -I89J  186 -I89J  183-187  182-1883  180-185  176-183 

IQOI I954-203  1064-2014,  I98J-2I0]  209-217  I98   -211  208-212 

I0O2 215    -223  219    -222^  220   -24O  234   -250  234   -245  235    -235 

IQO3 23O    -235,'  228    -235  230   -23O  215    -222  2093-219  206   -2IO 

IQO4 215    -2I9J  2IO-2I5^  209    -2l0i  2IO-2I3  2IO-2I2  2Il4-2l8 

IQ05 237-248  242-254  242-250;  238.]  -248 '.  23O-24O  237-24O 

IQO6 242-247?  243-245  2364-240  220|-239|  2I93-23li  220-231 

1907, 170  -181 1  ioSi-17!^  150-168  1611-170  160I-168  1581-162 

1908 147-160  149-150}  r 50  -154  151  -i6i^  [S7-IS93  I55i-I59i 


GIBSON'S     MANUAL 


-75 


July 


Aug. 


Sept. 


<  >ct. 


Nov. 


Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


1  900 
1 901 

1902. . . . 
1903.... 

1904. .. . 

1905 

1906. . . . 
1907.... 
1908. . . . 

Nov.  2. 

3' 

4> 

5 

6, 

7 

"      9. 
"     10 

1 1 

1  tec.   1 . 

2 

"  3' 

4- 

','.   5' 

7 

"       8, 

"   9 

TO 


179  -183J 

204|-209^ 
236  -25O 
I96  -211 
220  -222 

239     -41  4 
2l8     -230 
l60     -l62Jj 

i58i-.ri81 


182  -188 
204  J -208 I 
240  -246 
208  -220 
217  -220 
240  -258 
2352-250 
153  -163 
165  -i66i 


182  -187* 
205  -215 

233  -240 
205  -218 

2l6i-220 
247I-256 
247  -268 

1552-158 
T60J-165 


185  -191 
213  -225 
23O  -236 
209  -2I7| 
225  -23I 
249  -J.;;1, 
255  -264J 
137  -157 
[62   1654 


188  -199 
213  -220 
222  -23I 
2I3J-2I6 
225  -242 
244  -252 
1895-270 
1354-140 
169  -174 


I99i-204 
211  -2l83 
222  -23O 

215  -2i8| 

231^-240 

-'45  -250 
180  -189 

144  -I48i 
1684-173 


Low.  High. 

Election  Day 


169 


173 
173 


1695 

171* 

172 

173* 
173 


Low. 


High 


26 Thanksgiving  Day. 

27 ^  ••• 

28 172  172] 

172I  172! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low. 


^ 


172! 


172 


Low. 


Dec. 


High. 


22 

23 

24 

25 Christmas  Day. 

26 Extra  Holida) . 

28 

29 

30 

3i 


170 
170 


170 


REMARKS. 

In  November,  [906,  The  Pullman  Company  resolved  to  erect  a  plant  at  Pullman,  to  cost  $1,000,000 
or  more,  for  the  manufacture  of  cars  or  parts  of  cars  from  steel,  particularly  with  regard  to  freight 
cars. 

The  only  balance  sheets  published  by  this  corporation  are  those  required  by  law  to  be  filed  in 
Massachusetts. 

The  company  reports  "securities  owned,"  as  $8,203,858  (par  $6,958,917)  exclusive  of  $2,331,672 
of  treasury  stock   (par,  $1,682,500). 

(  >ct.  24,  1898.  by  order  of  the  Supreme  Court  of  Illinois,  The  Pullman  Co.  was  required  to  dis- 
pose of  the  realty,  improved  and  otherwise,  not  acquired  for  the  prosecution  of  its  business.  The 
property  included  churches,  schools,  residences  and  mercantile  buildings,  as  well  as  vacant  lot's.  The 
time  limit  would  have  expired  Feb.  18,  1904,  but  was  extended  for  five  years  from  that  date.  Sale 
of  the  different  parcels  has  now  been  practically  completed. 

Pullman  stock  sold  down  from  270  in  November,  1906,  to  180  in  December,  ex-36  per  cent, 
stock  dividend.  The  lower  range  of  the  stock  since  that  time  indicates  in  part  the  effect  of  heavier 
capitalization. 

It  is  to  be  noted  that  the  building  of  cars  for  sale  ceased  almost  completely  at  Pullman  during 
the  first  six  months  of  1908. 

Officers:  President.  Robert  T.  Lincoln;  Vice-President,  John  S.  Runnels;  Treasurer,  K.  Demmler; 
Secretary,  Alfred  S.  Weinsheimer.  Directors:  Henry  C.  Hulbert.  O.  S.  A.  Sprague.  Robert  T.  Lincoln. 
Norman  B.  Ream,  William  K.  Vanderbilt,  J.  Pierpont  Morgan,  Frederick  W.  Yanderbilt,  W.  Seward 
Webb,  John  J.  Mitchell.  Chauncey  Keep,  Geo.  F.  Baker. 

Fiscal  year  ends  July  31st.  Annual  meeting.  Thursday  after  the  second  Saturday  in  October, 
Chicago,  111.  Directors  meet  on  call.  Main  office.  Chicago,  111.  New  York  office,  15  Broad  Street. 
Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department). 


GIBSONS     MANUAL 


Railway  Steel  Spring  Company 


\  consolidation  of  all  the  importanl   factories  of  railway  springs,  steel  tired  wheels,  and  othei 
supplies,  under  a  New  Jersey  charter,  taken  out  Feb.  25,  [902.   There  are  seven  constituent  concerns, 

iiaineK  : 


A  French  Spring  1 
(  harles  Scott  Spring  Co. 
I  (etroit  Steel  &  Sprinj 
1  .atrobe  Steel  Co. 


National  Spring  1  !o. 
Pickering  Spring  <  1 1. 
Steel  Tired  Wheel  Co. 


The  companj    also  took   over  the  railway  springs  department  of  The  Crucible  Steel  Co.     ft  ha 
<int»e  continued  in  the  manufacture  of  these  specialties. 

Bonded  indebtedness,  I  >ec.  31,  [908 $4,083,000 

Preferred  stock,  7  per  cent,  cumulative 13,5001000 

Common  stock   13.500,000 


Total  capital    $31,083,000 


EARNINGS. 
ear  ending 
1  >ec.  31.  Net. 

1902  Not  Reported. 

1903 
1904 
1905 


$1,089,943 
r  .949.994 


1906  -2,341,120 


1907 
1 90S 


2,320,137 

975'"" 


Surplus. 

$903-78S 
1 .705,885 
1,580,871 
2,045,899 
2,236,465 
2,854,995 
2,270,942 


Earned  on 
t  iommon. 


1.07% 

8.749! 

8.58% 
def. 


1902 

Preferred    5 

Common    o 


DIVIDENDS. 


1903 

7% 
o 


1904 

n 


1005 
4% 


I  I  K  l<  > 

4% 


1907 

4'' 


1908 
391 


Preferred 
1  •■niiiion 


LOW  AND  HIGH  PRICES.  BY   YEARS,  SINCE   1902. 
1902  1903  1904  1905  1"""  1907 

M'l. 


1'«>N 


67 

Nov. 

7\yA  Mch. 

93       Ian. 

9/  «  July 

72      Nov. 

75       Ian. 

90 

Feb. 

"4      Dec. 

L06     Nov. 

107      Tan. 

99J4  Feb. 

103       Dec 

16 

16      May 

May 

44     May 

21 !    Oct. 

23\j  I  cb 

37 

3S      Nov. 

Dec. 

'•-'■,  Ian. 

Ian. 

40' 

Nov. 


3 

4 
5 

7 

0 

10 

1 1 


LOW  AND  HIGH  PRICES.  BY  DAYS,  NOVEMBER,  1908. 


I'f.l.  Com. 

96J-  96$     40H '' 
Election  Day. 
.......      42I  13 

44  -45  J 
15!  ■».=  • 
\~\  \S\ 
45i*46| 


99 
100 
100 
100 


99 

100 

TOO 
IOO 


IOO 


Pfd. 
Nov.    12 1  <»>'.- 1' « <\ 

"      13 •-••• 

14 in ■>.'.- KX).1. 

16 .-... 

'■       '7 -••• 

18 roof-iool 

"I -... 

20 

"    21 -... 


1  .>m. 

15 

14i-4S 

11,-44; 
441-45', 

441-44! 
43S-433 


Nov. 


23- 

24  ■ 


Pfd. 
roi  -101 


t  'mn. 


26 Thanksgiving  Day. 

27 "•• 

28 -.. 

3" -•• 


43f-43i 

43  -43 


GIBSON'S     MANUAL 


277 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 

Com. 

Pfd. 

Com. 

[MM.            Com. 

1  tec. 

T  .  .  . 

- 

....... 

Dec! 

11... 

....... 

43§-43h 

Dec. 

>  > 

km   -101       46.',-4<) 

•* 

0 

1 0 1 1  - 1 03 

433-431 

'• 

12.  .  . 

....... 

43i-433 

tt 

23... 

.        .......       48  -48-J 

tt 

3-  ■• 

...... 

" 

14.  .. 



45^-471' 

" 

24... 

-•••       481-4<> 

it 

4... 

-. . . 

....... 

" 

15... 

....... 

43^-44:'! 

•  > 

25... 

Christmas  Dav. 

a 

5... 

102  -102 

43  -43? 

" 

16... 

101  -101 

44  -44' 

a 

26... 

Extra  Holiday 

it 

7. . . 

.       102i-I02i 

4-':7-4-'7 

n 

17... 

....... 

443-453 

(< 

28 . . . 

. .     io2.!-io2.V     49  -49I 

tt 

8.  . . 

-.  .  . 

....... 

tt 

18... 

.       IOO    -TOO 

45  -453 

ti 

29... 

..     1 02?,- 10 >i     48  -40} 

t( 

0... 

ioi-1-ioiJ 

....... 

a 

1 0 .  .  . 

....... 

453-47 

i{ 

30... 

.     io2.\-to2!     47r4,s- 

a 

10. . . 

"... 

43  -43i 

u 

21 .  .  . 

....... 

46J-47 

a 

31... 

..      I02i-I02i      48   -484 

REMARKS. 


The  capacity  of  this  company  has  been  increased  to  225,000  tons  annually,  and  62,000  steel-tired 
wheels. 

Reports  are  scanty  and  little  information  is  supplied  to  the  public. 

Gross  earnings,  1908,  first  information  on  this  point,  were  $5,920,464.  A  material  reduction  of 
business  in  1908  was  admitted,  due  to  the  general  dulness  of  trade.  The  plants  have  been  maintained 
in  a  high  state  of  efficiency,  in  expectation  of  a  revival  of  business  in  1909. 

Officers:  President,  \Y.  H.  Silverthorn ;  Vice-President,  F.  F.  Fitzpatrick ;  Treasurer,  E.  Mc- 
Cormick;  Secretary,  M.  P>.  Parker.  Directors:  Julius  E.  French,  W.  H.  Silverthorn,  S.  L.  Schoon- 
maker,  Frank  S.  Layng,  Charles  Miller,  James  W.  Fuller,  Frank  0.  Barstow,  Philo  N.  French,  Win. 
M.  P.arnum,  Chas.  W.  Barnum,  Geo.  G.  McMurtry. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  first  Thursday  in  March,  Jersey  City,  N.  J.  Di- 
rectors meet  on  call.  Office,  30  Church  Street,  New  York.  Traded  in  on  the  New  York  Stock  Ex- 
change  (Unlisted  Department). 


GIBSONS     MANUAL 


Reading  Company 


Iness,  June  .  538 

;  preferred  stock  (pa  umulative. .    .. 

"ii.l  preferred  stock  (pai  cent,  non-cumulal 

lock  (par  !j  


:1   »jii  J 1  i  I  ;i  1 


•  538 


the  tirM  for  i»"  years,  ihc  1    inpanj   has  the  n^ln 

common  and  one-half  into  1*1  r - 1  ; 

Mileage,   Phila.  &    Reading   Railway 1    • 

Per  mile  capital  me 903 

Fixi  ges,  1908,  including  taxes,  pei  cent,  of  net  income,  all 

63.18 

1  Iperating  expense,  per  cent,  of  gross.  Phil.  &  Reading  Railway, 

new   1  >:i-t-  '■) -,:  i 

EARNINGS,  ALL  COMPANIES. 

Vear                                                                   Year's  Earned  on 

Ending                    ttal  Fixed              Surplus  Accumulated     Reading 

Inn.               Net  Income.  Charges  Over  Divs.  Surplus.       Common. 

1900  $14,303,115  $12,365,115  $1,098,000  253.499 

1    'C  <3-^7-55           '  1 7' •  7'7  v*7'-7-4         " 

_•   16,293,992  '4.35(>'-              I/>94^93  86,616        0 

j   19,416,232  14.405.jjj          3,831,010  8,237,623        3.079! 

21,872,938  I4o89.307            5.693.631  1  1. Si  1, .4;-. 

24,242,865  14,683,967            4,308,898  14*445.353         ''' 

...      21,895,324  14.554.35S            1,740.96  826,320 

1907    23,273.853  '4-«'7''-757           2,697,096  22,523416 

1908    24,185,745  15,281,687           3.304,058  25.827475 


EARNINGS.  PHILADELPHIA  &  READING  RAILWAY. 


War 

End 

Gross 

une 

«  )]..  Rev. 

1900  . . . • 

1901    . . • ■ 

28,344,169 

[902 

29,515,534 

1903   ■••• 

32429,791 

[904   . . . . 

34.939.396 

$7,495,719 

. .     40,563.725 

1907 

13.528,936 

"  1908 

10,902,538 

**Net 

Net  P.  1 

Earned  ■  >n 

Income. 

of  ( ir.     - 

Surplus. 

Stock. 

$9,649,558 

35 

$74 

3  7iJ° 

9,777,820 

34-5 

[,568,175 

.\% 

•536 

364 

4.587 

6.13% 

11,836,528 

36.5 

5,112,102 

11,- 

1    v,-.  K>.804 

39-47 

8,368 

21  5* 

17.004.933 

45-35 

[0,387,530 

36.7* 

1  1,887,202 

36.7 

9.77- 

21,., 

15,791,671 

36.27 

9,816 

5,639 

39-77 

10,162,1  66 

3»7 

tion 
li  .1   in   fixed   charges. 


EARNINGS,   COAL  &    IRON   CO. 


Jim. 


23 

1.174 

■ 
;ji 


Mining 

$u,it 

1,978 
76,964 

17.3; 
16.904,915 

11.729 
26,334 


I'm  ight 
Expi 

7.76 

1.79 
7,192 

- 

i.i.i  -- 

2,183 


Interest 
and  <  Mlu  1 
uses. 

$7.37 
7.795.173 

7.07$ 

8.765,188 

9,183464 

8,712 

9.917 

8,128 


Surplus 

of  ^l 

.  •<.^7-'"'.n 

1,709 
def.  183.532 

77 

91 5 

def.  130 
def.     71 

207,524 


P.  &   1 

83! 
652,1 16 

i.)jj.  j6i 
l.u 

1  .j;.i..|j" 
1,188438 
r,395.962 


GIBSON'S     MANUAL 


270 


LATEST  REPORT. 

Earnings  of  both  companies,  for  seven  months,   ending  Jan.   31,    1909,   compared    with   last    year, 


were  : 


Gross. 


Net. 


1909 $43>833>846  $10,428,625 

[908 50,605,342  11,968,714 


DIVIDENDS. 

1900 

1901 

1902 

1903         1904 

I905 

1906 

1907 

1908 

1st  pfd 
2nd  pfd .  .  . 
Common   . 

•     3% 
.     0 

0 

4% 

0 

0 

3% 

0 

0 

4  %        ■  4% 
ihfo           4% 
0                 0 

4  % 
4  % 
3i% 

4% 
4% 
4% 

4% 

4% 
4% 

4% 
4% 
4% 

Note:     Phila.  &  Reading  Railway  pays  to  the   Reading   Co.  30  per  cent,  a  year. 


LOW  AND  HIGH  PRICES,   BY    YEARS,    SINCE    1900. 


1900 


1901 


1902 


1903 


1904 


1905 


1906 


1907 


1908 


ist    pfd.    ...49      Jan.  65       May  79%  Mch.  73      Sept.  76      Mch. 

71^  Dec.  82?s  Dec.  90%  Sept.  89%  Feb.  92      Dec. 

2d    pfd.    ...26      Jan.  38      Jan.  60      Jan.  =5534  Nov.  5514  Feb 

39J-8  Dec.  64^  Dec.  8o?s  Sept.  81      Jan.  85      Dec. 

Common    ...15      Sept.  24^  Jan.  52^  Mch.  371/,  Nov.  38^4  Mch. 

26      Dec.  58      Dec.  78^  Sept.  69^  Jan.  82^  Dec. 


90      May 
97      Sept. 

84      Jan. 
100H  Sept. 

79      Jan 


89  Sept. 
96  Jan. 

90  May 
102  Jan. 

112  May 


73 
92 

67 
94 


Oct. 
Jan. 

Nov. 
Jan. 


H33A  Nov.     164  Jan. 


7oy2  Oct. 
139^  Jan. 


78      Jan. 
92      Dec. 

76      Jan. 
99      Dec. 

92^  Feb. 
I43J4  Dec. 


LOW  AND   HIGH   PRICES,   BY   MONTHS,   SINCE   1900. 


Jan. 


Feb. 


Mch. 


■  Apl. 


May 


June 


1900 1st  Pfd.  49  -  56^  53I-  60  s6i-  654 

2nd  Pfd.  26  -  294  28|-  303  28I-  34§ 

Com.. . .  174-  19  184-  19!  17  -  2o§ 

1901 1st  Pfd.  68i-  77  70  -  77  695-  76J 

2nd  Pfd.  38  -  47I  39i-46  40  -  5^ 

•- Com. ...  244  -36  294-  35  294  -36i 

1902 1st  Pfd.  8oi-  83!  8r4-  84!  79h  82 

2nd  Pfd.  60  -  66|  624-  70+.  04^-  694 

Com. . . .  53f-  59  55I-  594  52$-  584 

1903 1  st  Pfd .  854-  m  854-  89!  84  -  85^ 

2nd  Pfd.  74  -  81  72,1-  78  70  -  74 

Com....  59J-  694  60  -  653  57  -  624 

1904 1st  Pfd.  77\-  81  79  -  80  76  -  794 

2nd  Pfd.  59-62  55i-  58f  56-604 

Com. . .  .  43f-  48  39^-  45I  38I-  45! 

1905 1st  Pfd.  914-  93^  92  -  94  91  -  92^ 

2nd  Pfd.  84-89  88-92  891-91! 

Com.. . .  79  -  903  88  -  974  924-  99I 

1906 1st  Pfd.  92I-  96  92  -  944  89I-  92 

2nd  Pfd.  96J-102  99^-101  978-98 

Com....  134^-164  i34|-i44f  I25  -J37 

1907 1st  Pfd.  894-  92  88  -  90J  84  -  89 

2nd  Pfd.  90  -  94  88  -  90  83  -  90 

Com....  1 194-139^  112^-126!  91  -1264 

1908 1  st  Pfd .  78-84  80  -  834  84  -  84 

2nd  Pfd.  76-82^  764-784  764-804 

Com....  944-H]  924-103!  94i-i°7| 


58  -  66* 

3°t-  35$ 
184-  214 

74i-  784 
49l-  57i 
344-  424 
8ii-  87 

67i-  744 
563-  684 
814-  84! 
66-70 
514-  60 

784-  79i 
61  -  66 

43$"  45$ 
9i  -  93 
90  -  914 
88f-  99 

894-  92 
90  -  98! 
120  -140 
84  -  864 
83-85 
103  -114 
80  -  82 
80  -  8if 

I02§-II2 


54  -  S9i 
264-  31* 
i6i-  184 
65  -  8oi 
39  -  59i 
34  -  464 
82  -  86f 

664-  72f 
59l-  684 
82  -  85 
664-  7ii 
47$-  56$ 
78  -  784 
59  -  624 
4of-  444 

90  -  92 
854-  87 
864-  944 

91  -  924 
90  -  984 

112  -1424 
80  -  844 
77h  83 

964-115$ 
82I-  874 

81 1-  864 
1071-119! 


S4i-  59§ 
264-  31 

16  -  18 

77  -  8o3 
544-  583 
43$"  484 
824-  854 
674-  71I 
61  f-  68 
8oi-  84 
60-70 
4i$-  52$ 

79  -  824 
624-  674 

434-  484 
90  -  92 

87  -  9i* 
914-1002 

92  -  93 
95  -  97 

1204-1453 

80  -  82 
784-  82 
97  -1074 
804-  824 
814-  84 

109I-1174 


2&  I 


GIBSONS     MANUAL 


[900 1-1    Pfd. 

2nd   Pfd. 

G mi. . . . 

[901 1st    Pfd. 

2nd   Pfd. 

Com.. . . 

UK'-' 1st  Pfd. 

2nd   Pfd. 

Com.. . . 

1903 1st  Pfd. 

' 2nd  Pfd. 

Com.. . . 

1904 1st   Pfd  . 

2nd  Pfd. 

Com.. . . 

[905 1st    Pfd. 

' 2nd   Pfd. 

Com. . . . 

[906 1  >i   Pfd . 

2nd   Pfd. 

Com.. . . 

1907 1st  Pfd: 

2nd   Pfd. 

Com. . .  . 

1908 est    Pfd. 

2nd   Pfd. 

Com..  .  . 


July. 

58J-  6i| 

28  -  -o; 

ioL\-   17: 

73  -  798 

47 1-  57 

361-  47 
83!-  K7! 

<"i  73i 
|'5:;  00; 
80  -  833 

66  -  704 

46I-  52f 
82  -  834 

67  -  72i 
46!    54l 

01  I-  95 
01  \-  96 

mm:    h.S'; 

92  -  93 

90-90 

1164-132 

79   m 

794-  80 

iooi-108; 

82"-  833 

83I-  843 

1  12;  1 22 1 


Aug. 

56^-  60J 
-7\-  29k 

k.:;-  17I 
7-^  79I 
wl-  563 
39  -  45* 

86  -  88 

724-  76i 

66|    70J 

79k-  82 

65  -  7°8 

4SJ-  58* 

83  -  85* 
70  -  75i 
5 if-  63 
924"  951 
91  A-  96 

[033  i25:; 
90J-  93 

94  -  95 
[29I-144I 

793"  8l4 
75  _  7? 
85i-io3i 
84§-  87 

84  -  884 
121  [-130! 


Sept. 


Oct. 


Nov. 


I  >ec. 


5oJ-  575 
23!-  27! 

15  -  10: 

73  i  77i 
49 1  563 
384-  45i- 

N5A  QOi 

74  -  &>3 
64  -  78i 

73  -  79 
62  -  70 

434-  551 

84  -  862 

74  -  78i 
1  i  1 1  -   70 

91  -  97 
93  -iooi 

1 I4f-i24 
89  -  90^ 

92  -100A 

i.V'l  1  5K 
s, ,  82 

7?  '   80 
904-  08| 
86  -  88 

85  -  88 
[204-137I 


53*" 

-'51 

1  Si 

74 

\*:; 

3&i 
83i 
73l 

65  - 
744- 
60  - 

434- 

774- 
68J- 

9i4- 

974- 

"94- 

90  - 

952- 
138- 

73  - 
67]- 

7oi- 

871- 

86  - 

1264- 


6o£ 

29! 

19I 

774 
545 
13- 
881 
80 

733 

774 

"l 

4*- 

881- 

82 

7/4 

95! 

ioo,i 
129I 

Ml 
IOO 

'55  I 

84 

75 

95  J 

89 

881 
134! 


?7',     "5 

271- 

174- 

77 "I 

534- 

423- 

84  - 
7"  - 
523 
75  - 
554- 
37i- 
874- 
794- 
7o2- 
9i4- 
96- 

I28J- 

90  - 

M"J 
1384- 

73  ■ 
67  - 
72J- 
87^ 

85  ■ 

13 1  1 


32i 

20 1 

81 

613 

52 
88 

77 '.-' 
673 

77 
62^ 

46" 

8ii 

784 

04! 

1 43  i 
9i 
98 

15". 
77  \ 
69 
90s 
90 
90 

141.! 


62g- 

304- 

193 

7»3 

553- 

45- 

833 

7- 
533 

754- 
58- 
405- 

8oi- 
73l- 
9if- 
95  - 

1333 
89- 
963 

129  - 
74  - 
74  - 
*7- 

S83- 

88  - 
i35§- 


7'A 

39s 

26 

823 

643 

58 

873 

783 

673 
784 
6i| 

47! 
92 

85 

82| 

93 

973 

[4i3 

Ml 
1523 

75 

7" 

973 
92 

99 

i43i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


2nd  Pfd. 
86  -86 


ist  Pfd. 

88  -90 

Election 

88  -90 

884-894 


4 86  -86 

5 86  -86 

6 85  -864  884-89* 

7 863-87.I  894-894 

m 88-88  90-90 

10 881-89  89  -90 

11 89  -893  89  -894 

12 87-80  894-894 

13 87^-893  88  -89  \ 

14 89  -89  89  -90 

[6 884-884  88  -884 


Com. 

I3if-I33t 
Day. 
i3.Vs-i35 
135  -1364 
1354-I36i 
137  -1374 
I36|-I39§ 
1381-1404 
I36§-I395 

1374-139 

1384-1404 
i385-i4of 
1 384-140 J 


Nov. 


2nd  Pfd.  istPfd. 

17 884-89  88  -88 

i8 89  -89  89  -89 

IM -90  .  .  .-90 

20 874-89  874-89 


21. 

-'.V 

24- 

25- 

26. 

->7- 

28. 

30. 


87  -89 

88  -89 
87  -89 

88:1  So 


88 


874-87! 
874-874 
884-89" 
Thanksgiving 
88      884-884 


-88|    874-89 


Com. 
1394-MI4 
I38f-I4li 
i374-i3ol 
1353-13^ 
136  -137' 
I35I-I373 
1364-130. 
139  -140I 
Day. 
1394-141 
I39f-i4i 
I38#-I4o! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


I  >ec 


2nd  Pfd. 


ist  Pfd. 
88  -88 


Com. 
1381-1404 

2 - -..-      I374-I404 

3 - .-.-•      1374-1384 

4 - -•••      I384-I39S 


/  ■  ■ 

8.. 

9.. 

10.. 


92  -92 
883-88$ 

89  -89 


11 90  -90 

12 904-903 

14 90    90 


881-99 
90  -93 
92^-96 
94I  963 
934-953 
044-05' 
943-943 
94  -"4 


I38!-I4if 
I394-I4I 
140  -141 1 
I4lf-I42f 
1414-142! 

I4I4-M34 
141I-142I 

[404-I433 


15 90  -90       .......     1393-141 

16 004-903      "4   -943 


1393-141 s 


De< 


2ii«l  Pfd. 
90J-91 
91   -91 


ist  Pfd. 

93  "93 
92  -92 


Com. 

[38I   141 

138  -139! 

138  -139I 

I35S-I384 
1 36;-i39 


17 

18 

19 

21 -.  .  .     92-92 

22 Mii-Mri      ....... 

23 014-91J      •••-•••      r38|-l40j 

24 -...     94-944     1394-MOs 

25 Christmas  Day. 

Extra  Holiday. 

.  .  92  -92   944-95  T40  -141  - 

92  -02   .......  140^-142! 

.  .  M2  -92   934-933  1404-142I 

- -■■■  M^-M^:! 


2(x 
2*. 
29. 
30. 

31- 


GIBSONS     MANUAL 


281 


MARKET   MOVEMENTS  OF  READING,  COMMON,   FROM    1900  TO    1908,   INCLUSIVE. 


REMARKS. 


Securities  owned  by  the  Reading-  Company,  Juno  30,  1908:  Total,  $123,7111  .--5-  comprising 
$20,000,000  of  Philadelphia  &  Reading  Railway  bonds,  $23,066,116  of  bonds  of  sundry  companies,  $20,- 
000.000  (the  whole  issue)  of  Philadelphia  &  Reading  Railway  stock,  $8,000,000  (the  whole  issue)  of 
Philadelphia  &  Reading  Coal  &  Iron  stock,  and  $52,695,109  of  stocks  of  sundry  companies. 


282  GIBSONS     MANUAL 


In  addition  to  the  foregoing,  the  Coal  &  Iron  Co.  is  rated  in  the  list  of  assets  at  $75,241,270. 

A    controlling   interest   in   Central   Railroad   of  New  Jersey  was  purchased  in  January,  1901. 

I  Iir  Reading  Company  dates  its  corporate  existence  from  1871.  but  was  originally  called  the 
Excelsior  Enterprise  Co.,  later  the  National  Co.  In  1896,  the  present  name  was  assumed,  in  order  to 
carry  out  a  reorganization  of  the  Philadelphia  &  Reading  Railroad,  under  the  plan  of  December,  1895. 
1 1  has  power  to  hold  the  securities  of  the  constituent  companies  and  operate  the  entire  system. 

Baltimore  &  Ohio  ami  Cake  Shore  &  Michigan  Southern  practically  own  control  of  the  Reading 
Co.,  by  virtue  of  purchases  of  about  $60,000,000  of  its  stock  in  1902  and  1903,  mainly  the  preferred  shares. 

There  are  no  convertible  bonds  of  this  system. 

The  coal  lands  of  this  company  comprise  91,640  acres,  and  7,323  acres  more  are  leased.  In  the 
fiscal  year  of  1908.  there  were  mined  10.218.3Qj  tons  of  coal.  The  right  to  mine  coal  is  derived  from  the 
State  Constitution  of  1873.  The  Hepburn  Rate  Law  having  required  all  coal  railroads  to  divest  themselves 
of  their  mining  properties  by  May  1,  1008,  the  Reading  Company  contested  this  infringement  upon  its 
constitutional  rights  and  has  won  the  case  in  the  lower  courts.  The  case  has  been  taken  to  the  United 
States  Supreme  Court  and  a  hearing  set  for  January  4.   1909. 

Officers:  President,  George  F.  P.aer ;  Vice-President,  W.  R.  Taylor;  Treasurer,  H.  E.  Paisley: 
Secretary,  \Y.  R.  Taylor,  Directors:  George  F.  Baer,  Henry  A.  DuPont,  Henry  P.  McLean.  Samuel 
Dickson,  Joseph  S.  Harris.  II.  McK.  Twombly,  Edward  T.  Stotesbury,  Henry  C.  Frick  and  Oscar  G. 
Murray. 

Fiscal  year  ends  June  30.  Annual  meeting,  first  Tuesday  in  June,  Philadelphia,  Pa.  Directors  meet 
third  Wednesday  of  each  month,  except  July  and  August,  when  no  meetings  are  held.  Office,  Philadelphia, 
Pa.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  London  Stock  Ex- 
change. 


GIBSON'S     MANUAL  283 


Republic  Iron  CBi  Steel  Company 

A  corporation,  formed  under  New  Jersey  laws,  May  3,  1899,  as  a  combination  of  more  than  30 
rolling-  mills,  steel  foundries  and  blast  furnaces,  with  a  very  nearly  equal  number  of  iron  ore,  coal,  coke 
and  limestone  properties.  The  factories  are  located  in  Ohio,  Illinois,  Indiana,  Pennsylvania,  Kentucky  and 
Alabama,  and  the  mines  in  Pennsylvania.  Alabama,  Michigan  and  Minnesota.  A  part  of  the  valuable  iron 
ore  possessions  of  the  company  lie  on  the  Mesaba  and  Marquette  ranges.  The  company  has  improved  the 
equipment  inherited  from  constituent  concerns,  by  the  erection  of  new  and  modern  steel  plants,  blast  fur- 
naces, coke  ovens,  etc.,  thus  increasing  the  quantity  and  reducing  the  cost  of  its  output.  The  manufactures 
of  Republic  Iron  &  Steel  include  bar  iron,  steel  rails,  steel  billets,  pig  iron,  structural  shapes,  nuts  and 
bolts,  axles,  and  a  variety  of  small  specialties.  In  1907,  10,649  lllcn  wCre  employed.  Its  ore  reserves 
amount  to  88,685,439  tons  in  the  South,  35,427,796  in  the  North;  total.  124,113,235  gross  tons. 

Bonded  indebtedness,  June  30,  1908 $8,891,000 

Preferred  stock,  7  per  cent,  cumulative  and  preferred  as  to  assets.  ..    20,410,900 
Common    stock    27,191,000 


Total  capital    $56,498,"  H  -  > 

EARNINGS. 

Year  ending  Surplus  Earned  or 

|une  30.  Gross  Sales.  *  Net  Income.  Account.  Common. 

1900,   141110s Not  stated.  $3,643,729  $2,222,050             8.16% 

1901 "  309,099  1,109,666             o 

l<)02 $24,430,680  2.248,832  1.934.389                   3-°3% 

[903 25,647,170  2,740,900  3,248,206             4&3% 

1904 17,242,569  def.       254,188  2,636,722              o 

[905 22.188.S43  1,704,202  4,010,330             o 

1906 26,196,439  3.3-"M/0  **3. 133,284              4-8i% 

1907 31,227,424  4,344,811  **3,799,964             8.4670 

1008 18,693,882  2.527.449  4,699,527             3-3T% 


*Less    improvements    and    depreciation    charges. 
**Full  arrears  of  preferred  dividends,  charged  against  Profit  &  Loss  in  these  years. 

Year  ending  Finished  and  Pic  Iron,  Ore,  Coke, 

Tune  30.  Semi-Fin.  Tons.  Tons.  Tons.  Tons 

1002 vri,6o9  376,297  539,6i3  149,699 

190} '=77.222  3*7-717  724,797  347,646 

1904 456.833  377.565  864,957  250,520 

1905 672,012  442,640  794,167  256,264 

1906 742.43S  493.344  970,106  343.485 

1907 804,30. .  614,954  947.069  521.561 

iqo8 434.230  494.6/6  1,025,460  426,968 

DIVIDENDS. 

1900      1901      1902      1903     1904     1905     1906     1907     1908 

Preferred 7%       7%       7%        7?>        °         Tt%       7%       7%       3i% 

Common 000  000000 

Note:— Full   arrears  of  accrued  dividends  on    the  preferred  were  paid  in  the  fiscal  years  of  1906  and  1307,  by  extra 
disbursements  quarterly,  the   requisite  amounts  being  charged  against  Profit  &  Loss. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


igoo  1001  1002  1903  1904  ip°s  T9°6 19<V I0°8 


Preferred    .49      Aug.  5554  Jan.  68      Jan.  36^  Nov.  37      May  67      Jan.  91       May  so1/-  Oct.  64  Apl. 

7054  Feb.  82      Apl.  833/6  Sept.  8o?4  Feb.  73V,  Nov.  108      Dec.  1 10^  Jan.  100      Jan.  8)' ,  Nov. 

Common         9      Aug.  u34  Sept.  15^  Jan.  5s s  Nov.  6      May  15      Jan.  2214  May  12      Oct.  i43/t  Feb. 

27'/<  Feb.  24      June  24M  Sept.  22.^  Feb.  i8J4  Nov.  36^  Dec.  40^  Sept  41      Jan.  29  Nov. 


284 


Pf d . . 

Com. 

Pfd.. 

Com. 

1902 Pfd.. 

(  om. 

1903 Pfd.. 

1  'om. 

1904 Pfd.. 

< bm. 

[905 Pfd.. 

Com. 

[906 Pfd.. 

O  Mil. 

[907 Pfd.. 

(  'mil. 

[908 Pfd 

»  "II!. 


1900 Pfd.. 

(  "in 

p.'  'i Pfd.. 

(  bm. 

1902 Pfd.. 

Com. 

[903 Pfd.. 

Com. 

[904 Pfd.. 

C'mn. 

[905 Pfd. . 

Com. 

6 Pfd.. 

Com. 

[907 Pfd.. 

Com. 

[908 Pfd.. 

( bm. 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 
04-;-    "SI 
[9I     24i 

55;- 65! 

12;-    iS! 
68  -  70 

iSt-   '73 
77k-  793 

j"  I    _>_•! 

4<>i-  493 

64-    83 

67-71% 

>5  "  i7« 
104I-1104 

32  -  39 
1 1"  -100 

335-  4i 
66£-  7*4 
16  -  [81 


July. 

53  "  5*1 

ioi-  13 

69!-  76J 

17  -  22  [ 

72|-  77 
[7  -  i92 

''4   -   74  i 

41   -  46 
61-     81 
78I-  84 
10I-  ->i! 
92J-  993 
24  -  jm! 
82  -  85 
26f-  30 
66|-  741 

I7f-    2lf 


Feb. 

07.!-  70S 

58-  65 

13S- 
685J 

tsl- 
78|- 

21  - 
41  - 

68*- 
16  - 
102 

29 


Mch. 


95? 


'7i 
71 1 

'71 
8ojj 

22 1 

45 

8^ 

231 

108J 
36J 
99 


32i-  364 

65  -  68 

'4:;-  17 


Aug. 

40  -  55 
9  -  132- 
72  -  76^ 

I  8.',-  21* 
751-    7X1 

.8',-  21* 
59  -  68 

<K-    I2| 

41 i-  45 

74-    71 

83  -  90 

20j-    22* 

98£-ioi3 

28.',-  31* 

68*-  83i 
i8|-  26* 
73§-  82! 

203-  251 


65*-  68^ 

19-r  23! 

63  -  75 i 

'5l-  t9i 

7'-  75 

[6j  18! 

76i-  7"A 

19  "  2i| 
4'  4-  44 

7  -     8 

76  -  83* 
18  -  23! 
983-1054 
26J-  3-' 
78  -  98 
224-  33I 

65  -  75 
15I-  20 

Sept. 

5oi-  55 
10  -  [3^ 
60J-  74 
[if-   [9I 

77  V  83i 

i<K-  24S 

59f-  69 

9  -   111, 

42.]-  46S 
74-    93 

87  -  953 

20  -  24;' 

97  -103J 
29J-  40! 

7-!-  79 
[9!-  25 

75  -  82 
20J-  24I 


Apl. 

584-  66| 

-'4! 
82 

_>_>!, 

76 

20 

79 

20 

48 


'7 

743 

is; 

724- 

'7/ 
75$- 
18  - 


41*- 
6S 


71 « 

174 

94 


84; 

-4: 
1035 
25  -  324 
81    -  88  J 

253-  3 1  \ 
64  -  7\\ 

M» !-  19 


Oct. 


5':;-  57; 
11  -  15 j 

64  -  67 
144-  15S 
764-  81 

19s-   23! 
504-  63 

74-  io_ 

47  -  54s 

9  -  13 

92|-  o8g 

234-  27J 

96  -  99 
34:l-  393 
5o4-  73s 
12  -  20J 
78  -  Si  I 
21  -  24! 


.May. 
59 

78 

2] 


52 
12 

67    ' 

'5 

724- 

I"-: 

743- 

MA- 

37  • 

6  ■ 

683- 

is4- 

91  ■ 

22*- 

8l    ■ 
23   - 

66  - 

17  - 


75\ 
i9i 

78S 

i'i; 

423 

7 
76 
[9! 

103I 
29I 

86*. 
29 
72 

3.; 


X"\ . 


5"!-  65I 
13  -  [94 

66  -  71  >| 

Ms-  l6| 

74  -  79 

18  -  22 

36!-  52 

5f-    7  s 

53  -  734 

i.l-  i8i 
92  J- 1 04 

23]-  33l 
974-ioii 

343-  38^ 
544-  614 
12J-  171 

Si]-  89* 
244-  29 


June. 

494-  58 i 
82-  14I 
744-  78 

19  -  24 

7^'r  75s 

17  -  i8i 

734-  764 

134-  16 

38  -  423 

6J-     64 

7i3-  79 
163-  20+, 

94  -105] 
25I-  31! 
81  -  86 J 
24  -  27} 
63  -  7i3 
[6§-   [9J 

Dec. 
62^-  653 

15  "  1/ 

654-  693 

14.'-  i6* 

74 !-  78J 

17  -  21 

38  -  434 

6  -  7s 

65  -  7i5 
14  -  18 
1023-108 

32  -  364 

96  -103I 

37  "  4lf 

62  -  70 

154-  ISA 

85i-  87  s 

24  -  2j'i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


N< 


2. 


Pfd. 

81I-S1I 

8if-83i 
834-844 


3 . . .  . 
4.  ..  . 
5 . . . . 

6 843-86} 

7 87  -87J 

9 86I-87! 

10 87  -873 

11 86£-87i 


Com. 

244-243 
Election. 

24f-25 

254-254 
25I-26I 

273-28 

27  -283 

27  -27i 
26JI-27I 


Pfd. 

Nov.  12 87  -88f 

"  [3 883-89* 

"  14 89  -89} 

••  16 88.I-89 

"  17 88.V-89 

"  18 88  -88* 

••  19 88*.-88* 

"  20 864-881 

"  21 87  -873 


Com. 
274-28f 

281-29 

283-285 

283-28* 
283-283 
273-28* 
273-274 
27  -27I 

27  -27! 


Nov. 


23- 

24- 

-5- 
26. 


28. 
30. 


Pfd.         Com. 

So. ',-87  27  -273- 

86J-88  27I-273 

88  -88|  273-273 
Thanksgiving. 

873-88  273-27I 

873-873  273-273 

87  -87*  27  -2: 


L 
/  1 


LOW  AND  HIGH  PRICES,  BY  DAYS.  DECEMBER,  1908. 


Pfd. 
Dec.      1 87    S;i 

2 864-86^ 

"       3 -••• 

'•       4 86:;  sr 

5 864-87 

"       7 86  -86J 

"       8 86    86} 

••     9 863  863 

"     k. 86f-86j 


(  mil. 
26!-27! 
26J  27  i 

, 
26J-2(H 

26J-26J 


Pfd. 

Dec.    n 86  -86| 

12 86    86 

...  864-86S 

...  86  -86 

. . .  86  -86 

...  86  -86* 


>4- 
1 5. 

in. 

>7- 


18 85f-86 

19 *53  *5- 

21 85!-s5e 


i  "dm. 

26f-26| 

26J-26| 

26!  27! 
26I-26! 

26    26I 

253  261 

25  ^5\ 
24  -25 


I  )ec. 


23- 

24- 

25. 
26. 

2*. 
2V,. 
30. 

3i- 


Pfd. 
85*-85i 

85l-85s 

Christ 

Extra 

864-87 

873-873 
86  -Z7\ 

86  -86 


Com. 
244-244 

243-25 

253-253 

mas  Day. 

Holiday. 

253-26 

2^-2(K 
2^,l-2h 
25^  -25'; 


GIBSON'S     MANUAL 


28s 


MARKET  MOVEMENTS  OF  REPUBLIC  IRON  &  STEEL,  PREFERRED,  FROM  1900  TO  1908, 

INCLUSIVE. 


REMARKS. 

The  company  was  seriously  affected  by  the  business  depression  but  greater  efficiency  of  labor  is  re- 
ported and  a  reduction  of  manufacturing  cost. 

Payment  of  the  July  dividend  in  1908  was  deferred,  because  the  general  mortgage  requires  that  net 
quick  assets  shall  be  maintained  at  $6,500,000,  while  the  outstanding  bonds  are  yet  more  than  that  amount. 

Physical  condition  of  the  properties  is  well  maintained  by  liberal  annual  appropriations  for  recon- 
struction, depreciation,  etc. 

Officers:  President,  Tracy  W.  Guthrie;  Chairman,  John  A.  Topping;  First  Vice-President,  Thomas 
J.  Bray ;  Treasurer  and  Secretary,  Harry  L.  Rownd.  Directors:  Edward  J.  Berwind,  Samuel  G.  Cooper, 
John  W.  Gates.  Grant  B.  Schley,  G.  Watson  French,  j.  1!.  Duke,  HarryiS.  Black,  Tracy  W.  Guthrie,  John 
A.  Topping,  Leonard  C.  llanna,  Earl  \V.  Oglebay,  and  Harry  L.  Rownd. 

Fiscal  year  ends  June  30th.  Annual  meeting,  third  Wednesday  in  October,  Jersey  City,  N.  J.  Direc- 
tors meet  on  call.  Main  office,  Pittsburgh,  Pa.  New  York  office,  115  Broadway.  Traded  in  on  the  New 
York  Stock  Exchange  (Listed  Department). 


GIBSONS     MANUAL 


Rock  Island  Company 


Preferred  stock,  4  per  cent,  non-cumulative,  until  1910,  then  5  per 
-  1  non-cumulative  until  1917;  thereafter  6  per  cent,  non- 
cumulative;  preferred  as  to  assets  and  holding  the  right  to  elect 
a  majority  of  the  directors $49>I39.300 

I  1  mmon  stock *"v.vv7"7 

Total  capital  $138,873,007 

Mileage  Ch.,  R.  1.  &  Pac.  Railway 7.969 

Per  mile  capitalization  of  same $33,486 

Fixed  charges  of  -unic,   m>o8,  including  taxes,  per  cent,  of  net  in- 
come     • 71  .i 

Operating   expense,   excluding   taxes,   per     cent,    of    gross,     new 

basis 7--.v 

►Compared  with  68.14  old  basis,  previous  year. 


EARNINGS. 

Combined  income  account  of  Rock  Island  Co.  and  Ch.,  R.  I.  &  Pac.  Railroad.     (See  ••Remark-."  1 
Y ear  Ending  Balance  for  Surplus  Rock 

rune  30.  Total  Income.     Fixed  Charges.         Year.  Island  l 

1903 $3,824.24'  $2,314,004  $S5.38i  $55.38i 

14 5.629.410  3.552.038  129,764  50,77 

15 5,510,000.  3.683,892  def.   [24,103  28,111 

[906 4413467  3.688,448  -'.v-?'.-  39.271 

[907 $.872,418  3,717,129  [55,  69,048 

[908 3.7I4.I31  3.704.880  9,251  111,964 


EARNINGS,  CHICAGO,  R.  I.  &  PAC.  RAILWAY. 

YearEnding                Gross  Netlncome,  NetP.C.of 

March3i.              Op.  Rev.  Less  Taxes.  Gross  Inc.  Surplus. 

[900 $22,650,604  $8,369,593  35-84  $5,493,472 

1901 25,364,695  8,900,98]  34.15  8,590,797 

• 28,385,8  [6  1  1 .1  »7<  1.070  .>7-77  '  3>5(  »3.838 

Year  ending 
June  30. 

•3.15  mo.      w-376,620  [6,669,642  [8,667,150 

1.." ^,969.491  [3,190,853  28  24.500.858 

g 44.051,  12,909,483  28.32  [9,678,987 

[906 51,237,858  15.55t.7i7  29.77  Mi.u5.124 

"1907 60.138,673  18,263,421  30.06  iM.125.u1 

1908 58,484  [4,686,755  24.8. ,  [6,159,122 

•Inti  1     1  tion, 

**Spccial  funds  in  addition  to  this  surplus,  were  $4,892,870  >"  """s 


Earned  on 

Stock. 

8.92 

10.10% 

12.1  . 


6.319! 

9.059! 

[i.669i 

6.299 


LATEST  REPORT. 

Earnings  for  five  months,  ending  Nov.  30,  [908,  compared  with  last  year,  Rock  Island  proper,  were. 

Gross.  Net. 

[908   $26,443,315  $7,232,003 

1907   -7 -'"•  7--^-^r- 

DIVIDENDS. 

[904  [905         [906         [907         [908 

Preferred    \' ■ 

mmon  0  o  o  o  o  o  o 


GIBSON'S     MANUAL 

287 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1902              1903                  1904                 1905                  1  <><>(> 

1907 

1908 

Preferred   71     Nov. 

85*  Nov. 
Common 33}  Dec. 

50J  Dec. 


55*  Sept. 

57l  Jan. 

60}  Nov. 

60     July 

26}  Nov. 

21  <";   Feb 

86     Tan. 

86|  Nov. 

85     Jan. 

69!  Aug. 

<>4',  Jan. 

62I   Dec 

19}  Aug. 

i<ii  Mch. 

2 1  ;  Dec. 

22}  July 

11}  Nov. 

10]   Feb 

53l  Jan. 

373  Nov. 

374  Jan- 

32f  Dec. 

3- 'I  Jan. 

25]  Dec 

These  stocks  were  listed  in  New  York,  November,  1902. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1902. 


Jan. 


Feb. 


.Mch. 


Apl. 


\l.i\ 


June 


1902 Pfd.. 

.'.  .Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904.  .  .7.  . .  .Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


79}-86 

47i-53s 
S7f-68| 

20|-27^ 

791-85 

334-374 

6iJ-65i 

23I-26J 

581-64-J 

25i-3°i 
26J-30J 

13I-15I 


80  -83 
46f-5ii 

59  -6-t£ 

i9f-24} 

79f-82| 

34  -37 

64  -67f 

24I-28} 

5i}-6o 

23^-27} 
203-26} 
10}- 1 3! 


75! -80} 
401-48} 
50'r64 

i94-24 
78f-8i| 

32K36} 
65f-68f 
25!-28i 
403-56} 

i7l-24i 

22  -28} 


74  -77% 

40} -46 
62i-67l 
22^-25 
74  -82 
275-36} 
62}-68} 
24f-28f 
46  -51} 

20f-23f 

26  -34 
i3f-i6i 


68  -78 
33}-46 
62I-67} 

20}-2^:l 

7' '-75 

-Mt-30} 

6i}-65 

23}-26} 

42  -50 

l8}-22§ 

31  -4of 
I5s-r9} 


69i-73 
3!}"36 

63  -65 
19I-21} 

73  -76 
25}-3of 
61  -66} 

23}-26| 

42  -46} 

l8f-22} 

28}-38 
i5f-i8i 


July 


Aug. 


Sept. 


(  )ct. 


Nov. 


Dec. 


6o}-73 
2o}-35 

63}-673 

20^-24 

74:J-77} 
29f-32? 
60  -64] 

22}-25? 

46  -48§ 

20g-22} 

27  -34  s 
i5}-i8 


56}-68J 

i9}-33i 
64] -683 

22  -2d| 
76  -8l  \ 
30|-35} 

62}-69f 
254-29^ 

40i-47i 

i7i-2if 

28  -37f 
14H9 


553-663 
213-30 

68f-74} 

253-30J 
78  -80} 

3ii-34} 
64}-663 
26J-283 

43H64 
18I-21J 

3!}-4T4 
17  -20 


57  -6i3 
23  -26I! 

71  -754 
28  -35I 
722-S,1, 
28f-343 
64l-'»,! 
263-30? 
34  -454 

I2}-I9 

40J-50 
183-20S 


71  -85} 

4i  -483 

57I-60} 

22  -25} 

7-' 1  -86| 

312-373 

6o}-74 

234-30.} 

64}-68f 

27}^^ 

26}-35] 

11J-T4] 

454-534 
191-244 


754-84} 

33}-5os 

584-64 

223-27} 

8i}-86 

30  -373 

6o}-683 

213-27 

634-68} 

28J-32f 

27}-33 
133-16 
53i-62| 

22  -25} 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.         Com. 

Nov.     2 45}-463     I9IH9} 

Election. 
19I-20} 
I94-20} 


3 

4 45}"47? 

5 46}-47t 

6 46I-483 

7 473-494 

9 47S-50} 

10 487-5°" 

11 473-493 


193-21} 

20§-2l] 
20}-223 
22  -223 
2lf-22f 


Pfd. 

Nov.  12 48}-49} 

"  13 49f-5i 

"  14 49s-?oJ 

"  16 40J-50} 

"  17 5o4-5l4 

"  18 49  -5o3 

"  19 49  -494 

"  20 473-49's 

"  21 48-49 


Com. 
2 1  }-23} 

22}-23f 

23}-24 

22I-23J 

23  -233 

22}-23-j 
22}-22i 
2lf-22} 

22\-22% 


Nov.  23. 

"  24. 

"  25. 

"  26. 

"  27. 

"  28 

"  30. 


Pfd.    Com. 
474-48}  2 1 1-2  if 
483-49} 
49s-5o3 
Thank 

49}"49f 
403-51} 
513-53} 


2If-22^ 

22^-22} 

sgiving 

22} -22t 
22i-23} 

232-24} 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 

Dec.   1 531-5^3 

2 584-6x3 

3 583-61? 

4 6o}-62} 

5 6o?-62} 

7 594-61 

8 6o}-6i3 

0 60, -fir? 

10 59}-6i} 


Com. 

23}"25 

241-25} 
24^-25} 
24  -243 

231-24} 
234-24} 
24  -24} 

24}"243 

24  -24} 


II . 

12. 

14- 


Pfd. 

Dec.  11 59§-6o 

...  59-6o 

...  60  -61} 

15 59}-6o3 

16 59  -60} 

17 574-591 

18 574-581 

10 S7l-5^ 

21 543-58] 


Com. 
234-24} 
23§-23l 
234-24! 
23i-233 
234-23! 

22§-23f 
22}-223 
22§-22f 
22  -223 


Pfd.  Com. 

Dec.  22 563-59}  22}-23 

"  23 59  -6i|  231-24! 

"  24 6o}-62}  23}-24? 

"  25 Christmas  Day. 

"  26 Extra  Holiday. 

"  28 6i}-62§  23J-25" 

"'  29 6o|-62i  241-25 

"  30 6o}-6i}  24]  -24 -I 

"  31 6of-6i}  24]  -24 i 


288 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  ROCK  ISLAND,  PREFERRED,     MAJOR     MOVEMENTS     SINCE 

THE  STOCK  WAS  LISTED  IN  NOVEMBER,  1902. 


tt 

1902    iso3  nof 

iqos 

flOfe 

N07     19  08 

— 41- 

$0 

f 

\l  ill 

77 

-4! 

y 

74 

11 

I 

71 

.  I 

If 

68 

1 

1 

1  lift 

W 

l/l 

AJ 

<>% 

ir 

1 

S<\ 

1 

'i 

s<> 

\ 

. 

53 

ft 

1 

*7 

1 

«m 

HI 

II        1 

38 

55 

11 

32 

1 

?9 

1 

2t 

1    ~r 

25 

1 

2o 

|r 

REMARKS. 

Rock  Island  is  a  holding  company,  incorporated  in  New  Jersey,  Jul}  31,  10,02.  and  was  organized 
i"  control  Chicago,  Rock  Island  &  Pacific,  but  with  p  »wer  to  acquire  other  railroad  properties.  It  holds  the 
entire  capital  stock,  $145,000,000.  except  directors' shares,  of  the  Chicago,  Rock  Island  &  Pacific  Railroad. 
which,  in  turn,  owns  nearly  all  of  the  stock  of  the  old  Chicago.  Rock  Island  &  Pacific  Railway  and  of  The  St. 
Louis  &  San  Francisco  Railroad. 

<  >f  the  $74,854,100  of  (  h.;  R.  I.  &  Pac.  Railway  stock,  $70,147,600  has  been  acquired  by  the  Railroad. 
(  If  the  Sjq.000,000  St.  Louis  &  San  Francisco  common  stock,  $28,940,300  has  been  acquired,  this  stock  bring- 


St.  Louis  &  San  Francisco  itself  controls  other  lines,  including  Chicago  &  Eastern  Illinois,  Evans- 
ville  &  Ti  ire  Haute,  and  several  smaller  road-. 

The  Rock  Island  Co.  forme'rl)  owned  a  majority  of  the  -hare-  of  Chicago  &  Alton  hut  sold  them  in 
August,  1007.  t. >  Toledo,  St.  Louis  &  Western,  receiving  in  return  the  latter  company's  gold  bonds,  due  in 
1917. 

Total  capitalization  of  Chicago,  Rock  Island  &  Pacific  Railway,  the  "Id  company  and  corner  -tone  pi 
the  whole  system,  has  increased  from  $117,081,000  in   [900  to  $266,850,000. 


GIBSON'S     MANUAL  289 


Stocks  owned  by  The  Rock  Island  Co.,  other  than  its  own,  1908,  were  $138,897,923. 

The  business  depression  of  1907-1908  seriously  affected  operating  results  of  the  Rock  Island  sys- 
tem. Its  lines  were  covered  with  empty  freight  cars,  belonging  to  other  roads,  which  it  was  compelled 
to  return  to  their  owners  empty,  and  were  flooded  with  other  empty  cars  going  to  their  owners  East  and 
West.  This  movement  added  a  million  dollars,  approximately,  to  expenses,  without  supplying  any 
revenue  in  return. 

Officers:  President,  Robert  Mather ;  Chairman,  B.  F.  Yoakum;  Vice-President,  Secretary  and 
Treasurer,  George  T.  Boggs.  Directors:  In  addition  to  the  foregoing,  W.  11.  Moore.  James  Campbell, 
D.  G.  Rcid,  J.  H.  Moore,  John  F.  Thompson,  F.  L.  Hine,  George  G.  McMurtry,  James  Speyer,  R.  R. 
Cable,  D.  G.  Boissevain,  Ogden  Mills  ami  John  J.  Mitchell. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Monday  after  the  second  Thursday  in  October, 
Jersey  City,  N.  J.  Directors  meet,  first  Tuesday  of  every  month.  Main  office,  Chicago,  Ills.  New 
York  office,  115  Broadway.  Trailed  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and 
on  the  London  Stock  Exchange. 


290  GIBSON'SMANUAL 


St.  Louis  CS>  San  Francisco  Railroad 

Bonded   indebtedness   June   30,    1908 $189,890,717 

First  preferred  stock,  4  per  cent,  non-cumulative 5,000,000 

Second  preferred  stock,  4  per  cent,  non-cumulative  (authorized 

$31,000,000)    16,000,000 

Common   stock    (authorized   $164,000,000,  see  "Remarks") 29,000,000 

Total  capital   $239,890,717 

.Mileage   (omitting  Chic,   cv    E.    Ills.) 5,064 

Per   mile    capitalization $47,37° 

Fixed  charges.  1908,  including  taxes,  per  cent,  of  net  income 88. 11 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis.  70.08 

-EARNINGS,  'FRISCO  LINES. 

Net  p.  c. 
Year  ending  Gross.  Net  Income,    of  Gross  f Earned  on 

June  30.  Op.  Rev.        Less  Taxes.  Inc.         ***Surplus.     Common. 

J90i    $19,324,279        $7,763,126  39.6  $1,910,669  6.3  % 

J902     21,620,882  7.084,813  35.56  3,269,462  4.68% 

1903  24,859,510  8,546,616  34.14  3,009,226  O 

I9°4  26,896,731  1 1.320,833  33.55  4.038.750  O 

•1905  29,958,240  10.644,640  34.57  2,871,986  o 

1906  32,046,656  12.100,224  36.2  3,470,078  o 

-1907  38,253,981  14,373.639  38.48  5.882.042  6.1  % 

**iao8  35.806.132  1 1 .313.349  28.2  4,888,490  o 

*Not  including  Chic.  &  Eastern  Illinois. 
**Inter-State  Commerce  classification. 

**In  addition  to  this  surplus,  there  are  some  small  sinking  and  improvement  funds,  amounting  to  $295,865  in  1908. 
fAftcr  deducting  from  balance  of  profits  for  the  year  certain   necessary  charges. 

LATEST  REPORT. 

Earnings  for  five  months,  ending  Nov.  30,  1908,  compared  with  last  year,  were: 

Gross.  Net. 

1008   $20,482,279  $5,400,003 

1907    22.577.806  5.916.347 


1900 

1st  Pfd 4% 

2nd  Pfd 2% 

Common    o 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


DIVIDENDS 

1901 

1902 

1903 

1904 

1905 

1906 

1907 

1908 

4  % 

4% 

4% 

4% 

4% 

4% 

4* 

4% 

3ifo 

4% 

4% 

4% 

4% 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

1900 

1901 

1902 

1 

303 

1904 

190s 

T906 

1907 

1 90S 

1st    pfd.    . 

. .  64      Sept. 
78      Dec. 

75      July 
88      Mch. 

77       Dec. 
90       July 

60 

88 

Dec. 

Feb. 

6i       Mch. 

79-Xt  Dec. 

67      Dec. 

Si'i  Mch. 

64      July 
7254  'Apl. 

58       Oct. 
70      Jan. 

42  June 
69       Dec. 

2d  pfd  .. 

•  -3IJ4  June 
55      Dec. 

53 Vi  Jan. 
7654  June 

65;/    Dec. 
Soys  June 

39 

/8 

Dec. 
Feb. 

39V2  Jan. 
;-"_.  Dec. 

45       Dec. 
73V  Mch. 

401/   July 
5IJ4  l?eb. 

24       Nov. 
4«!s  Jan. 

I9J4  Fctl- 
42^  Dec. 

Common 

..  Sys  June 
245-1  Dec. 

21  Vi  Jan. 
56^  Dec. 

55      Jan. 
85' <  Jul> 

69 
901  j 

June 

Feb. 

•• 

Note. — The    common    stock    ceased    to    be    traded    in    after    June,    1903,    practically    all    of    it    having    then    been 
absorbed  by  Rock  Island. 


GIBSON'S     MANUAL 


291 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


3- 
4- 
5- 
6. 

7  ■ 
Q. 

10. 

1 1 . 


1st  Pfd.  2d  Pfd. 

Election   Day. 

.......  30-304 

.......  30  -30I 

.......  301-31  i 

••■-•••  3I1-31* 

•••-•••  3i§-32f 

60  -60  32^-325 

.......  ^\l-^\:l 


1  st  Pfd.  2d  Pfd. 

Nov.    12 - . . .  32  -32 

"      13 "•••  32i-32i 

"      14 -•..  32f-33 

"      16 -...  33  -34 

"      >7 -••■  334-34i 

•'      18 -...  34^-30 

"      19 -•■■  34  -35 

"     20 60-60  33-J-33& 

"     21 -...  33h33i 


Nov. 


23- 

24. 

25- 

26. 

27. 
28. 

3o- 


1  st  Pfd.  2d  Pfd. 

•••-•••  32^-33* 

62  -62  33  -34i 

........  331-345 

Thanksgiving  Day. 

■■■-•••  335-341 

■■•-•■■  344-35 

■■•-•••  35  -36 


LOW  AND  HIGH  PRICES  BY  DAYS,  DECEMBER,  1908. 


De 


3- 

4- 
5- 
7  ■ 
8. 

9- 
10. 


1st  Pfd. 
62  -644 
64  -65" 


64  -65 


2d  Pfd. 

35i"39i 
39?-42j 
393-4oi 

4°  "4T4 
40^-41 
40  -40} 
40  -404 

4oi-4i 
40  -40! 


De 


1st     Pfd. 

II 65-65 

12 634-634 

14 -••• 


2d  Pfd. 
40  -405 
39J-404 
40   -40! 

1 5  ■  ■  391-39? 

16 -.  ..  39  -40 

1- -•••  39-39! 

18 -...  38  -38-3 

19 " -••• 

21 -•••     37^-38 


Dec.  22. 


24- 
25- 
26. 
28. 
29 . 
30. 
31- 


1st  Pfd.  2d  Pfd. 

63  -°3i  39  -4o 

64  -64  404-40* 
Christmas  Day. 
Extra  Holiday. 

65  -67  4o4-4i 
69-69  41  -4 1 4 
67  -68  415-42! 
.......  403-42 


MARKET  MOVEMENTS  OF  ST.  LOUIS  &  SAN  FRANCISCO  RAILROAD,  FIRST 
PREFERRED.  FROM   1900  TO    1908,  INCLUSIVE. 


292  GIBSON'SMANUAL 


REMARKS. 

The  balance  sheet  of  St.  Louis  &:  San  Francisco  carries,  as  liabilities,  the  sum  of  $113,806,452, 
representing  the  outstanding:  securities  of  Kansas  City,  Fort  Scott  &  Memphis  and  Chicago  &  Eastern 
Illinois,  on  leasehold  estate.      This  is  counterbalanced  by  a  corresponding  entry  in  the  assets. 

The  'Frisco  lines  comprise  an  extended  system  of  railroads,  with  a  total  mileage  of  6,106.  Chi- 
cago &  Eastern  Illinois  reports  separately. 

Aug.  27,  1907,  the  authorized  capital  stock,  then  $100,000,000,  only  half  of  which  had  been  issued. 
was  raised  to  $200,000,000.  the  increase  to  consist  wholly  of  common  stock.  The  object  was  simply  to 
conform  to  the  laws  of  Missouri,  which  prescribe  certain  relations  between  capital  stock  and  bonded 
debt. 

During  the  fiscal  year  of  1908  the  company  took  title  by  deed,  to  seven  small  railroads,  theretofore 
controlled  by  stock  ownership. 

Aug.  27,  1907,  the  stockholders  authorized  the  issue  of  $115,000,000  general  lien  gold  bonds  for 
refunding  and  other  purposes.  $61,759,000  to  be  reserved  to  retire  certain  classes  of  old  bonds.  In 
December,  1908.  Speyer  &  Co.  purchased  $30,000,000  of  these  bonds,  the  proceeds  to  be  used  to  take 
up  the  company's  outstanding  notes  as  they  mature.  It  is  said  that  about  $20,000,000  of  these  notes 
will  fall  due  during  1909. 

Officers:  President.  A.  T-  Davidson;  Vice-President  and  General  Manager,  W.  C.  Nixon;  Secre- 
tarv  and  Treasurer,  Frank  Ff.  Hamilton.  Directors:  William  K.  Bixby,  James  Campbell,  Benjamin 
P.  Cheney,  A.  J.  Davidson.  F.  L.  Hine.  C.  W.  Hillard,  Robert  Mather.  James  H.  Moore,  William  H. 
Moore,  H.  Clay  Pierce,  D.  G.  Reid,  Nathaniel  Thayer  and  B.  F.  Yoakum. 

Fiscal  year  ends  June  30th.  Annual  meeting,  second  Monday  in  November.  St.  Louis.  Mo. 
Directors  meet  on  call.  Main  office.  St.  Louis,  Mo.  New  York  office.  115  Broadway.  Traded  in  on 
ihc   New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S     MANUAL 


293 


St.  Louis  Southwestern  Railway 

Bonded  indebtedness  June  30,  1908 $46,295,545 

Preferred  stock,  5  per  cent,  non-cumulative   20,000,000 

Common   stock    (authorized  $35,000,000)    16,500,000 

Total  capital    . $82,795,545 

Mileage    1,464 

Per  mile  capitalization $56,554 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income.  . .  .  34-23 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis.  :  7807 

*In  1907,  old  basis,  the  percentage  was  68.19. 


EARNINGS. 

Year  ending           Gross  Net  income,  Net  p.  c.  Earned  on 

June  30.           Op.  Rev.  less  taxes,  of  gross  inc.  **Surplus.  Common. 

"1900   .' $5,908,284  $1,696,329  28.25  o 

1901    7-387.174              2,680,706  35.89  $9!8,593  ° 

1902   7,267,260              1,987,594  27.02  1,458,019  o 

1903   7-278,575              2,043,262  27.38  1,677,098  o 

1904  7.M-485              2,129,842  27.57  2,342,205  o 

1905   8.860,231               2,605,638  28.81  3,145,155  o 

1906 8,989,564              2,204,529  24.09  3-73J.933  o 

1007   10,261,336             3.568,356  33-04  5-303-430  3-57% 

*i9o8  9-585-046             2,448,119  23.93  5-534456  o 

*  Inter-State    Commerce    classification. 
**In  addition  to  Surplus  Profits  were,  in  1908,  reserve  funds  to  the  amount  of  $774,114. 


LATEST  REPORT. 

Earnings   for   hve   months,   ending  Nov.   30,  1908,  compared  with  last  year,  were: 

Gross.  Net. 

1908  $4,521,821     $1,164,326 

1907   • 4.653-3I8  I.257.970 

DIVIDENDS. 

No  dividends  have  been  paid  for  many  years. 


1900 


Preferred  .21^  June 
451/,  Dec. 

Common  .  .  834  June 
lS'/,  Dec. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1906 


1901 


41^2  Jan. 
71  June 
16  May 
39J%  Apr. 


1902 

1903 

55H  Men. 
80      Sept. 
2454  Dec. 
39      Aug. 

24      Aug. 
66      Jan. 
12      Aug. 
30      Jan. 

1904 


1905 


1907 


1908 


25H  June 

55      Nov. 

4834  May 

25      Nov. 

2454 

Feb. 

6054  Dec. 

66H  Apl. 

63^5  Sept. 

62H  Feb. 

55  7s 

Dec. 

9^2  June 

20      Mav 

20^  May 

11       Nov. 

10 

Mcli 

29       Dec. 

27^  Jan. 

27^  Jan. 

25^2  Jan. 

24 

Dec. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd.         Com. 

Nov.     2 49|-49^     19-19 

3 Election  Day. 

4 49i-5o      19  -!9i 

5 49J-49I 

6 491-492 


49-3-50 

9 50  -50 

10 50  -5oi 

11 50§-S3t 


i9l-i9l 
19. '-20 

20   -20§ 

20   -20j 
20{-2I^ 


Nov 


Com. 


Pfd. 

12 522-54 

13 522-53! 

14 53  "54f 

16 523-53m 

17 53  -53* 

18 52  -53 

19 52i-524      20§-20| 

20 5*1-53      2°  -20 

2r 52|-534     ..--... 


2I§-22 
2\\-22 
2lJ-22f 


21  -21 


Pfd.    Com. 

Nov.   2^ 521-53  20J-20J 

"      24 52  -53 J  20i-2l{ 

"'       25 52    -52j  20$-20' 

"     26 Thanksgiving  Day 

"  27 52  -525  20J-20J 

"  28 Sii-Sai  •••-••• 

"  30 52f-52f  ...-••• 


294 


GIBSON'S     MANUAL 


I  )ec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 
1 52f-5Sl 


53 

53 


■54 
•S3l 


4--  5^4-5.^! 

53i-54l 

531-54 

53i-55 

55  "55 > 

54  -553 


/• 
8. 

9- 

10. 


Com. 

2l{-2li 
2\\-22\ 
2\l-22l 
2l\-22\ 
22|-23i 

22i-23i 
22'l-23i 
231-24 

23f-24 


De 


Pfd. 

11 52§-55i 

'-' 52  -54l 


14.. 


53l-54i 
52i 

it> 524-54 

>7 52i-53; 


5-'] 


18. 
19- 


4') 


21 5o2-5ii 


Com. 
23  -23J 

23  -23 
23  -23i 

22§-22£ 
22  -23i 

23^-23* 

2lf-22| 
22|-23 
21    -22 


Dec. 


22. 

23- 

24- 

25- 
26. 

28. 

29. 

30. 

31- 


Pfd. 

52  -52 
54  -54 

53  -53s 
Christmas  Day. 
Extra  Holiday. 


Com. 

22  -22:j 

23  -23 

22J-23 


53i-54? 

54;'-55^ 
54  "SSl 
53l-54i 


23i-23i 

23^-23; 

23J-24 

23i-23i 


REMARKS. 

In  common  with  other  railroads  in  its  territory.  St.  Louis  Southwestern  has  had  much  in  the 
line  of  adverse  legislation  to  contend  with.  Arkansas.  Missouri  and  Illinois  enacted  2  cent,  fare  laws, 
effective  April  10,  June  19,  and  July  1,  1907,  respectively-.  In  addition  to  that,  the  road  has  been  com- 
pelled by  other  laws  to  give  extra  train  service,  erect  station  buildings  and  viaducts  where  not  needed 
and  equip  locomotives  with  electric  head  lights  anil  at  the  same  time  to  reduce  its  freight  rates.  The 
Missouri  2  cent  fare  law  and  some  others,  were  referred  to  the  courts  for  adjudication.  Final  hearing 
upon  the  Missouri  2  cent  fare  law  was  set  for  Oct.  5,  1908.  by  a  United  States  Court.  Sept.  3,  iqoS. 
a  temporary  restraining  order  was  obtained  against  reduced  freight  and  passenger  rates  in  Arkansas. 

The  road  has  been  maintained  in  good  condition,  physically,  by  proper  expenditures. 

Officers:  President.  Edwin  Gould:  Vice-President  and  Gen.  Manager,  F.  H.  Britton  ;  Treasurer. 
G.  K.  Warner;  Secretary.  Arthur  J.  Trussell.  Directors:  Edwin  Gould,  F.  H.  Britton,  R.  M.  Gallaway. 
Howard  Gould.  Winslow  S.  Pierce.  William  H.  Taylor,  E.  T.  Jeffery,  Murray  Carleton,  and  Tom 
Randolph. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Tuesday  in  October,  St.  Louis.  Mo.  Directors 
meet  on  call.  Main  office.  St.  Louis,  Mo.  New  York  office,  195  Broadway.  Traded  in  on  the  New 
York  Stock  Exchange   (Listed   Department). 


GIBSON'S     MANUAL 


295 


Sloss-Sheffield  Steel  and  Iron  Company 


A  Southern  enterprise,  organized  under  a  New  Jersey  charter,  taken  out  Aug.  16,  1899,  as  a  con- 
solidation of  the  former  Sloss  Iron  &  Steel  Co.,  of  Birmingham,  Ala.,  with  the  Ensley  Furnace  prop- 
erties of  Sheffield  in  the  same  State,  the  Philadelphia  Furnace  of  Florence,  Ala.,  the  Brown  ore  proper- 
ties of  Russellville.  Ala.,  and  West  Point.  Tenn.,  and  the  Gulf  Coal  &  Coke  and  Corona  Coal  &  Coke 
concerns.  It  began  business  with  7  blast  furnaces,  1,500  coke  ovens,  62,000  acres  of  coal  lands  and 
51,500  acres  of  red  and  brown  ore  lands,  with  limestone  quarries  and  various  tenements,  store  and 
office  buildings.  These  properties  have  since  been  added  to.  and  the  company  now  owns  65,000  acres 
of  coal  lands  and  51,125  of  iron  ore  property.  It  is  estimated  that  there  are  ^435,090,350  tons  of  un- 
mined  coal  upon  the  company's  estate,  and  625.900,000  tons  of  iron  ore. 


Ponded  indebtedness,  Nov.  30.  1908 $4,000,000 

Preferred  stock,  7  per  cent,  non-cumulative  (authorized  $10,000.- 

000)    6,700,000 

Common  stock  (authorized  $12,500,000) 10,000,000 

Total  capital   $20,700,000 


EARNINGS. 


Year  ending  Total 

Nov.  30.  profits. 

1900  $1,178,666 

1901    729,120 

1902   1,424,100 

1903   1,863,042 

1904  77I>367 

1905   1.485,282 

1906  1,314,800 

1007  1,779.673 

100S   1.285,740 


Fixed 
charges, 

etc. 
$280,816 
266,490 
295,708 
277.402 
287.730 
280.203 
3I3.957 

V7-&7 
321.780 


Surplus 

Earned  on 

profits. 

common. 

$546,099 

4.28% 

539.730 

0 

1,199,122 

6-59% 

2,315.762 

11.16% 

2.330,399 

0 

2,691,479 

9.81% 

2.751.627 

5-31% 

3,161,580 

Q.I    % 

3.216.346 

4-95% 

1900 

Preferred 5}% 

Common   o 


DIVIDENDS. 


1901 
7% 


1902 

7% 
o 


1903 

:'< 

o 


1904 

7% 


And,  in  addition,  in  October,  335/3  per  cent,   in  common   stock. 


I905 

7% 

*5% 


1906 

7% 

5% 


1907  1908 
7%  7% 
6}%       4i% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900 

1901 

1902 

1003 

[904 

1905 

1906 

1907 

1908 

Preferred 
Common    . 

•  591/;  June 
71       Nov. 

.17^'  Oct. 
26      Nov. 

6^/2  Jan. 
86^4  Apl. 
igy2  Feb. 
41'i  Apr. 

S,,',  May 
95^  Sept. 
29^  Jan. 
83       Sept. 

67       Nov. 
97J^  Feb. 
_•_>'  ,  Oct. 
72       Feb. 

77       Jan. 

105      Dec. 

3V/2  Jan. 

65-Mi  Nov. 

104      May 

130      Feb. 

60      Jan. 

n8'_.   Feb. 

i04'4  Oct. 
113      Apl. 
68  ■  ■  July 
97V2  Jan. 

80       Oct. 

107      Jan. 

26      Oct. 

::!i  Jan. 

87^  Jan. 
iiovj  Dee. 
36      Jan. 
8i^f  Nov. 

-••)<' 


GIBSONS     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 
Jan.  Feb.  Mch.  Apl.  May 


.  .  .  I'l'd.. 

I    I  'Ml. 

.  .  I'l'd.. 

^  !om. 

I'i'.l. . 

(    "Ml. 

1903 I'fd.. 

i    1  '111. 

I'l'd.. 

(  '■  'III. 

I'i'.l.. 

Q  'Ml. 

1906 I'i'.l.. 

1907 I'iM. . 

Com. 

1908 I'l'd.. 

' 

I9OO I'l'd.. 

Com. 

I'i'.l.. 

Com. 

[902 1'f.l. . 

(  "in. 

[903 I'l'd.- 

(.'oill. 

IOO4 I'l'd.. 

Com. 

..,.5 I'i'.l.. 

1   "in. 

I'l'd.. 

Com. 

I'fd.. 

I 

I'l'd.. 

Com. 


69 

82  -  83 

29*-  M 

■ 

77  79\ 

3ri  .V) 

I,.. 

I..  -  63^ 


971 
105  -107 

•        774 
92 

,v>  -  4- 

July 

'•-'I 

I'K 
80  - 

33  -  35i 
82      83 

.-■;  39 

79  8oi 
26  -  40'. 
84*-  85" 

..5  -  39i 
105  -109 

80  • 

1 07 

7ri 

95  -  "7 

55*-  5" 

96J-  99 


"71 

-3 
83J 

3"  '  33 

954 

66J   :-• 

79J    8] 

3"  -  3' 'I 
1044-130 

in     nSl 
iij    1 1  j 

s"-    '13I 
102  -103 

1  ■<  ■     :-■  I 

.  x  1       92 

38       4- 

Aug. 

65   -  67 

19  -  !9i 
80  -  80 

30J-  33 
823    91I 

38f  65" 
83  -83 
29  -  36 
86  -  87 

37  -  38j 
[07    to7i 

^5i    93 J 


/  5 


81 


22j-  37 

83 

33  3 1 

93J  96 

53  7' 

So  -  82 

35f  393 


83!  io8 


35      4' J 
83 
3a      33 
91      933 

54      "», 
833    84 

39  -4 '  . 
11;   -115 

80 

[li  113 
72  86 
99  100 
56 
88-893 
43  "  4* 
(  let. 


44!    55 

tOO      I"-' 

65i 


44  -  40 
[03  -103 

59  -  653 


1.1 

174- 

78  ■ 
30  ■ 

NX 
50  " 

68  - 

-'-! 
89i 

41  - 

1  in  - 

69- 

1..4 1 

7'  - 
So  - 


1 .  i_>  1 


65 

79 

3° 
94a 
71 

68 
97 

I  [2 

73\ 
104: 

7" 
95 
444 
[08 


83i 

4ui 
S..|-  81 
30       31 

48 

82       83| 

35     38 

1..4    104 

.-,,    84 


8oJ 
983 
5i3    61 

95 

44 ;-  5-! 

Nov. 

7i 
19  -  26 

79 

30     "     3' 4 

88  -  92J 
60  -  67 
67  -  68 
23  -  25 

97  -IOJ 

472-  65i 
I  u\-l  143 

69I  954 
105  -108 

7'   -  77^ 


29  -  381 
107  -109} 


June 

59F  63i 
19J-  22i 

81  -  83i 

35i    39 

81  -  82 

3' J-  33 
s7  -  88 

38J    47* 

83  -  83 

34*       30J 

losf-iosl 

70J-  83i 
106S  106A 
81" 
96 

57i 
o6i 

49  -  53 

Dec. 

68  -  70* 

23  -  24I 

80  -  82 

-'8}-  30! 
89  -  93 

54i-  59 
70  -  79 

-'5  -  33$ 
1 01  i- 1 05 

?7  -  64 

94i 
1.1;  -105 

73i-  79S 
88  -  90 

33lr  383 

1 1"  -uoi 

793 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


\'<  IV 

3 

"        4 

5 
•■       6 


i" 
1 1 


I'i'.l 


I  "7   ■  "  '7 

I I  >7 1   [08 
[08 


1 1 » ) '. 


Com. 

7 -'2-73  3 
Election  Day. 

73S-751. 
74*-75i 

7?\-7'A 
77  -80 

7*1  793 


SJ-109 


N. 


u. 
13 

14- 
1 '1. 

'T- 
IS 

[9. 
20. 
21. 


I'fd. 


(   "Ml. 
78    -80J 
SO    -80j 

81  -8ii 
80J-80J 

8o}-8i} 
8oJ-8i£ 
80  -8o2 


77\-77\ 


X'  i\ .  23. 
-4- 
25- 
26. 

27. 
28. 

30- 


I'l'd.  Ml. 

.........  77\-::\ 

.........  781-80 

—  - 80  -80J 

Thanksgiving  Dav. 

.........  7QJ-80 

.........  791-793 

........  783-793 


LOW  AND  HIGH  PRICES  BY  DAYS.  DECEMBER.  1908. 


1.. 

3-- 

4.. 


9 
io. 


I'fd. 

Com. 
78^ 
78 

Dec. 

1 1 

1-' 

Ill)  -111)1, 

70 

78  -783 

•• 

'4 

15 

... 

17     ..  . 

II"    II" 

70 

•• 

HI    ...  . 

....... 

....... 

21      ... 

'I'd. 


(  "111. 

7"  "79 
7s  78 

783  7"! 
77?  7*1 
78  78 


Dec  22 

"  23. 

"  24. 

"  25. 

"  26 

•'  28. 

■•  29 

"  30. 

"  31 


I'fd.  Com, 

.......  77J-79 

.......  77\ 

.......  78-78 

(  In  i -1  mas  Day. 

Extra  II"li.la\. 

.......  78 

.......  78-78 

.......  77^-77! 


GIBSON'S     MANUAL 


297 


MARKET  MOVEMENTS  OF  SLOSS-SHEFFIELD  COMPANY,  COMMON,  FROM  1900  TO  1908, 

INCLUSIVE. 


REMARKS. 

Sloss-Sheffield  felt  the  effects  of  the  panic,  acutely.  A  shortage  of  cars  in  1907  was  only  one  of 
the  least  of  the  troubles  of  the  company.  The  panic  caused  a  large  contraction  in  sales  and  rendered 
many  customers  unable  to  receive  iron  which  they  had  contracted  for,  while  the  smaller  number  of 
trains,  operated  by  the  railroads,  caused  a  reduction  in  the  quantity  of  coal  consumed.  It  was  in  con- 
sequence of  diminished  revenues  that  the  common  stock  was  placed  upon  a  4  per  cent,  basis  in  1908. 
The  company  is  now  enjoying  a  revival  of  its  business. 

Much  time  and  money  has  been  spent  on  the  development  of  mines  and  improvement  of  the  blast 
furnaces. 

Officers:  President,  J.  C.  Maben ;  Secretary  and  Treasurer,  E.  L.  Morris.  Directors:  A.  B.  An- 
drews, Joseph  Bryan,  J.  H.  Dorley,  W.  H.  Cioadby,  A.  11.  Larkin,  Richard  Mortimer,  F.  P.  Olcott, 
Henry  Parsons,  H.  O.  Seixas,  J.  N.  Wallace  and  J.  C.  Maben. 

Fiscal  year  ends  Nov.  30th.  Annual  meeting,  first  Wednesday  after  second  Tuesday  in  March. 
Office,  Birmingham.  Ala.     Traded  in  on  the  New  York  Stock  Exchange   (Listed   Department). 


a  18 


GIBSON'S     MANUAL 


Southern  Pacific  Company 


Bonded  indebtedness,  June  30,  1908,  of  the  system $372,105,621 

Preferred  stock,  7  per  cent,  non-cumulative,  convertible  into 
common  stock  at  par  at  any  time  before  July  1,  1910,  or  re- 
deemable then  at   [15 74,866,462 

Common  stock 197,849,258 

Total  capital $644,821,341 

Mileage,  main  track 9-5°5 

Per  mile  capitalization .^07,840 

Fixed  charges,  1908,  including  taxes,  per    cent,    of    net    income  54-87 

Operating  expense,  excluding  taxes,  per  cent,  of  gross 68.68 


EARNINGS.  ~ 

icar  Ending 

< Iross 

Xet  Income 

Net  1'.  C.of 

Earned 

June  30. 

Op.  Rev. 

Less  Taxes. 

Gross  Inc. 

**Surplus. 

nn  Common 

U(Oi   .   .   . 

S77.244.898 

$30,228,658 

37-27 

$10,935,343 

0 

I<)02 

83,543.821 

28,961,324 

33-78 

10,176,309 

0 

1 1  H  13 

88,320,335 

28,271,536 

3i-i7 

9.272,548 

0 

1904 

92.933,230 

29,990,646 

3  1  4 

9.997>i94 

0.36% 

I905 

95-5I5.I58 

32,167,146 

V-77 

14,654,771 

2-35% 

I906 

105,622.54., 

38.372,032 

35-29 

16,701,033 

3-537° 

1.1«V 

124.942.798 

46.783,103 

36.01 

22,20(1.^8^ 

8.03% 

*ioo8 

125.276.921 

38.673,20.) 

30.38 

46.70S.405 

7-39% 

•Inter-Stati.'  Commerce  classification. 
**Not   including   other   reserves,  which  in  1908  were  $11,502,105. 
***After  appropriating:  for  extraordinary  expenses   sums   recently  approximating  a 
million  a  year. 

LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,   1909.  compared  with  last  year,  were: 

Gross.  Net. 

t9°8 $7L583.76o        $25,157,996 

1907 77,716,779  21.376,682 


DIVIDENDS. 


I  '1  eferred 
(  'ominon 


1 . ,. ).  > 
o 
o 


I  go  I 
0 
o 


1902 
o 
o 


1903 

o 
o 


1904 

o 
o 


1905 

7% 
o 


1906 
7% 


1907 

7% 

5!',. 


1  <  M  >K 

7% 


*  Issued  in  1904. 


Preferred. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 
1901  1901  1902  1903  1904  1905  1906 


1907 


ions 


Common. ..  30fiJ  June     29      May 
45 ?4  Dec.     63^June 


56      Dec.      38^  Sept. 
81  yA  Sept.     68'4Mch. 


■113      Sept.  115M  Jan.  116     July  100      Oct.  106^  Jan. 

119j4Dec.    122;4  Dec.  120}/ June  U8#  Jan.  125?:.  May 

41K-Mch.     5/.'4  May  61      May  63j<  Oct.  66<4  Feb. 

68^  Nov.     72H  Feb.  97<A  Sept.  96J4  Jan.  122%  Dec. 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 

Jan.                     I'V1>.                  Mar.                     Vpl.                    Mas 

June 

[901 

1902 
'9°3. 

I'K>.| 

[90s 

1  1  )i  i  > 
1 907 
1  (  >t  >8 


1900 


1  1  i'  1  1 


1 .  h  >3 

1904 
1905 

1906 


1900 Pfd. 

Com. 


Pfd.. 
Com. 

Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
Com. 
Pfd.. 
G  mi. 
Pfd.. 
(  '1  >m. 
Pfd.. 
Com. 
Pfd.. 
Com. 


Pfd.. 

Com. 

Pfo. . 

Com. 

[902 Pfd.. 

G  'in, 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

Pfd.. 

Com. 

1907  Pfd.. 

Com. 

1908 Pfd.. 

Com. 


354- 

39 

40I- 

49* 

58  - 

62I 

63i- 

681 

46a- 


iiVi-iiS! 

63f-  68| 

117A-11SJ 

65s-  72i 

u6f-ii8J 

90^-  96-j 

I06f-II2 

70I-  78* 


July 

_ 

•       3lf- 

344 

.       48  - 

6og 

.       64- 

70J 

46J-  52§ 

■  i7i-n8[ 

63  -  661 

116  - 1 1 7  "i 

63I-  74 2 
in  -113 

76f-  91 I 

117  -120 
86  -  93I 


38  -  40* 

42I-  4<»! 

'(hl-'oyi 

6ii-  66S 


42i"  5°f 


1  IN 

661 

117  - 
64?- 


i-'ii 

7-^« 
118I 

69I 


117I-117S 

89I-  95  s 
108  -mi 

66j-  74f- 
Aug. 

32f-  34i 

"vi-"m 

'  68  j- '  77  f 


394-  5°4    39 «-  48 


48S 
117I 

64i 

1  i7i 

73! 
108-J 

792 
118 

924 


574 
120] 

681 
ii8± 

934 

II2i 

9°i 
1 20  4 
io7g 


37  - 

43 

4->:»1- 

46J- 

63  J- 
58  - 

"5:; 

(,8[ 

4i4-  5 1 i 
1 '  7  5  -  r  1 9 

65f-  7if 

1171-118 

64f-  69J 

112  -117I 

6y2-  91! 
in* 

77 


109 
67 


Sept. 
3of-  34i 


71I-   8ii 


46* 
■116I 

59 

I20l 

692 
n8i 

97^ 
in', 

■  *7\ 

1 20  J 


"3 

54i 
"94 

64I 
117I 

90$ 
109 

838 
116 
96f-nof 


36  -  42* 

444-  57s 

'  64?- '  6u{ 

*53t-fr" 

47i-  Sii 
Ii6*-n8* 

58*-  69J 
U7i-ii8i 

62I-  71 )  I 
114  -  117 

761-  86i 

II2J-II5 

72f-  81 

(  >ct. 

3 1 I-  3«i 

54§-  61 1 

,67'h'M 


385- 
"5i 

56«- 
119  - 

67i- 
117I- 

90  - 
100  - 

63i- 
"7f- 
100  - 


43f 
116J 

64i 

I20i 

11 92- 
96s 

1  io] 
84^ 

118* 

109I 


32I-  3^i 


57i 
67I 
561 


63 


44f 


472 


in.;  1  K):; 

572-  63I 

117  -119A 

61  -  66§ 

1  oij  |  - 1 1 K 

73  :i-  872 
115  -125*. 
jrSfc  89J 
Nov. 


374- 

43l 

594- 

62| 

60I- 

7i 

40I 

"Si 
594 

riSJ 
66| 

us:; 

9°4 
101 

64} 
118 
1074 


-  46 1 
•ii8f 

68J 
121 

70-J 
11. 1! 

963 
107I 

73$ 
i23i 

I20i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Nov.    2   . 

118  -n84 

[074-109J 

Nov.  12    . 

1  K)l-I20 

"5i-"6| 

Nov.  23    . 

"      3  •   • 

Ele 

ction  Day. 

"     13    ■ 

II9f-I20| 

n6f-ii8| 

"     24   . 

4    • 

118  -n8f 

109^-111! 

"     14   • 

120  -129 

116I-117I 

"     25    • 

"       5    • 

118J-118-I 

iioi-iiif 

"     16   . 

1 1 9f- 1 20  J 

1163-117! 

"     26   . 

"      6  . 

118J-118I 

1  1  1  i-112-1 

"     17   • 

12oJ-I20& 

ii7f-iJ8J 

"     27   . 

"      7  • 

n8i-ii81 

[I2f-H3| 

"     18   . 

121    -122^ 

117I-120J 

"     28   . 

•  "      9  ■ 

118^-119 

112  -113* 

"     19  • 

121    -121-]- 

116J-118J 

30   • 

"     10  . 

Il8f-I20 

II2J-II9-J 

"    20   . 

IJI  |-I2li 

H5f-"8i 

•'     11   . 

1  [8J-I2I 

[I4I-II7I 

"     21    . 

.     1  2l!,  1 2l\ 

ii5i-"7:; 

Pfd. 


3o|-  3"' 
554-  63 S 
'63i-'65,: 
46  -  5is 
44i-  48| 

I  I7'-I21 

6o|-  65 1 
119^-120! 

64  -  692 
no  -114.', 

72%-  8of 
118  -120 

84§-  88j 
"Dec. 


40I-  45l 


56f  6j 


56  -  661 


454" 

"5f 

594- 

1 1 72- 

64S- 
116J- 

9°1- 
107  - 

7of 
120' 
"54 


30I 

119I 

67! 

122] 

71} 
120] 

954 
no 

77h 
i-125 

122^ 


:\ 


21s-I2U 

1 

4 

22^-123 

riiankstri 


l-i-'-'i 


22J-I2 


34 


23  -123 

_>2l-122{ 


Com. 

115I-117 
n6|-ii9f 

I  [8f-120^ 

ving  Day. 

1191-120^ 

119  -H9f 
n8§-ii9i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.     1 

"       2 

3 

"       4 

5 

"      7 

•'      8 

9 

10 


Pfd. 

I22§-I22j 
I2l|-I22J 
[  21  \- 121  \ 

121  1-121  \ 

12ll-I2ll 
121  J-I224 
I  22  1-  123 
I22l-I24:l 


Com. 
i8|-ii9f 
18J-119J 
17  -1  i8i 
i8i-ii9J 
174-118! 
i7l-n8-i 


18J-119I 

19I-120I 

20J-I2lf 


Dec.  n    .    . 

* 

12 

14 

t 

"5 

[6 

< 

17 
iS 

* 

19 

21 

p 

l-'.Vs 

123 

1  2  } .', 

>->3l 

t23| 

1221 

122 
[22| 

120.1 


fd. 

■124I 

•123! 

-124 

1234 
1234 

123? 

■122^ 
-122} 
-I22| 


Com. 

I20i-I2lf 
120  -I20j 
120l-I2l3 
I I9f-I205 
II9f-I2I^ 

1  [9I-I2II 
II8J-II9J 

II72-II9J 

"54-"8| 


Dec.  22 

23 

-'4 

25 
26 

28 
29 
30 
3i 


Pfd.             Com. 

.     .     121 1-122         Il6|-II9 

122  -i22^     ii8f-ii9i 

'-\U-I23J       119   -I20.1 

Christmas  Day. 

Extra  Holiday. 

123I-125       119I-1213 

I24f-I25          I20|-I22i 

I24f-I2S          1 20*-T22l 

3oo 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  SOUTHERN  PACIFIC  COMPANY,   COMMON.    FROM    1900    TO 

1908,  INCLUSIVE. 


REMARKS. 

The  authorized  preferred  stock  is  $100,000,000.  Of  this  amount,  S3y.56tj.840  was  taken  by  stock- 
holders in  1904.  at  par.  May  31,  1907,  a  further  issue  of  S36.000.000  was  voted  by  the  directors,  and  was 
subscribed  for,  at  par,  to  be  paid  for  in  instalments  by  Aug.  15,  1907.  The  new  issue,  amounting  to 
$35,612,800,  has  been  listed  at  the  Stock  Exchange.  Receipts  from  the  preferred  stock  were  applied  to 
current  liabilities. 

Securities  owned,  June  30,  1908,  aggregated  the  sum  of  $465,985,123,  including  $160,000,000  (the 
entire  amount)  of  stock  of  The  Southern  Pacific  Railroad,  and  $80,675,500  (entire  amount)  of  stocks  of 
The  Central  Pacific  Railway. 

Southern  Pacific  owns  a  controlling  interest  in  Pacific  Mail  and  in  Morgan's  Louisiana  &  Texas 
Railroad  and  Steamship  Co.,  and  thus  possesses  a  fleet  of  13  ocean  steamships  and  4  tugs. 

Under  Inter-State  Commerce  regulations  with  regard  to  refrigerator  cars,  which  require  publica- 
tion of  tariffs,  and  in  order  to  simplify  proceedings,  Southern  Pacific  has  recently  joined  with  Union 
Pacific  to  create  The  Pacific  Fruit  Express  Co.,  capital  $12,000,000,  of  which  Southern  Pacific  owns 
$1,200,000.     For  this  company,  6.600  refrigerator  cars  have  been  built,  at  a  cost  of  $10,480,000. 

The  closing  of  the  Cororado  River  crevasse,  through  which  the  Salton  Sink  of  1,950  square  miles 
had  been  inundated,  was  the  work  of  Southern   Pacific.     An  artificial  lake.  45  miles  long  and  about   15 


GIBSON'S     MANUAL  301 


broad,  had  formed,  with  an  extreme  depth  of  80  feet.  The  crevasse  was  first  closed  by  The  California 
Development  Co.,  Nov.  6.  1906,  but  on  Dec.  8th  there  was  another  break.  At  the  request  of  President 
Roosevelt,  Southern  Pacific  attacked  the  crevasse,  and  Feb.  11,  1907,  closed  it  completely,  the  work 
having  consumed  15  days  only. 

Officers:  President,  E.  H.  Harriman;  Vice-President,  W.  D.  Cornish;  Treasurer,  Andrew  K. 
Yandeventer;  Secretary,  Alexander  Millar.  Directors:  W.  D.  Cornish.  W.  Bayard  Cutting,  Maxwell 
Evarts,  E.  H.  Harriman.  Marvin  Hughitt,  E.  II.  Huntington,  II.  \Y.  Dc  Forest,  Robert  Goelet,  Robert 
S.  Lovett,  C.  H.  Mackay,  William  Mahl,  Ogden  Mills,  W.  V.  S.  Thome,  Frank  A.  Vanderlip  and  A.  K. 
Yandeventer. 

Fiscal  year  ends  June  30.  Annual  meeting,  Wednesday  after  first  Monday  in  April,  Beech- 
mont,  Ky.  Directors  meet  on  call.  Main  office,  San  Francisco,  Cal.  New  York  office.  120  Broadway. 
Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  London  Stock  Exchange. 


302 


GIBSON'S     MANUAL 


Southern  Railway 


Bonded  indebtedness,  June  30,  1908 $246,266,267 

Securities  of  leasehold  estates 32,349,000 

M.  &  O.  stock  trust  certificates 5,670,200 

Preferred  stock,  5  per  cent,  non-cumulative 60,000,000 

( :<  minion  stock   120,000,000 

Total  capital   $464,285,467 

Mileage    7.489 

Per  mile  capitalization   $5°.574 

Fixed  charges,   1008,  including  taxes,  per  cent,  of  net  income 93-28 

Operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis.  75.28 


EARNINGS. 

Year  Ending.               Gross  Net  Income,  Net  P.  C.  Earned  on 

rune  30.                Op.  Rev.  Less  Taxes,  of  Gross  Inc.     **Surplus.  Common. 

1900  $31,200,870  $9,688,229  30.73  $3,510,702  o 

1901   35.697v"7-'  10,815,563  29.88  4.637.254  0.45% 

[902   37,712,248  11,689,920  30.33  6,510,895  1.569! 

1003    42,354.061  12,576,182  28.87  5.962,562  o 

[904  45,109.777  13,389,491  28.79  6,162,898  o 

[905  48,145,108  14.675,433  29.5  7.293.133  0.91',. 

Hint.    53.641,439  15,457,300  27.98  8,341.744  0.87% 

-1907  56.657,994  13-597.686  23.26  6,242,163  O 

1008  52,941,716  12,848,376  23.2  5,791,185  O 

*Tnter  State  Commerce  classification. 

**Other  reserve    funds  in   1906  amounted  to  $2,532,532.  compared  with  $4,309,723  in  the  previous  year. 


LATEST  REPORT. 

Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  last  year,  were: 

Gross.  Net. 

[909 $31,141,627       $10,128,124 

1908 32,627,210         7,808,181 


DIVIDENDS. 

Preferred 
Common    .... 

1900 

....     3% 
. . .  .     0 

1901       1902      1903 

4%        $%       5% 
000 

1904 

5% 
0 

1905 
5% 
0 

1906 

5% 
0 

1907 

4% 
0 

1908 
0 
0 

900 


LOW  AND  HIGH  PRICES,  BY   YEARS,   SINCE   1900. 

1906 


1003 


1004 


1905 


1907 


1908 


Preferred... 49J4  June  «>;'  j    Ian.  89^  Dec.  69^  Oct.  77V2  Jan.  95      Apl.  93^Dec.    29^  Nov.  25^  Mcli. 

73%   Pec.  047s  Nov.  98'  s  Aug.  96  Feb.  97^  Dec.  I02J4  Sept.  103      Jan.     94!/  Jan.  63' 2  Dec. 

Common.  ...10^  June  18       Ian.  28      Dec.  16^  Oct.  i8j£  Mcli.  28      May  3156  Nov.  10      Nov.  9%  Jan. 

23;.s  Dec.  3^4  June.  41)5  Aug.  36%  Jan.  37H  Dec.  38      Sept.  42^  Jan.    34      Jan.  27%  Dec. 


GIBSON'S     MANUAL 


303 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


1900 Pfd.. 

Com. 

1901 Pfd.-. 

Loin. 

1902 Pfd. . 

Com. 

1903 Pfd.. 

Cum. 

1904 Pfd.. 

Cum. 

1905 Pfd.. 

Ci  >m. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1900 1'fd.. 

Com. 

1901 Pfd. . 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

O  'in. 

1904 Pfd.. 

Com. 

1005 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


Jan. 

5i3-  553 

11  -  u\ 

67i-  743 
18  -  23 

92  -  953 
3]s-  343 
92f-  95i 

34  -  363 

77k-   86} 

96  -  97 :; 

32\-  3" 
100  -103 

355"  A-l 
84^-  94} 
2\k-   34 
293-  37 
9ii  13 1 
July 
50  -  53 

io:i-  1  C 
8U-  87; 

v\-  333 

953-  973 
36^-  40 
831-  89 
20  -  24; 
86  -  90 
2i3-  25; 
98  -  99 
32 \-   34s 
97i"  99  i 
323"  36J 
62-]-  69 

19  -  20j 

44  -  5°3 
i6f-  194 


Feb. 

54A-  59 
"#-  14 
7l\-   /8 


21 


24S 


ioi-   1  is 

S_C  -  883 

28  -  34-1 
96  -  98! 

l'i'--  4i| 
76  -  854 

17!,-  24J 
88  -  954 
23  -  294 
98§-iooJ- 

33§-  363 
99  -ioof 

36§-  39l 

50J-  644 

14I-  19^ 

474-  514 

l8g-  20f 


94  -  973 
323-  34i 
94i-  96 

34  -  36! 
77i-  833 

1 8-2-  22^ 

97  "  98J 
33i-   36i 

99  -I02J 

37k-  4*i 
74  -  85i 

24c  27- 

?7i-   33 
9i-  U 

Aug. 

Sif-  52J    5°i-  55! 

tOj-  I2| 

84  -  .)(> 
29t-  35l 
95  -  98 
36  -  41 1 
77\-   853 
1 


Mch. 

5/  1  '"-' 

13  "  1 3  .; 

76f-  8x1 

23i-  29J 

943-  "7s 

323~  33! 

904-  954 

3o3-  34* 
79I-  86 

l8f-    22\ 
963-IOO 
333"    361 

99|-i02i 

373-  4ii 
70  -  793 
")i-  254 
253-  42 
93-  16J 


Sept. 


'/  I"  234 
02',-  96 
28I-  343 
99 J - 1 02 1 

34f-  38 
97  -100] 

353-  38* 

52  -  583 
15  -  i6f 

50  -  55 

<9f-  23l 


Apl. 
564-  (n| 

133-  i5:; 
78  -  87 1 

263-  52l 

933-  983 

323-  4o3 

90  -  933 

28]-  32 

84  -  so; 

20|-  22| 

95  -  lC^ 
29f"  353 
98f-i02| 

36  -  4i3 

63  -  7-2 

203-    23^ 

36    -   42 

13    -    15j 

Oct. 


5i|-  58 
11  -  13" 
8+|-  874 
3i3-  33l 
923-  97l 
353-  39l 
6q3-  7*1 
i63-  19I 

933-  96 
323-  363 
98  -1  cm] 

35  "  37 s 
95  -  97 
33  -   373 
37  -  53 
11  -  15! 

5i  -  543 
20}-  23 


May 

53th  b7'i 
12  -  133 
76  -  881 
20  -  34s 

94  -  963 
35l-  38.3 
89  •  93 
26f-  31: 

815-  84I 

19^-  21 

95  "  '<"\ 
28  -  32 
97I-100 

35  -  39 

53  -  673 
17  -  22^ 

40  -  47'- 

i4s-  i')'. 

X<  iv. 

55s-  67I 

I2f-  l8! 

86$-  94I 

3's-  35\ 

92  -  <)2\ 

33  ~  361 
7if"  77s 
i6|-  203 

93  -  96 
33i-  363 

973-  99f 

33l-   365 

94  -  96 
3i§-  353 
293-  4i 
10  -  13 

54  -  61 

22^-  265 


June 
49i-  553 

IOf-  12* 

853-  m 

31!-  35* 
94i-  96 
35t"  373 
85I-  9°i 
21  -  26  f 
82a-  85 1 
193-  213 
96  -  97* 
28i-  32-J 

983-  993 
33  "  394 
56i-  7i 
173-  2o| 
4  .>.'.-  48 
i6|-  18J 

Dec. 
663-  73l 
17;'-  23" 
9°3-  94 1 
3is-  34i 
89I-  922 
28  -  34] 
76 1-  80 

I'ls-  2lf 

94  -  973 

32:r  373 
99  -loo.! 

33s-  363 
933-  943 
32  -  35l 
35  -  4i 
123-  15 
57?-  633 
233-  27} 


LOW  AND  HIGH  PRICES,  BY  DAYS.  NOVEMBER,  1908. 


Nov. 


Pfd.  Com. 

2 54  -553  224-234 

3 Election  Day 

4 554-563  233-23I 

5 553-  56  23^-23! 

6 56  -573  23I-243 

7 58  -581  24^-243 

9 58  -583  23£-24§ 

10 573-59  23I-24I 

n 58  -583  235-24! 


Nov. 


Pfd. 

12 58-60 

13 60-61 

14 

16 


593-60J 
59I -60 J 
60  -60} 
58  -593 
58  -581 

20 57I-584- 

21 573-583 


18. 
19. 


Com. 
245-2.-)  J[ 

253-263 

253-262 
253-26 

251-26 

25  -25! 

24  -243 

24  -24! 

243-24! 


'Aov 


Pfd.      Com. 

23 573-58   23f-24i 

-'4 573-583     23I-25 

25 57  -583    244-25^ 

26 Thanksgiving  Day 

27 573-583  25  -25-I 


28. 
30. 


57f-57f  243-25 
563-58   244-245 


Dec. 


Pfd.  Com. 

i 57lS^  243-25I 

2 575-583  241-25 

3 572-5Ss  24}-252 

4 584-502  25  -252 

5 583-6o3  25  -26 

7 581-593  25  -25! 

8 59  -6o2  25  -2b 

9 59f-6b4  251-261 

io.- 593-6o  25I-25H 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 

Pfd.      Com. 

)ec;  11 593-593  25^-25!  Dec.  22 

12 59  -59}  25.  -25!      23 

14 59i-6o4  25  -252   "  24 

15 581-59   244-25   "  25 

16 ^8  -s8',  243-25    "  2b 

17 58  -593  244-254   "   28 

18 574-58|   24  -2^  29 

19 -■••  24i-24:;  "  30 

1   31 


21 57^-583   2.^-24! 


Pfd.      Com. 

58I-594  24J-254 

594-60   25^-253 

59I-59J     252-25J 

Christmas  Day 

Extra  Holiday 

60  -63 4    253-26J 

624-63!  26J-27I- 
62  -63  254-263 
62  -62}     26  -26! 


3°4 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  SOUTHERN  RAILWAY,  PREFERRED,  FROM  1900  TO  1908, 

INCLUSIVE. 


REMARKS. 

A  majority  of  both  classes  of  stock  of  Southern  Railway  is  held  in  a  voting  trust,  which  was  extended 
in  1902  to  Oct.  15.  1907,  and  thereafter  until  terminated  by  a  majority  of  the  assenting  stock.  Trustees,  J.  P. 
Morgan,  Charles  Lanier,  and  George  F.  Baker. 

Securities  owned,  pledged  or  held  for  control,  June  30,  1908,  were  $85,533,351. 

Aggregate  capitalization  has  increased  since  1900  in  the  sum  of  $148,640,000. 

Rigid  economies  were  enforced  by  Southern  Railway  in  1907,  and  extended  to  every  branch  of  the 
service,  as  far  as  possible,  but  not  to  the  detriment  of  maintaining  the  property  and  equipment  in  first  class 
condition.  Increased  efficiency  of  labor  was  a  result  of  the  policies  adopted.  Wages  of  the  operating  force 
were  not  touched;  and  the  officials  of  the  company  favor  a  moderate  increase  in  freight  charges  to  avoid 
any  such  necessity. 

In  May,  1908,  the  directors  authorized  an  issue  of  $15,000,000  three-year  6  per  cent,  convertible  notes, 
which  have  since  been  sold  on  fair  terms.  Holders  of  the  notes  have  the  rigbt  to  convert  them,  at  any  time, 
Mii  5  days'  notice,  at  par.  into  general  mortgage,  4  percent,  bonds,  Series  A.  until  May  1,  1909,  at  80  per 
cent.;  thereafter  until  May  2,  1910,  at  82^/2  per  cent.,,  and  thence  to  May  1.  1911,  at  85. 

Officers:  President,  W.  W.  Finley.  Washington,  D.  C. ;  Treasurer.  H.  C.  Ansley,  Washington; 
Secretary.  R.  D.  Lankford,  New  York.  Directors:  H.  C.  Fahnestock,  W.  W.  Finley,  Charles  Steele,  E.  H. 
Gary,  A.  B.  Andrews,  R.  M.  Gallaway,  S.  M.  Inman,  Adrian  Iselin,  Jr.,  Charles  Lanier,  E.  D.  Randolph,  and 
J.  T.  Woodward. 

Fiscal  \ear  ends  Tune  30th.  Annual  meeting,  second  Tuesday  in  October,  Richmond,  Va.  Directors 
meet  second  Friday  in  each  month.  Main  office,  Richmond.  Va.  New  York  office.  32  Cortlandt  Street. 
Traded  in  On  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  Philadelphia  and  London 
Stock  Exchanges. 


GIBSON'S     MANUAL 


305 


Tennessee  Copper  Company 


A  New  Jersey  corporation,  formed  April  _'<>.  1  S<><;.  through  the  agency  of  the  Lewisohn  Bros,  and 
others,  to  acquire  copper  sulphide  properties  near  CopperhiH,  Polk  1  bunty,  Tenn.  The  property  covers  about 
6,000  acres  of  lam!.  There  has  been  a  large  amount  of  development  work  and  a  large  smelter  is  in  operation. 
The  company  produced  in  [907  from  its  own  ores  [2,599,019  pounds  of  fine  copper  and  205,133  lbs.  from 
custom  ore.  Of  the  total  production.  _\230.io6  lbs.  wire  electrolytically  refined,  the  resl  was  marketed  as 
pig  cupper.  In  addition,  there  were  recovered  [4*905  ounces  of  silver  and  85  ounces  of  gold.  Cost  of  pro- 
ducing and  selling,  1 1. 79  cents  a  pound.  The  company  employs  1,211  men.  A  sulphuric  acid  plant  has  re- 
cently been  added  to  the  works. 

Bonded  debt  $    400,000 

Capital  stock   I  par  $25  )    5,000,01 « » 

Total  capital $5,400,000 


EARNINGS. 


Year  Ending  Copper 

Dec.  31 .  Produced. 

1 902    

1903    

1904    $211,525 

[905    482,]  10 

[906    867,062 

I9°7    839,957 

1908     368,492 


Royalties 

Received. 


$45,767 
01.587 
65,308 
60,716 
44.682 


Total 
Receipts. 

$303-013 
500,41c) 
266.996 
556,823 
958,828 
900,673 
413.174 


Profit 
of  Year. 
$231,109 

417.565 
186,996 
452,106 
824,231 
800,634 
324,769 


Surplus. 

$498,149 
466,395 

009.752 
1.273.983 
1.424,01s 

[,499,387 


DIVIDENDS. 


1900 

1901 

1902 

1903 

1904 

1905 

1906 

1907 

1908 

0 

0 

0 

5'< 

5'- 

5% 

5% 

13% 

0 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1907. 

This  stock  was  admitted  to  the  Xew  York  Stock  Exchange,  in  February,  1907.     In  1907  it  sold  as  high 
as  $51  |,  Feb.  and  its  low  price  was  $17,  Oct.     In  1908,  the  range  has  been  $25}  and  $52^. 


1900 

1 90 1 

1902 

1903 

1904 

1003 

1906 

1907 

1908 

10 

20  1 

9\ 

28* 

in! 

i8| 

'5s 
Ml 

2(. ', 

43.' 

23 
54 

17  Oct. 
53!  Mch. 

25!  Feb. 
52];  Nov. 

Until    February,    1907.  this  stock  was  traded  in  exclusively  at  the  Curb  Market.     Quotations  for 
1900-1905  are  supplied  by  Ilayden,  Stone  &  Co. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


.?o6 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


De 


1 . 

3- 

4- 

5- 

7- 
8. 

9- 

10. 


Low. 

43l 

43l 

44 

43$ 

44^ 

44^ 
44 
44* 
44^ 


High. 

46] 
46 

44l 
451 

45* 

45 

44'. 

443 

45f 


Low.      High. 

Dec.   22 44              445 

"     23 44J            45 

"     24 44J             45i 

25 Christmas  Day 

26 Extra  Holiday 

"     28 45              455 

"       2(J :..  45                   45J 

30 44i            45* 

"     31 443            45i 


REMARKS. 

In  November,  1908.  this  compain  closed  a  contract  with  the  new  Independent  Fertilizer  Co.,  for  the 
sale  of  the  copper  company's  sulphuric  acid.  In  addition  to  the  price  paid  for  the  acid,  $5,000,000  was  to  be 
paid  to  the  copper  company,  and  a  substantial  instalment  of  this  sum  has  already  been  transferred. 

Officers:  President,  J.  i'arke  Channing;  Vice-President,  Frederick  Lewisohn,  Treasurer,  J.  H.  Suss- 
man;  Secretary,  E.  C.  Westervelt.  Directors:  In  addition  to  the  foregoing,  H.  H.  Rogers,  Albert  Lewi- 
solin,  Walter  Lewisohn,  P.  S.  Henry,  and  James  Phillips,  Jr. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  fourth  Thursday  in  February.  Traded  in  on  the  New 
York  Stock  Exchange  (Unlisted  Department)  and  on  the  Boston  Slock  Exchange. 


GIBSON'S     MANUAL 


3«>7 


Texas  Pacific  Land  Trust 

A  voluntary  association,  not  incorporated,  funned  in  1888,  to  hold  and  dispose  of  the  unsold  land-  oi 
the  Texas  &  Pacific  Railroad,  which  were  transferred  to  a  board  of  trustees  for  a  financial  purpose.  The 
object  was  to  retire  the  7  per  cent.  Eastern  Division  land  grant  and  income  bonds  of  the  old  Texas  &  Pacific 
Railroad,  and  the  bonds  were  duly  retired  by  exchanging  them  for  certificates  of  proprietary  interest  in  the 
lands.  The  area  of  the  lands  in  question  was  originally  3.450,642  acres.  By  the  end  of  1907,  the  trustees 
had  reduced  the  unsold  acreage  to  2.439.O99,  located  in  35  counties,  and  had  obtained  for  them  the  prices  per 
acre  named  below.  The  lands  are  sold  for  part  cash,  part  for  interest  hearing  notes,  and  over  2.000,000  acres 
of  the  lands  on  hand  are  leased  to  cattlemen  and  settlers.  The  price  per  acre  and  percentage  of  cash  received 
in  recent  years  have  been  : 

[899  1900  1901  [902  1903  1904  1905  [906  1907 
Per  acre..  $2.02  $2.7,7  $2.50  $2.58  $2.84  $3.11  $^.50  $4.38  $5.01 
Cash    ....    37%       56%       61%       Go',  47%       51%       50%       23%       21', 

In  1900,  the  trustees  began  to  buy  and  retire  the  certificates  of  proprietary  interest,  of  which  there  were 
originally  $10,370,000  and  by  the  end  of  1 907  had  purchased  36,000  of  them  at  a  cost  of  $1,532,320.  The) 
are  now  less  than  $(1,000,000  (  1908).     Surplus  receipts  over  expenses  and  taxes  are  devoted  to  this  purpose. 


Land  sales  bv  vears  have  been : 


[9OO 

1001 
1 1  h  12 
1 1  k  »3 


41.781   acres 
"5.371 
29.859 
29,8 


I904 i'),')-~  acres 

1905 I3i..vx.^ 

1906 258,720 

1907 64,186 


1  lutstanding  certificates  of  proprietary  interest  Dec.  31,  1907  (  par  $100)  $6, 20O, 274 


Year  ending  Dec.  31.  Total  Receipts 

1900  $168,338 

[901  21 1.4/' 

In°2  177,777 

I9n3  I/5.U2 

19°4  169,303 

I905  387,001 

[906  464,723 

In°7  37L36i 


EARNINGS. 

Expenses  and 

Paid  for 

(  ash  on  1  laud 

s.            Taxes. 

Prop.  Ctfs. 

at  End  of  Year 

$52,244 

$105,303 

$10,791 

52.078 

163,074 

7,137 

55.132 

1  18,419 

4,226 

55.245 

1  1  1,127 

8,740 

52.684 

97.225 

19.394 

74434 

309.906 

2.659 

U4.687 

332.9L3 

37.123 

65,502 

294.363 

1 1,496 

LOW  AND  HIGH  PRICES,   BY  YEARS,  SINCE  1900. 


1900 

1 90 1 

1902 

1903 

1904 

•905 

1  OMl  , 

1 1 ><  7 

1908 

ni  Jan. 
2 1 J  Dee. 

[9    Jan. 
42    Apl. 

35    Jan. 
44!  Feb. 

22    Aug. 
40?  Jan. 

25    June 
39^  Nov. 

37*  Jan. 
66    Dec. 

60    May 
88    Oct. 

42    Dec. 
85    Jan. 

45    Feb. 
84i  Dec. 

LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Low.       High. 
76 

75  75 


.,  ,s 


GIBSON'S     MANUAL 


Det 


3- 

4- 


/  ■ 
8. 

')■ 
ro. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 

Low,       High. 


Dec. 


Low.       High. 


23 

-'4 

js Christmas  Da) 

26 Extra  I  [olidaj 

28 83!  84 

29 

30 

31 


REMARKS. 

In  11)07.  ravages  of  the  green  bug  (worst  since  1901  )  and  other  causes  contributed  to  a  partial  crop 
failure  in  Texas.  Pasturage  was  poor  and  the  cattle  interest  depressed.  The  financial  panic  added  to  the 
general  discouragement  of  that  year  in  Texas  and  land  sales  were  diminished  in  consequence.  The  outlook  is 
now  better  and  present  indications  favor  the  expectation  of  a  large  immigration  of  well-to-do  people,  and  a 
revival  in  the  sales  of  land. 

Officers:  Trustees:  Charles  I.  Canda,  Chairman';  Simon  J.  Drake  and  Sigmund  Neustadt.  Secre- 
tary, Alphonse  Kloh;  General  Agent,  William  II.  Abrams,  Dallas,  Texas. 

Fiscal  year  ends  Dec.  3]  st.  Office,  11  Pine  Street.  New  York.  Traded  in  on  the  New  York  Stock 
Exchange  1  Li-ted  Department). 


GIBSON'S     MANUAL 


Texas  C&  Pacific  Railway 

Bonded  indebtedness,  I  )ec.  31,  up" $58,914,677 

<  apilal  Stock '..... 33,763,810 

Total  capital    $97,678,487 

Mileage  [,885 

Per  mile  capitalization    $51,819 

Fixed  charges,  [907,  including  taxes,  per  cent,  of  net  income 60.52 

Operating  expense,   new    basis,  per  cent,  of  gross  *o9-45 


♦Compared  with  66.08,  in  1907,  "1<1  kisis 


Year  Ending  ( iross 

Dec.  31.  Op.  Rev. 

1900 $  9,751,122 

1 00 1    1  1,769,942 

[902 1  [,236,601 

[903  ' 2.094»744 

")"4    12,433,147 

I9°5    [2,130,391 

[906 14,914,61 18 

'1907    [6,671,668 


EARNINGS. 

**Ne1 

Xe 

t   p.   c. 

Earned  on 

Income. 

(  iross   Inc. 

Surplus. 

Slock. 

$3,358,668 

33-79 

$2,662,982 

r.58% 

4,098,626 

33-78 

3,220,440 

3-23% 

3.632,141 

3*-9 

[,569,284 

[-43% 

3,980,123 

3245 

[,346,106 

0 

^383.199 

35-o8 

[,271,039 

0 

4,504,387 

35-43 

1 .240,275 

0 

5,1 15.702 

34-17 

1,570,712 

t-3  % 

5.204.281 

31.01 

940,720 

0 

*Ititer- State  Commerce  classification. 
**Taxes  included  in  fixed  charges. 


LATEST  REPORT. 


Earnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  the  same  period  in  1907,  were: 

(iross.  Net. 

1909 $9)166,564       $3,181,093 

[908 9.539.765  2,891,020 

DIVIDENDS. 

No  dividends  have  been  paid  for  many  years  on  the  capital  stock  nor  has  any  been  possible,  as  is  fully 
indicated  by  the  table  above. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1902. 


1900 

1  <  )ll  1 

1902 

1903                1904                1-905 

[906 

1907 

1 1 )( 18 

i  3!  [une 
26l  'Dec. 

2^1  fan. 

52!  May 

^    Dec. 
544  Sept. 

20J  Aug.        2oi  [une       2iyl  Apl. 
43I  Feb.        38]  Nov.      41     Meh. 

28    May 
40,1  <  let. 

17!  Nov. 
,Ul  Jan. 

[2|  Feb. 
.i,7\  Dec. 

LOW  AND 

HIGH  PRICES,  BY  MONTHS 

,  SINCE  1900. 

Jan. 

Feb.                   Mar. 

Apl. 

.\  1  ay 

June 

1000 [4$-i6§  [6-17  16-19  17.-21  io|   \()\  i.Vi-17 

190J 23^29!  2f>i -31  28-36!  351-S61  27  -52J  44-5oi 

[902 37s-4ns  38i-43i  30-41!  4ol-44^  39i"43  40  -44-V 

1903 39*"43  39S-43I  35!  4"!  3°    17'1  3'>  -37i     ,  25  -313 

K104 24-20;  21.1  -26J  22^-24^  27,    -25I  2o|-22's'  20j-22| 

1005 32S-353  34i-38|  37  -4 >  29^-39^  30  ,^\  3^34. 

1906 32l"39l  :^\-$7\  32J-34i  28I-34I  28  33!  3°i-35^ 

1907 3'4-37s  32-35  -Mi-33!  271-29!  25-21,',  254-31^ 

[908 [8I-21 i2f-i9| 125-174 16I-19J  18.I  -26  215-25 


3iO 


GIBSON'S     MANUAL 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


1900 14  -152 

I'xii 34  -46£ 

Kjo_> 42^-46! 

1903 24i-3oi 

[904 22^-26^ 

1905 32«"34S 

1906 29^-33i 

1907 28f-32 

11108 223-26 


14  'Si 
37i-46f 

441-54 
204-294 

24I-32-4 
334-37  s 
32I-36I 
24  -30I 
24i-26i 


14  -1 5i 

39  -45; 
45i-54? 
21 1-27  J 
30I-3341 
35  -38 
341-381 
^52-29i 
22  -26 


C4«-i»3 

3/2-4'  i 
39i-482 
212-24I 

3if-36f 
33f-3^ 

35?-4oJ 
i7f-25i 
24  -27I 


l6f-20§ 

39  -422 

4°i-462 
22  -245 

32|-38i 
32f-36i 
354-38S 
174-192 
26J-33 


191-264 
374-4 1 1 
37  -43 
244-26^ 

32  -38 
323-353 
344-38t 
19  -21 

31-1-37}- 


Dec 


LOW  AND  HIGH  PRICES,  BY  DAYS.  NOVEMBER,  1908. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low.   High. 

Dec.  22 31J     33I- 

23 33i     344 

24 34      344 

25 Christmas  Day 

26 Extra  Holiday 

28 35      36§ 

29 3Sf     37 

3° 353     37l 

31 36      36s 


MARKET  MOVEMENTS  OF  TEXAS  &  PACIFIC,  FROM   1900  TO   1908,  INCLUSIVE. 


GIBSON'S    MANUAL  311 


REMARKS. 

This  is  one  of  the  Gould  mads,  and  Missouri  Pacific  owns  $6,555,000  of  the  stock,  not  a  majority. 

The  company  has  met  with  growing  prosperity  and  had  not  the  financial  depression  intervened,  the 
rrp7  report  would  have  been  far  more  satisfactory.  Expenses  of  operation  increased  about  17J  per  cent,  in 
1907.  almost  wholly  due  to  the  greater  cost  of  labor.  The  shortage  in  the  cotton  crop  in  1907  was  severely 
felt  by  Texas  &  Pacific,  which  ordinarily  derives  a  large  revenue  from  transportation  of  this  staple. 

June  1.  1907,  the  company  entered  into  a  new  trust  agreement,  whereby  it  bought  3,000  box  cars  and 
10  passenger  coaches  from  The  American  Car  &  Foundry  Co.  and  40  ten-wheel  locomotives  from  The  Ameri 
can  Locomotive  Co.  at  a  total  cost  of  $3,696,000.     Of  this  amount,  $696,000  was  paid  in  cash,  the  balance  in 
ten-year  5  per  cent,  gold  equipment  bonds. 

From  1901  to  1907  inclusive,  Texas  &  Pacific  has  expended  $6,897,636  for  improvements,  exclusive 
of  maintenance,  and  $8,607,275  for  new  equipment. 

Securities  owned,  Dec.  31,   1907,  were  $1,885,513. 

Total  capitalization  has  increased  only  $4,200,000  since  1900. 

The  second  income,  5  per  cent,  non-cumulative  bonds,  $25,000,000,  are  now-  almost  wholly  owned  by 
St.  Louis,  Iron  Mountain  &  Southern,  which  has  $23,668,250' of  them.  These  bonds  were  acquired  under 
Iron  Mountain's  offer  of  July,  1899,  to  exchange  for  its  own  4  per  cents.,  a  syndicate  offering  to  purchase 
any  of  Iron  Mountain  bonds,  received  in  exchange,  at  85. 

An  unconfirmed  report,  in  November.  1908,  credited  the  Gould  interests  with  an  intention  to  make 
Texas  &  Pacific  a  holding  company  for  all  the  Gould  railroads,  its  charter  being  broad  enough  for  this  pur- 
pose. 

Officers:  President,  George  J.  Gould;  Vice-President,  Frank  Jay  Gould;  Secretary  and  Treasurer. 
C.  E.  Satterlee.  Directors:  In  addition  to  the  foregoing,  R.  M.  Gallaway,  John  T.  Terry,  Thomas  T. 
Eckert,  E.  T.  Jeflfery,  John  P.  Munn,  R.  C.  Clowry.  Howard  Gould,  Winslow  S.  Pierce,  Edwin  Gould,  L.  S. 
Thome,  Joseph  J.  Slocum  and  Benjamin  Nicoll. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  third  Wednesday  in  March,  New  York.  Directors  meet 
on  call.  Main  office.  Dallas,  Texas.  New  York  office,  195  Broadway.  Traded  in  on  the  New  York  Stock 
Exchange   (Listed   Department)   and  in  Amsterdam,   Holland. 


312  GIBSON'S     MANUAL 


Third  Avenue  Railroad 

This  important  street  railroad  enterprise  was  chartered  in  New  York  Slate.  Oct.  8.  1853.  Originally 
operated  by  horses,  Third  Avenue  adopted  a  cable  system  from  December,  1893.  In  [899,  the  motive  power 
was  changed  to  electricity. 

In  1895.  Third  Avenue  purchased  control  of  the  Forty-Second  Street.  Manhattanville  &  St.  Nicholas 
Avenue  line.  In  i8<;7.  the  Dry  Dock.  East  Broadway  &  Battery  line  was  acquired;  in  1898,  The  Union  Rail- 
way with  its  subsidiaries  the  Yonkers,  the  Kingsbridge,  the  Westchester  Electric,  the  Southern  Boulevard, 
and  the  Tarrytown,  White  Plains  &  Mamaroneck  lines.  In  all.  34  miles  of  track  are  owned;  and  about  235 
miles  are  controlled  but  operated  separately,  constituting  an  extensive  system,  funning  along  Third  Avenue. 
through  the  upper  part  of  the  city,  and  onward  ti>  various  points  in  Westchester  countv. 

April  13.  iqoo.  Third  Avenue  was  leased  to  Metropolitan  Street  Railway  for  999  years,  control  of 
its  stock  having  been  gained  tor  this  purpose  during  a  famous  raid  against  the  price  in  the  stock  market. 
(  )f  the  $15,995,800  of  Third  Avenue  stock.  $7 .880.000  was  owned  by  New  York  City  Railway  and  Metro- 
politan Securities.  The  lease  provided  that,  for  the  first  four  years.  Third  Avenue  was  to  receive  the 
net  income  above  expenses  and  fixed  charges;  during  the  next  two  year-.  5  per  cent.;  6  per  cent,  for  the 
next  four  years:  and  7  per  cent,  thereafter. 

Tn  (  tctober,  1907.  default  occurred  in  the  payment  of  the  stipulated  rental,  and  Third  Avenue  passed 
into  the  general  receivership,  imposed  upon  New  York    City  Railwav  and  Metropolitan. 

With  a  view  to  separate  the  management  of  Third  Avenue  from  that  of  Xew  York  City  Rail- 
way. Jan.  6,  1908,  at  the  instance  of  The  Central  Trust  Co..  the  new  trustee  of  the  first  consolidated 
mortgage,  the  United  States  Circuit  Court  appointed  Frederick  W.  Whitridge  a  separate  receiver. 
Various  receiverships  were  created  for  the  subsidiary  companies.  Mr.  Whitridge  took  possession 
at  midnight.  Jan.  nth.  In  February.  The  Central  Trust  Co.  brought  suit  to  foreclose  the  mortgage 
under  which  the  1st  controls  were  issued,  and  March  23,  1909.  a  decree  of  foreclosure  was  granted. 

Interest  due  on  the  S37. 560.000  first  consolidated  mortgage  4s  Jan.  1.  n;o8.  was  not  paid.  The 
January.  [908,  interest  on  the  $5, 000,000  first  mortgage  5s  was  paid  on  and  after  March  20.  1908.  at 
The  Farmers' Loan  &  Trust  Co.  Kuhn,  Loeb  &  Co.  purchased  the  coupons  on  the  ist  consols.  No 
similar  offers  were  made  with  regard  to  the  July  interest. 

Bonded    indebtedness.    1907 $42,560,000 

Capital   stock    1  S40. 000.000  authorized) 15,995.800 

T<  ital  capital    $58,555,800 


-EARNINGS. 

Year  ending  Passengers  Result  of 

June  30.                                 Carried.  Gross.  Xet.                      Year. 

1900   $49,072. 524  S2.13Q. 834          $840,016    Surp.  $127,69] 

1901    57,029.468  2.222.4150         1  .;t)0.i86      Def.     203.110 

1902    55.802.108  2,275,176         1.534-773          "       223,536 

1903    '53.623.694  2.212.653          2. 113.000    Surp.      141,684 

1904    59.4S7.009  2,217,417 

[005    59.774,819  2,251,057 

1906   61. 233.669  2,259,037 

1907    59.196.174  2,oo8,7<  *  1         t  ,345,722 


'Third   Avenue   Railroad   proper. 


GIBSON'S    MANUAL 


313 


[899 

7% 


DIVIDENDS. 

1900    [901    1902    1903    1904 
O       O       O       O      2  \ ' ! 


[91 IC 


1906 

5* 


1 1 H  '7 


1 1 II 18 
o 


[900 


LOW  AND  HIGH  PRICES,   BY  YEARS,  SINCE  1900. 
1901  1902  1903  1934  1905  [906 


[907 


1  1  11 18 


451 
i35i 


Mch.   117     May    122  Jan.      100     Oct. 
Jan.      !.'i|l   Jan.      134  Feb.      128;   Jan. 


[IS    Mch. 
134  Oct. 


120  Dec. 
141    Dec. 


121      Nov. 
1394   Jan. 


11,  Nov, 
123  Jan. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


an. 


1900. 

IM'H  . 
1902. 
I9O3. 
I9O4. 
1905. 
[906. 
I9O-. 
I908. 

I  9OO . 
ICp]  . 
1  <  |f>2  . 
1903. 
1904. 
[905. 
[906. 
I  907  . 
I  I  )i  l8  . 


107  -I35: 
ll8  -129^ 
122  -I2l>' 
1 24  -  I  28  I 
I20  -I24| 
I29J-I3I 

135    -1394 

117^-123 

18-  227 


Feb. 

50I-108 
1  [9  -128 
1 -'4  -134 

129    ~\2/k 
- 1  20| 

1 34  i 


Mch. 


Apl. 


,\hi\ 


128 

[3oi-l37 

117^-118 
17]-  22 


45!-"- 
1  [9  -123 
1 29^-132 

[22  -124,' 
113  -  I  2 1  S 
I2(il-I32'; 

t32  -135 

101  -117^ 


tSi-  2° 


102I-124 
121  -127 
130  -13] 
1 174-1-24 

119  -12]  ii 

124  -131  i 

125  -134 
I  10  -I  14 

m-  39 


"5* 

'-'5 

13' :; 

121  \ 
1  21  >  [ 

[25  [29 

1  2d;'- 130 
103  -[16 
30  -  34i 


107 

117 

130 

1  \j\ 

12oj 


47 


Mch. 
Aug. 


108  -1 1 3  i 

122  -1  2  1 
131  -I31 

I  I2.\-I  I  <  > A 
1  l9[-I2l] 
126  -I32 

' -'5  I-130 
104^-105! 

29I-  344 


July 


Aug. 


Sept. 


I08i-I12] 
121    -122 

I30i-I32 

1IlJ-Il8 
I [9    -I22i 
I26^-13K 
125    -126 


29J- 


333 


109 

T2I  ■ 
'3'4 

mi 

I2[i 

127 

123 

4"! 

32i 


no] 
123 

132J 
114 
126] 
129^ 
[27J 
104 
47 


10SJ-1 1 1 A 

119  -121 
128  -131 
105^-113 
122  -1287 
[26i-i28i 
1247-127 

43  -  58 
39S-  47 


(  let. 


Nov. 


[ 09  - 1 1 2 
1  i-i-l  [S 
127^-129 
100  -no 

1*4-134 

124  -129 

123I-1277 
20]-  43i 
27  -  4o| 


[09  [ 1 5 

[  1 8  -12] 

1 23 1 -128 
1 10  -1 10 
130  [32 

[22  -123 

12  1  -  1 24 \ 
II.    20| 

244  38, 


Dec. 


113  -1214 

120  -123 

122 '-[28 
I  I4i-I2lt 
I30I-I32 
120  -I4I 
I2[J-I24| 

17    "    25 

31   "  43 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Low 

2 29J 

3 Elect ii  .n 

4 28 


.-.  • 
6. 

7  ■ 
9- 

10. 

1 1 . 


-'4^ 
243 
244 

-4_> 

24! 

-'5i 


High. 

30 

Day' 
30"  < 

3>i 
27 

263 
26.1 
26] 
26 


Nov. 


12. 

13- 

14. 

[6. 

'/"■ 
18. 

19. 
20. 
21 . 


254 
29 

3i4 
36 

.u :; 
31 
3 i 
30 
311 


High. 
29 

X<.\ 

3i 

" 

354 
381 
38 

35 

32l 

324 
33 

High. 
32! 

34  :i 


Low 

23 31! 

24 3'i 

25 •■     334,  354 

26 I  hanksgiving  Day 

27 i?,  34s 

28 32:  344 

30 ,^  33? 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low 

Dec.       1 34 

2 n', 

"        3 33i 

"       4 tfi 

"        5 34 

/ 33  1 

"        8 35 

"        9 344 

'■      10 351 


Hi 


igh. 

354  L>< 

:c.  i  1  .  .  .  . 

344 

12 

34 

14. .. . 

345 

[  5 — 

34l 

'    19.... 

35 ! 

•    17.... 

36 

[8 

35l 
J6 

Ml 

'•   21.... 

1  ...\v. 

343 

35i 

35 

3> 

V\ 

344 

347 

34',< 

33j 


High. 
36 
36 
36 
354 
354 
364 
351 
354 
35" 


Low.       High. 

Dec.    22 33;  36 

"      23 35 1  3s 

'■      24 38J  40I 

25 Christmas  Day 

26 Extra  Holiday 

2^ 40I  43 

29 40  42 

30 374  40 

"     3i 373  30 


3*4 


GIBSONS     MANUAL 


MARKET  MOVEMENTS  OF  THIRD  AVENUE  RAILROAD,  FROM  1900  TO  1908,  INCLUSIVE. 

A  FEW  MINOR  TURNS  DISREGARDED. 


m-o 

1100 

HOI 

11 02 

no  j 

IW 

nos 

(qob    hot    nos 

Itf 

* 

t 

1 30 

k 

1l» 

t 

125 

h  /   \/ 

\ 

Vi 

M 

120 

M 

I    / 

\I 

-4 

115 

'|V 

X 

f 

zj^ 

110 

In 

y 

105 

\v 

ti 

I0O 

T 

°{S 

10 

85 

?o 

75 

70 

65 

bO 

5S 

5o 

4-5 

II 

to 

i 

3S 

V 

30 

r 

25 

H—  - 

20 

?i 

15 

-p 

REMARKS. 

The  receivers  found  the  physical  condition  of  the  Third    \\enue  road  extremely  had.    The  power 

house  alone  was  in  g I  shape.     Extensive  expenditures  were  necessary  for  repairs,  supplies,  and  im 

provements.  The  special  franchise  tax  had  not  been  paid,  except  For  the  first  year  after  the  law  went 
into  operation,  and  unpaid  taxes  for  eight  years  were  due.  amounting  to  about  $1,200,000,  to  say  noth- 
ing of  additional  amounts,  due  from  subsidiary  companies. 

Receiver  Whitridge  report  d  May  9,  1908,  with  regards  to  the  bonded  debt,  as  follows:  "On  tak- 
ing charge  of  the  property,  1  ascertained  from  the  bankers  thai  the  proceeds  of  Third  Avenue  4  per  cent. 

bonds  bad  been  paid  over  by  them  to  the  company   in  three  checks,  as  follows:  <  >ne  drawn  on  The  Na- 


GIBSON'S     MANUAL  315 


tional  City  Bank  for  $17,000,000;  one  on  The  National  Bank  of  Commerce  for  $17,564,444;  and  one  for 
$1,943,000.  There  is,  in  my  judgment,  no  evidence  on  earth  or  under  the  earth  of  the  expenditure'  of  an\ 
such  sum  (if  money  upon  the  Third  Avenue  system.  Over  $20,000,000,  it  appears,  was  expended  prior 
to  the  lease  to  the  Metropolitan  upon  work,  part  of  which  appears  to  have  been  done  by  contract,  for 
which  the  contractor  was  paid  15  per  cent,  on  cost.  Generally  speaking,  everything  which  has  been 
dime  can  be  traced,  but  to  trace  the  whole  of  the  money  expended  since  the  lease  would  cost  possibly 
$200,000,  but  if  traced,  there  would  be  no  certainty  that  I  could  be  able  to  recover  any  part  of  it  for 
the  bondholders  or  the  company." 

Falling  off  in  the  earnings  of  the  company  is  attributed  by  the  Receiver,  in  part,  to  diversion 
of  traffic  to  the  subway,  but  also  in  part  to  the  transfer  system.  In  1897,  before  the  lease  to  Metropoli- 
tan, the  percentage  of  transfers  to  the  total  number  of  fares  was  19.14  per  cent.  In  1907,  the  percentage 
was  38.14. 

Officers:  Receiver,  Frederick  W.  Whitridge.     President,  H.  H.  Vreeland;  Vice-President,  D.  B. 

Hasbrouck ;  Secretary  and  Treasurer,  John  Beaver.  Directors:  Tn  addition  to  the  foregoing,  W.  A. 
Anderson,  R.  Martin,  Charles  Remsen,  AT.  G.  Starrett,  C.  F.  Warren,  E.  M.  Burghard,  R.  W.  Meade, 
Oren  Root,  jr.,  D.  C.  Moorehead  and  E.  W.  Sayre. 

Receiver,  Frederick  \V.  Whitridge. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Wednesday  after  the  second  Monday  in 
November.  Office,  Third  Avenue  and  65th  Street,  New  York.  Traded  in  on  the  New  York  Stock 
Exchange  (Listed  Department). 


GIBSON'S      MANUAL 


Toledo  Railways  C&  Light  Co. 

Owner  of  all  the  street  railroads  in  the  city,  whether  operated  bj  trollej  or  otherwise,  and  also  pro- 
prietor of  all  the  electric-lighting,  gas  and  power  business  of  the  city.  Incorporated  Jul)  i.  [901,  to  succeed 
to  and  acquire  all  the  propert)  and  franchises  of  the  various  local  companies.     It  is  stated  thai  the  gas, 

tricity,  light,  heating,  power  and  underground  conduit  franchises  are  perpetual.  <  In  certain  str< 
the  railroad  franchises  will  expire  \.>\  9,  1910,  but  the  principal  pan  of  the  system  i-  conducted  under 
more  than  too  ordinances,  which  do  not  expire  until  11)14.  [915  and  [916.  There  arc.  in  all.  14}  miles  of 
track,  and  the  rolling  stock  comprises  298  car-.  Electricit)  is  generated  for  1.571  arc  lights,  [67,080  in- 
candescent lights,  and  about  8.340  horse  power  motors.  The  transfer  system  of  Toledo  makes  it  practi- 
cally certain  that  no  material  change  will  be  made  in   fare-  until  aboul    1014. 


Bonded  indebtedness,  Dec.  .,  i .  [908 S14. 500,000 

( Capital   stock    13.875.000 


Total  capital $28,375,000 


Fixed  charges,   [908,  per  cent,  of  net  inco 


me 


73. 1 1 


EARNINGS. 

Net, 
Y  ear  ending  Dec.  31.  Gross.  LessTaxes. 

1901    $1,3]  1.0S4  S    674,678 

""-'  I.459.091  732,312 

I'i'M   [,663,794  807,268 

"'"4   1.752,834  829,625 

;   [,913456  940,16] 

[906   2,047,6]  1  975,838 

[907   2,565.201  [,022,867 

< -'.54^.  in  1  >o68,73 1 


Profit  and 

1  ..1--.  Surplus. 

Mot  reported. 


s  988,339 

[,34i347 
[,513,823 


Earned 

1  in  St(  'ck. 
2.16% 

2-7! 
3-5* 
3.89% 
2.279? 

0  8 1 ' ; 


DIVIDENDS. 


' 

1 1  X  (2 

1903 

[904 

[905 

[906 

1907 

0 

0 

0 

0 

0 

2 

2% 

>'. 

1 1 K  8 


LOW  AND  HIGH  PRICES,  BY  YEARS.    SINCE   1902. 


1 1  )■  12 

1 1  h  >3 

1  004 

[9  ■; 

' 

1  ■  h  7 

3 

323  Nov. 

38  Sept. 

1  —  1  (  let. 
;l7j  Jan. 

1  7 '.  lune 
27I  i  let. 

jj|  fan. 
37!  Apl. 

-'51  Dec. 
36  Jan. 

9  Dec. 
29  Jan. 

6J1  let 
15'  Dec. 

This  stock  was  listed  in  New  York  in  September,  [902. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov.     2. 

3- 
4- 

5- 
-       6. 

7 
9' 

11. 


Low.       High, 
si  83 

Election  Day 
8 1  8J 


83 

9 

9 


9 
9 


Nov.    12. 

13  • 

'4- 
[6. 


'/  • 
[8. 

i'). 
20. 
21 . 


1  .1  i\\  . 

9 

93 
9i 


High. 

9 


9i 
9\ 


9\ 


Nov. 


Low.       High. 

;;;;   ^      '9* 

Thanksgiving  I  >a\ 

9  9 


23 
24 

25 


-/  ■ 
28 

30- 


GIBSON'S     MAN  UAL 


317 


Dec. 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER.  1908. 


1  . 

2 

3  • 

4- 

5  • 

7  • 

S. 

9- 

10. 


Low.      High. 


9k 


94 
9* 


9i 


De 


1 1 . 
1  j. 

14- 
'?. 
[6. 

'7- 
t8. 
19. 

2 1  . 


I, 


s1, 


High. 


s:  1 


D 


Low.      High. 


-23 9  9 

-'4 • 

25 Christmas  Day 

26 Extra  Holiday 

28 9i  ui 

20 1 1  !  i_>l 


3°- 

3'- 


11: 

12 


1-'! 
'5* 


REMARKS. 

The  net  results  of  [908  wore  unsatisfactory  owing  to  increased  operating  expense  and  the  payment  of 
a  large  sum  for  taxes  and  reconstruction.  It  is  confidently  expected  that  better  results  will  be  hereafter 
shown  "ii  account  of  a  reduction  of  operating  expense  and  expenditures  for  capital  account. 

(  (wing  to  inability  to  dispose  of  treasury  assets,  on  account  of  the  panic  and  the  large  cost  of  better- 
ments, dividends  were  suspended  for  the  time  being  in  November,  1907. 

Securities  owned,  [908,  were  $2,650,556,  consisting  of  bonds  and  stocks  of  local  companies. 

In  19,08  the  company  had  2,052  stockholders  of  record. 

In  view  of  the  fact  that  about  $10,000,000  of  the  company's  bonds  fall  due  in  [909/a  reorganization 
committee  has  been  appointed  by  the  bond  and  stockholders,  which  hopes  to  refund  the  issues  maturing  in 
1909  and  1912.  If  the  franchises  expiring  from  [909  to  1014  can  be  renewed  on  reasonable  terms,  the  com- 
mittee expect-  to  carr\  out  the  refunding  plan  successfully. 

Officers:  President,  Albion  E.  Lang;  Vice-President  and  General  Manager,  L.  E.  Beilstein; 
Treasurer.  S.  I).  Carr ;  Secretary.  II.  S.  Swift.  Directors:  L.  E.  Beilstein,  S.  D.  Carr,  A.  E.  Lang,  E. 
W.  Moore,  Barton  Smith.  J.  K.  Secor,  R.  B.  Van  Cortland,  J.  F.  Demers,  and  W.  E.  Hutton. 

Fiscal  year  ends  Dec.  31.     Annual  meeting,  third  Thursday  in  January,  Toledo.     Office,  Toledo,  Ohio. 

Traded  in  on  the  Xew  York  Stock  Exchange  (Listed  Department). 


3i8  GIBSONS     MANUAL 


Toledo,  St.  Louis  C®>  Western  Railroad 

Bonaed  indebtedness,  June  30,  [908 $27,577,000 

Preferred  stock,  4  per  cent,  non  cumulative  9,952,600 

Common  stock  9,995,000 

Total  capital $47,524,600 

Mileage  451 

*Per  mile  capitalization    $78,012 

Fixed  charges,  [908,  including  taxes,  per  cent,  of  net  income 74-87 

(  )perating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis  ....  67.43 

"Arrived  at  by  deducting   from  total  capitalization,  the  "securities  held,"  amounting  to  $1^,340,003,  most  if  not  all 
of   which   were   exchanged    for   the   company's   own   issues. 

EARNINGS. 

Year  Ending  Gro  Netlncome,  NetP.  C.  Earned 

[une  30.  Op.  Rev.  Less  Taxes.  ofGross  [nc.  ''Surplus,     on  Common. 

[900 $1,940,379  S370.J0;  [9.55            o 

1901   2,490,566  696.95S  27-nL  $82,558             o 

1902 2,640,880  735.090  27-7$  138,247            o 

1903  3,111,359  746,639  23.92  309.887            o 

1904 3,341,648  802,093  23.07  533.829             o 

t905  3,785,164  829,101  21.77  706,442           o 

[906 4.205,051'  1,089,698  25.75  [,178,765           °-7% 

1 007 4,181,966  [,279,205  30.27         2. 1  (.2.444         -s7<> 

1908 2,818,467  f.523,585  35.05         2,111,017         °-'; 


* 


*Inter-State  Commerce  classification. 

il,   in   addition   thereto,   equipment   replacement    fund  to  the  amount  of  $531,650  in   [90& 


LATEST  REPORT. 
I  arnings  for  seven  months,  ending  Jan.  31,  1909,  compared  with  last  year,  were: 


Gross.  Net. 

1909  $2,047,742  $674,149 

ico8  2,491,380  77I»9°4 


DIVIDENDS. 

[900         1 '/o  1         [902         [903        [904        [905        [906        [907        [908 
Preferred...      o  o  o  0000         4%        4'. 

Common....      o  o  o  000000 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1901. 

1001  [902  1903  ioo)  K)<>5  [906  1007  1908 

Preferred    .    .    .   28     May     35     Jan.      24     Sept    32     Feb.      51 ','  Jan.     43     July    29I    Nov.     33      Feb. 
39^    May     49JJ    An-.     48     Jan.     57]    Nov.     65     Apl.     50;   Jan.     54-    Apl.     73!     Dec. 

Common   ....     toj  Feb.     i8.l  Jan.      15     Sept.  21. 1   May      35     Dec.    25',  July    [6|    Dec.     12      Feb. 
25i    Maj      33^   Oct.      31'   Jan.     38     Nov.     43 "i    M1'-     4oj  Jan.     3.V,'    Jan.      50      Dec 


Thesi  Acre  listed  in  New   York  in  February,  [901. 


GIBSONS     MANUAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1901. 


3i9 


Jan. 


Feb. 


Mch. 


Apl. 


May 


June 


1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Cum. 

1905. . Pfd.. 

Com. 

1906 ...Pfd.. 

G  im. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Ci  im. 

1901 .Pfd.. 

Com. 

1902 Pfd.. 

Com. 

I9°3 %•  -pfd-- 

Com. 

1904 Pfd.. 

Colli. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


35  -381 

18A-20! 
44  -48 
28  -3ij 

37  -394 

23^-2. )', 

5ii-544 
35i-36f 
56  -59^ 
35  -4o£ 
50i-53i 
3oi-335 
34  -37i 
14  -15 


30  -344 

io:;-i3i 
37"-43s 
20I-23I 
43t"46i 
29  -30! 

32  -3&i 
22   -26I 

53i-565 

354374 
543-531 
36-38 
50  -52I 
28|-32^ 

33  -35i 
12  -15 


32  -36 
12  -19 

362-4' ! 
-'i !  --'3l 
40^-44! 

25  -281 

34  -37l 

24  -27 

36  -4°s 
54  -55l 
351-364 
45  -5i4 
23l-29f 
333-42:1 

14  -194 


30  -374 
144-19 
374-41  { 

20|-23^ 

414-44 

2.l'|-2('! 

35  -393 

24  -26-J 

541-55 
35  -43  1 
514-5"! 
34i-364 
514-54^ 
274-3o  1 
40  -43 
[64-181 


28  -394 

14  -254 
364-40 

20|  22:\ 

38  -44 

208-273 

37  -39i 

2lA--'"- 

5-' 3-58* 

344-39 

48  -52I 

3°  "334 

194-534 

284-30 

40  -46 
174-21 


354-39^ 

2I.'.-24.', 

364-38  A 
20I-21  ', 
40  -46 
1 94-26.1 
344"3»i 
22  -254 

554-571 
37  -39 
46  -494 

26  -313 

484-504 

27  -27I 

434-44.' 
19 


20  J 


July 


Am 


Sept. 


Oct. 


Nov. 


Dec. 


3-^1-36 
19^-22 

37  -40 

20f-22£ 

25  "45 

18  -26:1 

37   -39§ 

24  -27i 

554-57^ 

374-39s 

43  -47l 

254-294 

48f-5o! 

264-275 

434-50 

i9i"23l 


324-36 
20  -22I 

38  -49  s 
214-324 

25  -32 
16  -23! 

38  -484 

25  -292 

57  -59s- 
374-38S 
474-55 
28  -36 
40  -49I 
24  -26J 
494-594 
224-27* 


38  -384 
20  -24I 

+  1  -49  :i 

28  "33 

24  -29! 

15  --73l 

46  -53 

28  -33 

574-591 
374-394 

5<'j-57 
314-354 

45  -48 1 

23s--'1'' 

55  -61 
2.5  -27 


334-37 
20  -22  1 

40  -48i 

27  -33! 
24  -27.1 

i6]-i8~ 

484-52 

294-32! 

36  -394 

54  -584 
333-3SA 
30  -45  s 
194-25! 
57s  624 
26  -31-3 


334-361 
[94-2i| 

44  -40  s 
27  -3i4 
244-334 
I54-2I4 
47f"574 
29  -38 

56  -584 
364-384 
53  -554 
33  -354 
294-344 
174-193 
574-65 
304-40! 


314-354 
[74-19! 

43  -48 


25 

;  2 .1 


29^ 
40 
20f-26 

49  -56! 

33i-37 

564-59 

35 

52  -544 

334-34'J 

303-36A 

163-18 

634-734 
394-50 


:l 
I 

4 

37s 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Pfd.  Com. 

2 574-573     304-303 

3 Election  Day 

4 584-594     314-32 

5 59  -59f 

6 584-591 

7 584-59 

9 584-583 

10 58-59 

11 583-59 


32  -324 
323-32! 

33  -33 

324-33 
324-325 


Nov.  12. 
"  13- 
"      14. 


Pfd. 

583-593 
60  -6of 
608-61* 


16 6oA-6i^ 

17 6o|-6i 

18 60  -6o| 

19 60  -6of 

20 60  -60* 

21 592-60 


Com. 


33 

35 


-34 
-38 


374-373 


36  -36 


No\ 


23- 

24. 

25- 

26. 
27. 
28. 
30- 


Pfd.  Com. 

594-594  363-37 

594-6oi  374-374 

60  -6o*_  374-374 
.  Thanksiving  Day 

60  -624  374-383 

61J-63I  39  -40 

64  -65  39J-4o3 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


D 


Pfd.  Com. 

1 648-64  J  39f-4o4 

2 634-644  394-4° 

3 634-63$  ....... 

4 634-64*  394-40 

5 64  -64!  404-40! 

7 64  -64*  393-39s 

8 633-633  ....... 

9 63f-66|  394-428 

10 65  -662  41  -42] 


Pfd. 

Dec.     11 654-664 

"      12 65I-65! 

"      14 66i-67! 

"      15 66  -67I 

"     16 66  -662 

"     17 654-67^ 

"      18 65I-664 

"        >9 65^-657 

"        2. 65    -653 


Com. 

41 A -413  De 

3  -> 

....... 

23 

414-42!       • 

24 

....... 

25 

4i4-4i4 

>r> 

40  -40 

28 

393-40 

2') 

40  -40 

30 

394-40 

31 

Pfd. 
69  -702 

I  >< )!,-72 4 


C01 


40  -42] 
42  1-423 
44  -473 
Christmas  Day 
Extra  Holiday 
7^-732  463-49 
7' 1-73 1  48  -49l 
71  -72  46I-47A 
71   -72      48  -50 


32o 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  TOLEDO.  ST.  LOUIS  &  WESTERN,  PREFERRED,  FROM  1900 

TO  1908,  INCLUSIVE. 


REMARKS. 

This  company,  chartered  fulj  5,  1900,  is  ;i  reorganization  of  the  old  Toledo,  St.  Louis  &  Kansas  City, 
which  was  sold  under  foreclosure  in  March.  1900. 

The  capital  stock  has  remained  unchanged  since    [900  but   the  bonded  debt  has  expanded  about  $12,- 
000,000.     The  increase  took  place  in  the  fiscal  year  of    [908  and  was  the  consequence  of  purchase  of  $6, 
|£o,ooo  of  the  preferred  and  $14,425,000  of  common  stock  "i"  Chicago  &  Alton,  a  controlling  interest  valued 
-11.527.000.     The  Chicago  &  Alton  stock  has  been  deposited  as  security  for  the  gold  bonds  of  [917. 

Purchase  of  Chicago  &  Alton  was  consummated  in  August,  [907,  and  64,800  share-  of  the  preferred 
and  144. -'50  shares  of  the  common  were  acquired.  From  this  stock,  4  per  cent,  was  received  on  the  preferred 
in  the  fiscal  year  of   1908  and   1   per  cent,  on  the  common. 

Officers:  President,  T.  P.  Shonts;  Chairman.  Thomas  II.  Hubbard;  Vice-President,  Edwin 
Hawley ;  Secretary  and  Treasurer,  James  Stewart  MacKie.  Directors:  II.  S.  [Slack.  Hugo  Blumen- 
thal.  E.  I.  Berwind,  Edwin  Hawley,  Thomas  II.  Hubbard,  Henry  E.  Huntington,  C.  S.  VV.  Packard, 
William  A.  Read,  T.  P.  Shonts,  Charles  II.  Tweed,  and   lames  \.  Wallace. 

Fiscal  year  ends  fune  30th.  Annual  meeting,  last  VVednesda}  in  October.  Directors  meet  first 
Wednesday  in  February,  May.  August  and  N'ovember.  Mam  office,  Toledo,  Ohio.  New  York  office,  60 
Wall  lraded  in  on  the  New  York  Stock   Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


3-1 


Twin  City  Rapid  Transit  Company 

An  electric  street  railroad  enterprise  chartered  tinder  the  laws  of  New  Jersey,  June  3,  1N91,  and  con- 
trolling the  whole  street  railroad  system  of  St.  Paul,  Minneapolis  and  Stillwater,  with  lines  to  several  points 
011  Lake  Minnetonka.     The  articles  of  incorporation  make  the  charter  perpetual  hut  the  franchises  are  in  it  so. 

Feh.  18,  1907,  an  ordinance  was  si^m.,]  by  the  .Mayor  of  Minneapolis,  requiring  the  company  to  sell 
(1  fates  for  25  cents.  The  company  contested  the  legality  of  this  action,  and  on  Aug.  24,  [907,  the  United 
States  Circuit  Court  issued  a  permanent  injunction  against  the  ordinance.  The  company  claims  that  this  de- 
cision sustains  the  company's  right  to  a  50-year  franchise  from  July  1,  1873.  The  case  has  been  appealed  to 
'he  United  States  Supreme  Court,  hut  the  company  is  confident  of  a  favorable  result. 

The  city  of  St.  Paul  was  inclined  to  appeal  from  this  decision,  and  a  settlement  was  made,  the  city  re- 
linquishing the  right  to  appeal  in  return  for  an  agreement  of  the  company  to  pay  a  tax  of  '1  per  cent,  on 
gross  earnings  to  the  city. 


Bonded  indebtedness,  Dec.  31,  1908 $19,523,000 

Preferred  stock.  7  per  cent,  cumulative 3,000,000 

Common  stock 20,100,000 

Total  capital $42,623,000 

Fixed  charges.   1908,  per  cent,  of  net  income 42.04 

Operating  expense,  excluding  taxes,  per  cent,  of  gross 4947 

Per  cent,  of  taxes  and  expense  to  earnings 64.35 


EARNINGS. 

Earned 

Year  ending  Dec.  31.              Gross."                      Net.  Surplus.  on  Common. 

1900 $2,839,356            $1,534,666  $2,418,798  47% 

J90i   3.173-9/6               1.758,524  2,700,284  5.88% 

1902 3,612,211               1,982,041  2,991.346  6.42L 

J9°3  4.063,939              2,185,889  *........  7.54% 

1904 4.308,080             2,351,045  203,030  6.2  % 

i9°5  4.759.255              2,640,118  456.156  5.22% 

1906 5,644,988              2,969,608  593.837  5-67% 

x9°7 6.055,743              3-075.307  424,973  5-65% 

!9o8  6,399,510             3-233454  **54Q,o64 

♦Disappearance   of   the   surplus   in    1903   was  more  apparent  than  real.  It  had  not  represented  casli  on  hand,  hut 

balance   over   interest  and   dividends,   which   had   actually  been    expended    for  improvements.  The    surplus    was    in    1903 

posted  to  "roadway  and  equipment."     Since  that  date,  the  surplus  has  represented  cash  on  its  equivalent. 

♦♦Renewal  funds  and  special  reserve,  in  addition  to  this.  $1,200,290. 


DIVIDENDS. 


1900 

1901 

1902 

'903 

1904 

1905 

1  (  |<  iO 

1907 

1908 

Preferred.  . 

•     7% 

7% 

7% 

;'< 

7% 

7% 

7% 

7% 

7% 

Common .  .  . 

•     3% 

3i% 

5l% 

5% 

5% 

5% 

5% 

-,'■ 

5% 

1900 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1901 


1902 


1903 


Preferred.  .136      Jan. 
146      Dec. 

Common. . .  61  \'z  July 
-0^4  Dec. 


143 
160 


Feb.  15654  Aug.  155  May 

Nov.  1595/2  Feb.  159  Jan. 

65^  Jan.  107      Jan.  79  Oct. 

109$^  Dec.  12954  Sept.  12254  Jan. 


"«l 


1905 


158 

165 


8754  Feb.    105      Jan. 
107 Va  Oct.     119J-6  Oct. 


1906 


1907 


1908 


Aug.    15.^-4  May     150 
Nov.  160      June     150 


Sept.   100       Nov.  120  Jan. 

Sept.  115       May  124  Tan. 

102      Dec.     i&Vt,  Nov.  78)  \  Feb. 

1  .'_■' J  Jan.    io8;<  Jan.  96-Js  Dec. 


322 


GIBSONS     MANUAL 


1900. 
1901 . 
1902. 
1903. 
1904. 
1905. 
1906. 
1907. 
1 908 . 


1901 . 

1  (  m  i-' . 

1 !  k  »3  ■ 
1904. 
1905. 
1 906 . 
1907. 
1 908 . 


.Pfd.  . 

.  1  '0111. 
.Pfd.. 
.  Com. 

.Pfd.. 
.  ( '1  nn . 

.Pfd.. 
.Com. 
.Pfd.. 
.Com. 
.Pfd.. 
.  Com. 
.  Pfd. . 
.  Cum. 
.l'l.l.. 
.  (  bm, 
.Pfd.. 

.(  '■  Mil. 
.    Pfd.. 

.  Com. 
.Pfd.. 

.  I  'nm. 

.Pfd.. 
.Com. 
.Pfd.. 

.  Com. 
.Pfd.. 
.  Com. 
.Pfd.. 
.Com. 
.  Pfd. . 
.Com. 
.Pfd.. 
.Com. 
.  Pfd. . 

.  I  '1  nil. 


LOW  AND 

Jan. 

[36  -139 
66  -  68J 

(47H47i 
65I-  7i\ 


HIGH  PRICES,  BY  MONTHS,  SINCE 
March 


1900. 


1 07  -111 


158  -159 

1 1SJ-1 22  | 

*88i-  9Sl 

105  -100! 


117  -12 


H 


102^-108! 
120  -120 
»4|-  So| 

July 
141  -141 

6i4-  6i| 
148  -148 

90J-  953 

119  -125 

93i-ioi 

i59i-i59! 

94i-  96 

nof-115 
io8f-ii4i 
94  -  96 
89  -  92} 


Feb. 

139  -i"39 
64!-  65  J 

143  -147 
67I-  7i 

158  -i59i 
1 09  - 1 1 3  \ 

159  -159" 

119  -121$ 

87f  92! 

105  -108 
116  -II  oi 

102  -105 

'-8i-'84i 
Aug. 


April 


May 


June 


141  -141 
62  -  62^ 

147  -148 
92  2- 1 023 

156^-156! 

122:4-129 

'm-'g's 
158  -158 

95  -  99i 

II35-H9K 

1 1 2\- 1 1 60 

85  -  92 

88  -'91} 


138^-139 

'  14  -  66i 

i47:rM7;; 
694-  76i 

113  -120 
[56  -156 
107I-118J 

87i-"92| 

1551-15- 
107^-1 1  si 

1 16  -119] 

82^-'s5 

Sept. 
140  -141 

150  -157 
98J-iosi 

121  -121).' 

84i-  94^ 

158  -158 
96J-101 

1 15  -118J 

1 13I-1 16] 

0.0 1-  96} 

8s  -  00 


141  -142 
63^-  66$ 

147  -M7 

74  -  701 

1184-124 

ro8f-ii4i 

9'f-  94 
C54  -C54 
108  -122} 

112  - 1 2 1 ] 

93i  98 

84  -877 
Oct. 


141  -141 
62  -  64 

"71   -85 

C57  -157 
H7!-I23 
155  -155 
103  -113I 

93  -  95 1 
1533-157* 
108  -115I 

1093-119 

"5  -US 

89  -  96 
123  -123 
86}-  92} 

Nov. 


140  -140} 
6ii-  62  ' 

97  -101 
158  -158 

1  1 4.1  -1 23 

79  -'88 


.;o:;-io73 


1151-119^ 

150  -150 
in  -114 

72  -   04 

88f  -  91* 


141  -144 
634-  67 
158  -160 
100  -io8i 
158  -158" 
1 1 3 1  - 1 20.I 

85i-94 
165  -165 
104^-1071 

114  -117 

109I-111:} 

100  -100 

68f-  75 

00  -  95* 


I4ii-i4i4 

62  -  63 

'835- '95 

IlSi-121^ 

155  -155 
873-IO4 

93i"  953 
160  -160 

109I-114J 
109  -n6g 

91  -  94J2 

80  -  91$ 

Dec. 

1 40  -146 

665-  70} 

158  -159}- 
105  -109I 

112  -117! 

159I-159I 

90 J-  05 1 

103^-1 07  \ 

1 14  -1 18 

102  -109' 

'77  -'86 

04  -962 


LOW   AND  HIGH  PRICES,  BY   DAYS,   NOVEMBER.   1908. 


No\ 


3- 
4- 

5- 
6. 

7- 

9- 

10. 

11 . 


Low.      High. 

go  oo-l 

Election  Day 

91 


9 1 :' 


91 

91* 
93 
934 
93 


91! 
92i 
93* 
93$ 
93 


Low.       High. 

Nov.  23 

"     24 94$-  95 

"     25 95  95I 

26 Thanksgiving  Dav 

"      27 ..'. 

"      28 

"      30 


LOW   AND  HIGH  PRICES,  BY    DAYS,    DECEMBER,    1908. 


Dec.      1 . 

2 . 

3- 

4- 
5- 
7- 
8. 

9- 
10. 


Low 

04; 


94  i 
94 


Low.      High. 


Dec.    22 


23 94 

24 94i 

2^ Ghrist 

26 Extra 

28 95 

29 95i 

30 

31 


94, 
943 
mas  Da) 
Holiday 
95 
962 


GIBSON'S     MANUAL  323 


REMARKS. 

Total  capitalization  has  increased  $13,152,000  since  1900. 

Securities  owned,  are  not  reported  separately  from  cost  of  roadway  and  equipment  but  are  included  in 
the  grand  total  of  $42,761,175. 

New  construction  work  during  1907,  mainly  in  the  way  of  additions  to  the  shops  and  power  plant,  'nit 
including  also  work  on  the  tracks  and  the  Selby  tunnel,  required  an  expenditure  of  $1,657,154. 

Officers:  President.  C.  G.  Goodrich;  Vice-President,  Willard  T.  Ilield:  Treasurer,  E.  A.  Crosby; 
Secretary,  E.  S.  Pattee.  Directors:  J.  M.  Mitchell,  C.  G.  Goodrich.  Clinton  Morrison,  W.  J.  Goodby. 
W.  A.  Read,  Charles  Hayden,  Horace  Lowry,  M.  P..  Moon,  and  Frank  Bergen. 

Fiscal  year  ends  Dec.  31st.  Annual  meeting,  fourth  Tuesday  in  January,  Elizabeth,  N.  J.  Office, 
Minneapolis,  Minn.  Traded  in  mi  the  New  York  Stock  Exchange  (Listed  Department^  and  or.  the  Mon- 
treal Stock  Exchange. 


324 


GIBSON'S     MANUAL 


Union  Bag  C&  Paper  Company 

\  union  of  establishments,  devoted  to  the  manufacture  i  if  paper  bags  and  similar  articles,  incorporated 
in  Now  Jersey,  Feb.  27,  [899.  The  late  Geoi .  <  West  of  Ballston  Spa.  \.  Y.,  was  a  leading  figure  in  the  con- 
solidation. At  the  time  of  the  rhergel,  the  new  company  controlled  about  90  per  cent,  of  the  industry  in  the 
United  Stairs.  Paper  mills,  pulp  mills  and  bag  factories  were  taken  over,  the  plants  being  located  at  Sandy 
Hill,  Ballston  Spa  and  Hadley,  X.  V..  Watertown,  Mass.,  and  Kaukauna,  Wis.  The  companj  owns  a  large 
number  of  valuable  patents  for  mechanical  processes,  important  water  powers,  and  extensive  tracts  of  forest 
lands,  in  regions  tributary  to  the  mills.  A  great  and  growing  asset  is  the  water  power  of  the  company.  To 
utilize  the  one  at  Sand)  Hill,  a  modern  electrical  plant  has  recently  been  built,  to  develop  almost  10.000  horse 
power.  There  is  ever)  reason  to  believe  that  this  power  will  be  sold  to  local  consumers  to  excellent  advant- 
age. 

Bonded  indebtedness,  Jan.  31,  [908 $  3,399,000 

Preferred  stuck.  7  per  cent,  cumulative 1  i,<xk>.(xk> 

Common  stock  16,000,000 


T  ital  capital  $30,399,000 


'Sear  ending  March  1. 

1900 $1,494,169 


1901   

Year  ending  Jan.  31. 
1902,  1 1  mos 


1903  

1904 

1905  

1906 

1907  

[908 1.276.758 


EARNINGS. 

Profit  and 

Profits. 

Surplus  for  Year. 

Loss  Account 

1' '  1-169 

$724,169 

$    724.169 

803,063 

33,063 

757.232 

876,470 

106,470 

846,980 

961,036 

191.036 

901,816 

812,498 

4-485 

878.*  >29 

906,419 

136,419 

1.015.31'' 

833.352 

33-63I 

1.04^.1^11 

934.487 

2(  1,920 

1,075,900 

.276,758 

379.224 

1. 455.124 

Note: — Less  than  1  per  cent,  has  been  earned  for  the  common  stock,  except  in  a  few  years,  viz.:    1000,  4.5  per  cent. 
1903,   i.J  per  cent.;   1907,  2.37  per  cent. 


Preferred. 
Common. . . 


1  <  /*  i.  i 

7% 
o 


l  <  )i  1  1 

7% 
o 


DIVIDENDS. 


190 


1903 

7% 
o  o 


7?< 


1 004 

7% 

o 


1905 

7% 
o 


1906 

6i% 

o 


[907 

4% 
o 


1 1 ,1  iS 

4% 
o 


1900 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 
1002 


[.*>] 


Preferred..  .5654  May  65        Apl. 

77M  Feb.  75.  m   Dec 

Common. ...  10       June  12       Apl. 

25       Feb.  lQ.?g  June 


7_'  Ian. 
85  Apl. 
n'j  Nov. 

isy4  .\pi. 


1903 

Dec. 

79-J4  Jan. 

S      Oct. 

15       Jan. 


1904 


1005 


45  Feb.  68  Jan. 

75' 4  Nov.  82^  Dec. 

3%  Aug.  85-g  June 

1.;'  ,  Nov.  15&  Oct. 


1 1  jn(  i 


52 
84 


Oct. 
Jan. 

Sept. 


15' 4  Jan. 


ni(  .7 


1008 


39J4  Nov.  44y6  Jan. 

61       Jan.  66J4  Nov. 

4      Oct.  4      Feb. 

8j^  Jan.  95-6  Nov. 


LOW 

AND  HIGH 

PRICES, 

BY   DAYS 

NOVEMBER, 

1908. 

Pfd. 

1  lorn. 

Pfd. 

(  '•m. 

Pfd.           Com. 

Nov. 

> 

-.  . 

8  -  8i 

Nfov 

....... 

Nov. 

-3- 

66-66        oj-  o;' 

ri 

3  ■  •  ■  ■ 

Election  Day 

.  > 

'3 

63f-65 

8J- 

Ml 

" 

24- 

66  -66        9$-  9i 

*• 

4  — 

ti 

14 

11. 

(,;  -6<; 

0!- 

-1 

•- 

2K. 

_ 

•• 

_ 

8  -  8J 

•• 

•• 

.,', 

.Thanksgiving  1  )a) 

1, 

in   -62 

8  -  8| 

.. 

>7 

18 

6c,  -6t; 

•  • 

.7 . 

66J-66I      9i-  9i 
62J-62I     ....... 

•  • 

7 

..      (..■:  6 

9  -  9\ 

. .  .- 

•• 

>8 

" 

9.... 

. .    63-64 

9  "  9\ 

" 

"» 

,,3 

" 

30- 

...---.       «-8| 

" 

10 

•  •     64    1 ' I 

it 

.. 

[i 

8| 

.. 

6S 

.  . .- 

GIBSONS     MANUAL 


3-25 


LOW  AND  HIGH  PRICES,  BY    DAYS,    DECEMBER,    1908. 


Pfd. 

1 ''-l-l-S-U 


Pfd. 


Dec.    22. 

23- 

24. 


9h  9fi 
9S-  9f 


25 Christmas  Da\ 

26 Extra  Holiday 

28 66  -66 

29 -•••       9-9 

30 66  T66        g\-  ol 

3J -■••       9-9 


REMARKS. 

Total  capitalization  has  increased  since  1900  merely  by  the  amount  of  the  present  bonded  debt.  The 
capital  stock  is  the  same  now  as  then. 

Cost  of  properties  is  carried  in  the  last  balance  sheet  at  $29,732,339. 

The  stagnation  in  business  in  1907  and  high  cost  of  all  materials  would  have  materially  embarrassed 
the  company,  in  1907,  had  it  not  been  for  possession  of  its  own  wood  lands.  These  enabled  it  to  supply  its 
own  wants  at  low  cost  and  the  surplus  wood  and  pulp  were  disposed  of  at  remunerative  prices.  Business 
slowly  improved  until  June,  1908,  and  thereafter  more  rapidly.  By  the  first  of  January,  1909,  the  mills  were 
running  on  full  time  and  the  trade  of  1908  practically  equalled  that  of  the  year  before. 

Officers:  President.  Edgar  G.  Barratt;  Chairman,  L.  < !.  Fisher;  First  Vice-President,  John  H. 
Derby;  Treasurer,  E.  S.  Coleman;  Secretary,  W.  L.  Sparks.  Directors:  Edgar  G.  Barratt,  Philip 
G.  Bartlett,  Charles  T.  Coburn,  Edwin  S.  Conway,  John  If.  Derby,  Isaac  H.  Dixon,  Lucius  G.  Fisher, 
Chauncey  Keep,  Chauncey  Marshall,  Waldo  E.  Pratt,  John  S.  Riegel,  George  R.  Sheldon,  Lucius  V.  Walk- 
ley,  Mahlon  B.  Wallace,  and  David  S.  Walton. 

Fiscal  year  ends  Jan.  31st.  Annual  meeting,  second  Tuesday  in  April,  Jersey  City,  N.  J.  Directors 
meet,  Wednesday  preceding  the  nth  of  March,  June.  September  and  December.  Office,  17  Battery  Place. 
Xew  York.     Traded  in  on  the  New  York  Stock  Exchange  (Unlisted  Department). 


GIBSONS     MANUAL 


Union  Pacific  Railroad 


Bonded  indebtedness,  June  30,  1908,  after  deducting  bonds  "i  an 

liary  companies  owned $298,109 

Preferred  -tuck.  4  per  cent,  non  cumulative ,','-54i 

I  ommon  -took [95487,900 

Total  capital $593,141,068 

Mileage 8,252 

Pei   mile  capitalization $46,045 

Fixed  charges,  [908,  including  taxes,  per  cent,   "t    nel    income    ..    ..         30.56 
<  operating  expense,  excluding  taxes,  per  cent,  of  gross,  new  basis  ..  5 1  83 

Vfter  deducting  from  capitalization,  securities  owned. 


EARNINGS. 


year  Ending 
June  30. 
1900 
1901 
1902 
1903 
[904 
I905 
1906 
1907 
[908 


( rross 
I  >p.  Rev. 
$23,046,907 

39.264 
17,500,279 

51.075.1s., 

55.279.23' 
59,324,949 
67,281,543 
76,040,727 
76,039,225 


Net  Income 
Less  1  axes. 

$i2,027,8iq 
20,010,279 

26,521,(155 
26.975.S  1 1  i 
29,048,632 

33.958,994 
40,647,585 
44,983,12) 
47.920.155 


Net  P.  Col 
<  in  iss  Inc. 

4745 
4476 
50.92 
4841 
48.84 
51.87 
52.71 

5 '  -33 
52.05 


Surplus. 
$12,166,790 
[5,844,965 
21 ,361,692 
21,132,240 
26,005,682 

35443.194 

42,796,026 

-7,822 

63,978,579 


Earned 
on  Common. 

4-37 
75- 
9-349 

848% 

IO.o 
11.72% 
15.J'; 
[5.629I 


•  Interstate  <  lommerce  clas 
**  In  addition  to  Surplus  In 
ami  reserve  funds. 

"••  I  igured  after  application  to  betterments 


sification. 

come  account  there  are  $1,949,836  in  various  insurance 


LATEST  REPORT 

Earnings  for  seven  months  to  Jan.  31,  [909,  compared  with  the  same  period  in  1908,  wen 

Gr>  Net 

1909 S47.983.Sj4  $24,264,024 

1908 4S.KHi.j1S  io.440.5iM 


DIVIDENDS. 


[erred 

1  ■  immon 


1900 


hen 
1'. 


1902 

■ 


1903 

4% 


[904 


[905 


4% 
E 


[907 

4'^ 
[0% 


[908 

4% 

io<; 


i<*«) 


LOW  AND  HIGH  PRICES.  BY  YEARS.  SINCE    1900. 

1906 


l'*»l 


1902 


L903 


I'AM 


'905 


I'*»7 


.  Aug 
Aug.     95*4  I7--'' 
May     '>'■  '   j  Aug. 

8lJ,bc-      133      May    ll.Vi  Aug.    1045* Jan 


•'.      Nov. 
98      Dti      ICltfFeh. 
71       Mch.    11.1      Jan. 
•7      N                  .  Dec. 

91 H  May 

<*)>$  Ian. 
1  IS       lan. 
19S«  Sept. 

75      Aug. 

96  May 
lixi  Oct. 
183      Jan. 

\pl 
Nov. 

mi'.'  Moi, 

Mji  Nov. 

GIBSONS     MANUAL 


3-7 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

li>02 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1  ( 1114 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

C904 Pfd.. 

Com. 

[905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd/. 

Com. 

1908 Pfd.. 

Com. 


73!>-  76 

44  s-  48s 

81  f-  S5i- 

784-  88 

99§-io4! 

92-i-  95 

1 00^- 1 04s 

881-  9ii 
76£-  82J 

97  -  98} 
113  -I23i 

97  -  99i 
148  -iooi 

92  -  94 
1681-183 

80  -  84J 
1164-128! 
July 


7ii- 
49f- 
87  - 
Sgi- 
88f 
104-- 
84 

934- 

88f 

97  - 

1264- 

94- 
I39l- 

834- 
I35S- 

S- ! 
145  - 


76S 

585 

90-2 

110J 

944 
iiof 

-  88^ 

-  82J 
94! 
99 
99 

i3[s 
944 

152! 
85 

148 

834 

155: 


74  -  71\ 
40s'-  5ii 
83i-  90j 
84I-  974 
87  -  90 
98§-i04i 

91I-  95i 
96I-1033 

864-  91 4. 

72\-   8i| 

97  -I0If 
i-'i  -i37i 

954-  98 
1481-158! 

90  -  91 

1 68|- 1 

80  -  83 

1  ioi-i  23;! 


n\ 


Aug. 

75i-  765 
57f-  6oi 
87i-  92$ 

934- 104! 

9 1 1-  95 
107  -113-i- 

83i-  87 

652-  78-J 
93*-  95" 
94§-ioii 
984-  99 

1294-138! 
94f-  95 

153  -i'"  1 
75  -  83 

120I-1444 
825-  Sol 

I54i-i64s 


Alar. 
73s  77 1 


Apl. 


May 


48 
83*- 


59 

864 


864  94I 

86§-  ns 1 
98f-ioi 

894-  92 
881-  98 
864-  94 

7i  -  87J 

994-100 

127  -136H 

95  -  96! 

i4yi-i574- 
86  -  9] 

1204-171  I 
79k-   8) 

I  I0l-12<) 

Sept. 

71  -  74i 

S3*-  584 
864-  90 
92I-102I 

904-  9-^4 
102.1-1 124- 

83A-  86^ 
67*-  76J 
92h   94 
964-103-i 

96  -  96 i 

I28f-i34f 

92i-  95 

i8ii-i95| 

78  -  82^ 

i25i-i34i 
85  -  90 
i  |m; -i68J 


744-  78i 

554-  60* 

84.I-  98 

89I- 1 20 

87 1-  89 
99I- 108.1, 

874-  9I| 
86i-  934 

92  -  94I 
83I-  90 

98  -100 
118  -137 

93  "  96 
1444-159! 

853-  m 
1321-1482 

791-  8U 
123^1384 

(  let. 


75  - 

87- 

94  s 

m- 

IOI  ■ 

834- 
m- 
93  - 
102  - 

951- 

<)-'!- 
1  So] 

75  - 
100  ■ 

86f- 

1584- 


764 

63-i 
90 

103 
91I 

107 1 
86 
73s 
95! 

113J 
97i 

> 35  i 
93 

191^ 


i29i 

93! 

1 73  s 


72k- 

52  - 
85  - 
76 
86f- 

K)lj- 

88  S  - 

S2^- 

9°i- 
°i4- 


75  4 
564 

'"' 

133 

NX] 

[051 

91I 

924 

92i 


96  -  98 
115  -1244 

<)il-  96 
i38J,isij 

87  -  96 
131  M5o-;- 

804-854 
i34JH5j| 
Nov. 

83I 

74k 

944 

io8f 

93 

1 04  4 
86 

74l 

954 

117 

984 

t385 

93 

1 90  J 

80 

1164- 

98 

184- 


75-1- 
6of- 
88i- 
ioof- 
89- 
984 

85  - 

69 1- 

94]- 

107I- 

954- 

1274- 

92  - 

i79i- 
75   - 

106^- 
92 

1 7^  1 


June 

7*»2-  75s' 
48  -  563 


syl-  9 

1054-11 
87  -  89! 

C03I-106I 
864-  88| 
77  -  84, 
9X4"  93l 
825-  80 

965-  981 
I19I-129 

94  -  95 
141I-153 

84  -  87 
I28f-i39i 

82  -  834 

141^-150 

Dec. 

85^ 
81! 

9°i 


Sol- 
7o4- 
87- 
97  - 
894- 

934- 

S54- 
74i- 
94l 

K14I- 
964- 

134b- 

<)2l- 
1772- 

7&i- 

"3i 

94* 
1742 


1034- 
93 

IOI.1, 

89" 

81 

98 

116I 

99  i 

1514 

95 

188.I 

81 

1205 


-  964 
1844 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Nov.  2  . 

94  -  95 

1 724-1744 

Nov.  12  . 

96  -  97 

178  -179! 

N 

3  ■ 

Election  Dav. 

"  13  • 

96  2-  97 

1  794-i8i4 

"   4  • 

92  -  95 

175  -U7i 

"  14  • 

96I-  97 

1 804-1814 

5  • 

94  -  94s 

1 754-1774 

"  16  . 

97  '  97l 

1794-182 

"   6  . 

944-  944 

1764-179 

"  17  • 

97  -  98 

1824-183! 

7  • 

93t-  944 

178-4-179! 

"  18  . 

964-  97 

[8 if- 1844 

"   9  • 

94-1-  94'4 

1774-1794 

19  . 

964-  96i 

i8of-i82§ 

"  10  . 

94:4-  95-2 

178  -i8i| 

"  20  . 

954-  96J 

t79i-i8if 

"  11  . 

96  -  97 

1 77-}- 1 8of 

"  21  . 

96  -  96} 

1794-181! 

Dec.  1 


3 
4 
5 
7 
8 

9 
10 


26 
27 


30 


Pfd.  Com. 

95  -  954  178J-180I 

95  -  96}  1 794- 1  <s3 - 
964-  96J  183  -184I 
Thanksgiving  Day. 

96  -  96  1831-184! 
96  -  964  i83f-i84f 
96  -  964  iS3»-i84i 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Pfd. 

96  -964- 
954-964 

95  -954 
95  -95 

944-941 

95  "95 


i79i- 
179!- 
i8o|- 

i7'»:i- 
[8o4- 

iSi]- 

182I- 
i834- 


m. 

Dec.  n  . 

183 

"  12  . 

1804 

"  14. 

iS_>] 

"  15  • 

1S1I 

"  16  . 

isij 

"  '7 

183 

"  18  . 

183s 

"   in  . 

184s 

"  21  . 

Pfd. 
95  -95 
95  -95 
95  -95 
954-95^ 
')52-952 
95  -96 
95  -952 
95  -954 
944-95 


Com. 
1824-184! 
1824-1834 
182^-184 
iSr^-183 
1814-1834 
180  -i82| 
179  -i8o| 
178  -1804 
174  .l-i  79 


Dec.  22 

"  23 

"  24 

"  25 

-  26 
•'  28 
"  29 

-  30 
"  3' 


Pfd. 
941-95 

944-95 
95  -954 


Com. 

1 764-1793 
i794-l8l| 

1S07-1S2] 


Christmas  Day. 
Extra  Holiday. 
954-96       1814-184I 


')5s-95s 
95t-95l 
954-96 


183  -1847 
1821-1844 

iS2:;-iNv; 


328 


GIBSON'S     MANUAL 


MARKET  MOVEMENTS  OF  UNION  PACIFIC,    FROM    1900   TO    1908,    INCLUSIVE.      A   FEW 

MINOR  TURNS  DISREGARDED. 


GIBSONS     MANUAL 


REMARKS. 

Total  capitalization  of  Union  Pacific  lias  increased  from  $294,102,300  in  1900  to  $593,141,068. 
Securities  owned  by  the  Union  Pacific  system  June  30,  1908,  aggregated  $218,173,102,  including 

$124,200,000  of  Southern  Pacific  stock,  not  a  controlling  interest  :  $39,540,000  of  Baltimore  &  Ohio  stock  ; 
$20,123,100  of  Illinois  Central  Stock;  $10,000,000  of  Atchison,  Topeka  &  Santa  Fe  stock;  $14,285,700  of 
New  York  Central  stock;  77.164  shares  of  Great  Northern  Ore  certificates ;  $10,343,100  Chicago  &  Alton 
stock;  $3,578,600  Great  Northern  Railway  stock;  $3,215,000  Chicago  &  Northwestern  stock,  and  $6,457,- 
500  of  St.  Paul  stock.  All  of  the  stocks  above  referred  to  except  Chicago  &  Alton  and  Illinois  Central 
were  held  by  The  Oregon  Short  Line  Railroad. 

The  collateral  trust,  convertible.  4  per  cent,  bonds  of  Union  Pacific  were  created  originally  in 
1901,  authorized  amount  $100,000,000.  The  first  issue,  of  which  there  were  outstanding  June  30,  1901, 
the  sum  of  $93,957,000,  was  rapidly  exchanged  for  stock,  at  par,  until  all  except  half  a  million  of  them 
had  disappeared  by  June  30,  1906. 

May  9,  1907,  a  new  issue  of  twenty-year,  4  per  cent,  convertible  gold  bonds  was  authorized, 
to  date  from  July  1,  1907,  not  exceeding  $75,000,000  in  amount,  and  was  offered  to  stockholders  at 
90  per  cent,  of  their  face  value,  each  stockholder  having  the  right  to  subscribe  for  an  amount  equal 
to  25  per  cent,  of  the  par  value  of  their  shares.  The  bonds  are  convertible  at  any  time  prior  to  July  1, 
1917,  into  common  stock  at  $175  a  share,  and  may  be  called  for  redemption  on  July  1,  1912,  or  on  inter- 
est days  thereafter,  or  on  ninety  days'  notice,  at  a  premium  of  2|  per  cent.  To  obtain  100  shares  of 
st<  ick  bonds  to  the  par  value  of  $17,500  are  required. 

Reference  is  made  in  the  annual  report  for  1907  to  incorporation  of  The  Pacific  Fruit  Express 
Co.,  under  the  laws  of  Utah,  capital  $12,000,000,  to  supply  refrigerator  cars  to  Southern  Pacific  and 
Union  Pacific  in  accordance  with  the  Inter-State  Commerce  Act.  The  new  company  has  had  buill 
6,600  refrigerator  cars  at  a  cost  of  $10,480,000  for  the  use  of  the  two  overland  routes. 

Officers:  President,  Edward  H.  Harriman ;  Vice-President,  William  D.  Cornish;  Treasurer,  P. 
V.  S.  Crosby;  Secretary,  Alexander  Millar.  Directors:  Oliver  Ames,  William  D.  Cornish,  Henry  C. 
Prick,  William  G.  Rockefeller,  H.  J.  Earling,  E.  H.  Harriman,  Marvin  Hughitt.  R.  W.  Goelet,  R.  S. 
Lovett,  Charles  A.  Peabody,  Henry  H.  Rogers,  P.  A.  Valentine,  Joseph  F.  Smith.  James  Stillman  and 
William  Mahl. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Tuesday  in  October.  Directors  meet  on 
call.  Executive  Board  meets  every  two  weeks,  usually  on  Thursday,  on  call.  Office,  120  Broadway, 
New  York.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  London 
Stock  Exchange. 


330 


GIBSONS     MANUAL 


United  Railways  Investment  Company 

Chartered  under  the  laws  of  New  Jersey,  Feb.   io.  1902,  for  the  purpose  originally  of  acquiring 

the  entire  capital  stock   (directors'  shares  only  excepted)   of  The  United   Railroads  of  San   Francisco. 

The  latti  ration  is  a  consolidation  of  the   Market   Street,  the  Suiter  Street,  and  the  San   Fran- 

■  &   San   Mateo   Railways,  and   the   Sutro   Railroad.     It  owns  practically  all  the  shares  of  the  four 

constituent  companies.    Of  United  Railroads  stock  the  company  now  owns  $41,436,400  (par  value). 

In   February,   1906,  the  company  widened   its  field  by  acquiring  $21,000,000  of  the  common  stock 
.■1"   The  Philadelphia  Company  (gas,  electricity  and  trolley   railroads)    of    Pittsburgh,   thereby    securing 
rol.    This  purchase  was  added  to  later,  until  Sj4.jiMi.1nm  of  the  stock  had  been  acquired. 

Bonded  indebtedness,  Dec.  31,  1907 $18,150,000 

Preferred  stock,  5  per  cent,  cumulative,    preferred    also    as    to 

assets,  and  retirable  at   no 15,000.000 

Common  stock 19.400,000 

Total  capital $52,550,000 

Fixed  charges,  [907,  per  cent,  of  net  income 69.38 

EARNINGS 

War   Ending  Gross  Charges  and  Net  Income 

Dec.  31.  Receipts.  Expenses.  of  Year.  Surplus. 

1902.  5  mos Sj^o.ooo  $1,568  $238,432  $13432 

1903 4S0.000  13,110  466,890  30,322 

j.  104 600,000  [3,962  586,038  53.860 

1905 760,000  u.792  747,208  126.067 

i"'-' 1.334.223  (.11.007  7-\3.2i5  .VA783 

1907 1.560.804  t, 158,230  402,634  824.010 

Note. —  Nothing  has  been  earned  lor  the  common  st..ck  so  far. 


DIVIDENDS. 

tOX)2                [903                1904                [905  1906                [907  looS 

1 'referred    .     .        O                   $fo               3l'<                  \' ■  *9$%  **2i°/o  O 

Common  ..00                 o                 o  o                 o  o 


<  Iwing  to  the  San    Francisco  earthquake  and  fire  only  2'  .  per  cent,  was  paid  in 
rest  in  interest-bearing  scrip.     This  disposed  of  the  arrears  ol  dividend  at  thai 
time. 

**  In  scrip. 


EARNINGS,    UNITED    RAILROADS    OF  SAN  FRANCISCO. 

Year  Ending  Dee.  31.                                     <  Iross.  Net. 

1901 $5,125,883  $2,083,155  $318,641 

[902 5.533»9°3  2.288,680  ,U»).27-' 

[903 6,243,219  2.405.523  188,349 

1 6,652,1  2,685,814             

j 7,066.891  3492,828             

[906 5.9SS.786  2,930,557             

I9°7 1.745.1  16  

Note. — No  dividends  have  been  paid  on  the  preferred  stock  of  United   Rail Is 

1906,  and   none  on   the   common   since  I 


GIBSONS     MANUAL 


331 


EARNINGS,  THE   PHILADELPHIA   COMPANY. 

Year   Ending  March  31.                                   Gross.              Net.  Surplus. 

1900 $2,529,683        $1,234,947  Not  stated. 

1901 3,041.072  1,950,212 

1902 4,146,958          2,789.3.).)  $1,057,560 

i9°3 5.4/8,002          3.7I9>83°  i>99L665 

1904 6,156,936    4,089,932  1,963.50-' 

1905 6,238,870    4,300,690  1,850,201 

1906 6,633,324    4.579.535  2,086,162 

io°7 7,103,007    5,166,238  2,351,823 

1908 7,878,274    5,608,202  2,708,012 

Note. — The  Philadelphia  Company  has  paid  5  per  cent,  regularly  on  the  preferred 
slock  to  date.     On  the  common,  6  per  cent,  is  being  regularly  paid. 

LOW  AND  HIGH  PRICES,  UNITED  RAILWAYS  INVESTMENT,  BY   YEARS,  SINCE  1902. 


1002 


1903 


1904 


1905 


1906 


1907 


1908 


Preferred  . . 
Common  . . 

..     60      Dec. 

66      Nov. 
. .     20      Dec. 

24?^  Oct. 

30     July 

64^  Jan. 

9      Dec. 

22^  Jan. 

42H  Apl. 

69      Dec. 

9      Feb. 

25      Dec. 

64J4  Jan. 
94]/2  Dec. 
21^  Jan. 
92H  Dec. 

55      Apl. 
93y2  Jan. 
50     Apl. 
98     Jan. 

20      Nov. 
71J^  Jan. 
10^  Nov. 
62     Jan. 

27Vz  Jan. 
59V2  Dec. 
15     Jan. 
40      Dec. 

LOW  AND   HIGH   PRICES,   BY   DAYS,   NOVEMBER,   1908. 


Pfd. 

Com. 

Pfd. 

Com. 

Pfd.          Com. 

Nov.     2    . 

33  -332 

Nov.  12 -. . . 

....... 

Nov.  23    . 

-•••     34  -34 

"       3  •    • 

Election 

Day. 

"     13    • 

....... 

34  -34 

-'4    ■ 

.    .     48  -48*     •••-••• 

"       4    • 

....... 

34  -34 

"     14 

49  -4') 

....... 

"     25    ■ 

- 

5    • 

....... 

33i"34 

"     16 

4')  -4') 

....... 

"     26    . 

Thanksgiving    Day. 

"      6    . 

■     48  -49 

....... 

"     17 

49  "49 

34  -34 

"     27    . 

.     .      48  -48!      ....... 

/    • 

.     49  -493 

....... 

"     18 

49i-49i 

342-34:1 

"     28    . 

.     .      48^-48*      ....... 

9    • 

•     49  -49 

341-34! 

"     19 

49  -49 

34i-34^ 

"     30    • 

.    .     47f-48J      ....... 

TO      . 

•     49  -49 

34  "34 

"     20 

49  "49 

34  -34 

II. 

.     49  -49 

331-34 

"21 -... 

34  -34 

LOW   AND   HIGH   PRICES,   BY    DAYS,   DECEMBER,   1908. 


De 


1 

2 

3 

4 
5 
7 
8 

9 
10 


Pfd.  Com. 

48^-48}  31  -33i 

481-48^  ....... 

47  -47i  ...-••• 

47  -47  ••.-... 


47f-47J 


49  "53 


33  "33 
32  -32 

32i"32i 
32  -37i 


54  -59*    38  -39* 


Pfd. 


Com. 


574-58       ...-•.. 
.......     36  -36 

Christmas  Day. 
Extra  Holiday. 

•••-■••     374-374 

57  -57      37  -37 
56-56       ....... 


REMARKS. 


United  Railways  Investment  suffered  some  loss  in  the  spring  of  1906  by  reason  of  the  earth- 
quake and  fire  in  San  Francisco,  bnt  its  cable  and  power  house  was  insured  and  the  total  loss  was  due 
more  to  interruption   of  traffic  than   to  actual   damage  to  roadway  and  buildings. 

Later  in  1906  the  company  was  subjected  to  an  expensive  strike  by  its  employes  in  San  Fran- 
cisco, and  on  March  5,  1907,  another  fierce  strike  began,. attended  by  a  boycott,  which  lasted  for  nearly 
six  months.  Loss  of  earnings  from  this  cause,  it  is  believed,  will  be  compensated  for  bv  ultimate  re- 
sults of  the  business  of  the  company. 


332  GIBSONS     MANUAL 


Total  cost  price  of  "securities  owned,"  almost  wholly  consisting  of  United  Railroads  and  Phila- 
delphian  Company  .-tuck-.  $55,491,652. 

Officers:     President,  Ernsl  Thalmann;  Vice-President,  George  \\  .  Bacon ;  Treasurer,  B.  S.  Guin- 
ness;  Secretary,   \\  .  J.    Duane.     Directors:     Charles  L.  Atterbury,  George  W.  Bacon,  Henrv  J.  Bow- 
doin,  Patrick  Calhoun,  James  D.  Callery,  Horace  S.   Gould,   Benjamin   S.  Guinness,  Sidney   II.   March. 
Kenneth  K.  McLaren,   lames  II.  Reed,  C.  Sidney  Shepard,  Edward  B.  Smith.  Ernst  Thalmann,  Fred 
crick  B.  Van  Vorsl  and  F.  S.  Smithers. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  first  Friday  in  May.  Jersey  City,  X.  J.  Office.  San 
Francisco,  Cal.  New  York  office.  25  Broad  Street.  Traded  in  on  the  New  York  Stock  Exchange 
I  1  ,isted  Departmenl  I. 


GIBSON'S     MANUAL 


333 


United  States  Cast  Iron  Pipe  C&  Foundry  Company 

Incorporated  in  New  Jersey,  March  2,  1899,  for  the  sake  of  merging  a  large  number  of  concerns 
engaged  in  the  manufacture  of  cast  iron  pipe,  fittings  and  kindred  articles.  Fourteen  plants  were  purchased. 
having  an  annual  capacity  of  514.000  tons.  They  are  located  at  Bridgeport,  Anniston  and  Bessemer,  Ala.; 
Addyston,  Cleveland  and  Columbus,  Ohio;  Buffalo,  N.  V. ;  Burlington,  N.  J.;  Chattanooga  and  South  Pitts- 
burg, Tenn.;  Louisville  and  Newport,  Ky. ;  Scottdale.  Pa.,  and  West  Superior,  Wis.  There  is  a  steel 
plant  at  West  Superior,  and  a  blast  furnace  is  operated  at  Scottdale,  Pa.  For  more  economical  adminis- 
tration, all  the  equipment  at  Bridgeport,  South  Pittsburg  and  Newport,  which  could  be  utilized,  has  been 
removed  to  other  plants,  and  the  one  at  Bridgeport  has  been  sold.  The  properties  arc  all  owned  in  fee  and 
there  is  no  encumbrance  upon  them,  other  than  $1,500,000  bonds  of  American  Pipe  &  Foundry,  and  of 
these  $589,104  have  been  bought  for  the  sinking  fund.  Up  to  May  1.  1907.  $4,367,503  had  been  expended 
for  repairs  and  improvements,  all  charged  against  operating  expense. 

Underlying  bonds,  May  31.  1908 $1,500,000 

Preferred  stock,  7  per  cent,  non-cumulative 12,500,000 

Common  stock ie,5oo,ooo 

Total  capital $26,500,000 


EARNINGS. 

Surplus  Surplus 

Year  ending  May  31.                                         Profits.              for  Year.  Account. 

1001 Not  reported       Not  reported  $500,360 

1902 $901,949             $465,121  675,654 

1903 I,  370,542               728,724  853,724 

1904 1.303.810               607,170  732,170 

1005 Not  reported       Not  reported  492,314 

1906 2,053,208               381,208  506,208 

1907 2,112,051               438,051  631,801 

1908 774-274     Def.  452,726  *i6,025 

*  "Reserve  for  working  capital"  in  addition   to  this,  $2,459,897. 


DIVIDENDS. 


1900 

Preferred zk% 

Common o 


1901 
o 
o 


1902 

4% 
o 


1903 

4°/o 
o 


1904 

4v; 

o 


[905 

8% 
1% 


[906 
7% 


1907 

7% 
4% 


1908 

i3-i:-» 

o 


*  In  1908.  I3.4  per  cent,  was  declared  payable  on  the  preferred  in  September  out 
of  "reserve  for  working  capital,"  but  payment  has  been  restrained,  pending  appeal 
from  a  favorable  decision.     See  "Remarks." 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE   1902. 


Preferred  . . 

( '.1  million    . . 


1902 


42  May 
59  Sept. 
10/,  May 
17      Oct. 


1903 


35  Oct. 

55  Feb. 

6  Sept. 

15  Feb. 


1904 


4d      Mch. 

SI  is  li- 
e's May 
20/  Dec. 


1905 


79%  Tan. 
9/34  Aid. 
197A  Tan. 
48/  Dec. 


1906 


1907 


83/  Dec. 
96^  Jan. 
43/  May 
53     Jan. 


These  shares  were  not  admitted  to  the  Stock  Exchange  until  May.   1902. 


49     Nov. 
89      Jan. 
17      Oct 
49/  Tan. 


1908 


5<>\x  Tan. 
7W»  Aug. 
IT''.  Feb. 
,;n.s  Dec. 


33  1 


GIBSON'S      MANUAL 


LOW  AND   HIGH   PRICES,   BY   DAYS,  NOVEMBER,   1908. 


Nov.  2 


0 

4 

5 
6 

7 
9 

10 

1  1 


Pfd. 


Election  Day. 
;i:i-72 
73  -74 
73^-751 
76  -7"! 
76  -764 

76  -76 


Com. 

....... 

Xi.v.  12  . 

Jul  j; 

26^-26! 

"   13  • 

"  14  • 
"   16  . 

261-281 

28J-29J 

"  17  . 
"   18  . 

29i-3°4 
29i-29« 
29S-29J 

19  . 
"  20  . 
"   21  . 

7-,; 


Pfd. 

76 
76  -76 

75  "75 
-751 

•-73 

■-7^ 


Com. 

29  -29 
28S-29 
284-284 

28  -28 

28  -28 

27I-27I 

27^-27^ 

27  -27 
265-26! 

N« 


23 

24 
25 
26 
27 
28 
30 


Pfd.  Com. 

••■-75  ■■■-Z7\ 

•••-75  ...-274 

. . .  -72  27  -27 

Thanksgiving  Day. 
.......  27  -27 


•-75 

•-75 


25 
28 


i-28 
29 


LOW   AND   HIGH   PRICES,   BY    DAYS,   DECEMBER,   1908. 


Dec.    1 

2 

"    3 

-  4 
5 

"     7 
"     8 

"    9 

-  10 


Pfd. 
74J-75 


74P75! 
75  -75* 
75  -75* 


7-A-77 
7$\-77\ 


Com. 
29  -29I 
29  -29I 
29^-30 
291-29! 


29i-29i 
294-29! 

29!-29| 


Dec.  1 1 
12 
14 
15 
16 

17 
18 

19 
21 


Pfd. 
764-76! 

77  -77i 

76-76 

76-76 

75!-75! 


Com. 

29l-3°i 
294-30! 

30  -30% 

29  -29! 

29^-294 

28!-28| 

28  -28 
27I-28 


Dec.  22 
"    23 

24 
"  -1? 
"  26 
"  28 
"    29 

30 
"     3i 


Pfd.  Com. 

.......         273-28 

.......  28J-28f 

.......         28^-284 

Christmas  Day. 
Extra  holiday. 
.......  28|-29t 

76  -76  29  -29 

.......         284-29] 

.......         29^-294 


REMARKS. 

While  the  fiscal  year  of  1908  was  not  an  inspiring  one.  the  directors  il"  not  feel  discouraged.  The 
panic  caused  an  almost  complete  stoppage  of  business  in  November,  11)07.  a,1('  a  sharp  fall  in  prices.  Business 
is  always  dull  in  the  winter  time,  and  the  panic  prostrated  the  industry.  Since  the  spring  of  1908.  the 
trade  has  revived  and  the  outlook  is  better.  The  company  weathered  the  panic  without  borrowing  a 
dollar.     It  has  plenty  of  money  and  the  plants  are  in  good  condition. 

(  >wing  to  the  phraseology  of  the  charter,  the  company  is  in  doubt  whether  the  "reserve  for  working 
capital"  can  be  used  for  dividends.     The  courts  are  to  be  asked  to  pass  upon  the  matter. 

The  capital  stock  has  not  been  increased  since  1900,  and  the  bonds  only  in  a  trifling  amount. 

Officers:  President.  George  B.  Hayes,  Vice-President.  George  J.  Long;  Secretary  and  Treas- 
urer. P.  F.  Ilanghton.  Directors:  Colgate  Hovi.  George  B.  Hayes.  A.  X.  Brady.  P.  J.  Goodhart,  W. 
T.  C.  Carpenter,  B.  F.  Haughton,  George  J.  Long,  A,  C.  Overholt,  B.  F.  Overholt,  E.  C.  Fuller.  David 
Giles,  L.  R.  Lemoine,  N.  F.  Brady  and  John  Arthur  Hayes. 

Fiscal  year  ends  .May  31.  Annual  meeting,  fourth  Wednesday  in  June.  Burlington,  X.  J.  Direc- 
tors  meet  quarterly,  second  Tuesday  in  January,  April.  Tidy  and  October.  Office,  71  Broadway,  New 
York.      Traded   in    on    the   New   York    Stock   Exchange    (Listed  Department  1 . 


GIBSON'S      MANUAL 


335 


United  States  Express  Company 

A  voluntary  association,  organized,  but  not  incorporated,  under   New   York  laws  in   1854.     It  has 
been  an  active  competitor  for  the  express  business  over  American  railroad  lines  and  to  foreign  coun 
tries,  and  at  the  end  of  1907  was  operating  over  30,410    miles    of    railroad    in    the    United    States    and 
Canada  and  261.000  miles  of  ocean  routes.     In  August.    itp8,    the    company    succeeded    in   obtaining   a 
contract  for  express  traffic  over  the  St.  Louis  &  San  Francisco  Railroad  system  of  5,000  to  6,000  miles. 

Capital  stock,  Dec.  31,  1907 $10,000,000 

EARNINGS. 

The  public  have  not  been  furnished  with  reports  of  the  business  of  this  close  corporation  until  re- 
cently. No  comparisons  can  be  made  with  previous  years.  For  the  year  ending  June  30,  1908,  how- 
ever, the  company   reported  gross  operating  revenue  as  $16,983,638;  net  income.  .$507,664. 

DIVIDENDS. 

1900     1901    k)Oj     1903    1904     1905     1 00(1     1907     1908 
3%     3'r;     4%  4%  l'<      4%     4%     5%  4% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 

1902 


19(H) 


1901 


1903 


1904 


1905 


1906 


1907 


1908 


45      Mch.        53      Jan.         97      Jan.  95      Aug.       100      Feb.       110      Dec.       109      May        70      Nov.        70      Feb. 

59.)4Dec.       100     Apl.        160      Aug.      150'4  Feb.       128      Nov.      134      Feb.       138^  Jan.        117      Jan.         90     Jan. 


Note: — There  was  a  striking  speculation   in   express   shares  in   the  boom   year  of   1902,  and  the  high  prici 
that  year  was  due  to  daring  and  aggressive  manipulation. 


Nov. 


Low- 


low  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908 

Low 


High 


3 Election  Day 

4 

5 

6 

7 

9 

10 

11 


Low  H  igh 

Nov.  23 

"24 

"25 89  89 

"     26 Thanksgiving  Day. 

"     27 


3° 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Low 

Hi 

lfh 

Dec. 

T    .  .    .  . 

D 

ec.  1 1 

t* 

•7 

"     12 

if 
if 

ft 

it 

3  . . 

4  ..  .. 

7  ..  .. 

8 

9  ..  .. 

"     14 
"     15 
"     16 

"     17 
"     18 

•'     10 

. .  ..       90 

00 

"     21 



Low       High 


Dec.  22 

"23 

"24 

"     25 Christmas  Day. 

"     26 Extra  holiday. 

"     28  . . 

"     29 

"30 

"     31 


336  GIBSON'S     MANUAL 

REMARKS. 

The  net  earnings  in  the  fiscal  year  of  1908  did  not  justify  repeating  the  extra  1  per  cent,  dividend, 
declared  in  November,  lyoj.  Requirements  of  Federal  and  State  commissions  had  added  $250,000  a 
year  to  expenses,  equal  to  z\  per  cent,  on  the  capital.  A  fact,  noted  in  the  brief  public  statement  for 
1908  made  by  the  company,  is  that  the  company  has  been  exposed  to  continually  increasing  charges 
by  the  railroad-. 

A  great  modern  and  model  fireproof  office  building  has  been  erected  in  New  York  City  from  sur- 
plus earnings  of  the  company.  This  proceeding  has  been  criticised  by  stockholders,  who  prefer  to  have 
surplus  income  dividend.  A  committee  of  stockholders  has  been  formed  to  agitate  for  management  more 
in  accordance  with  their  ideas. 

Officers:  President.  Thomas  C.  Plan:  Treasurer,  Edward  T.  Piatt;  Secretary.  Vice-President 
and  General  Manager,  Chauncey  11.  Crosby.  Directors:  P.  T.  Piatt.  James  C.  Fargo,  L.  C.  Weir.  F.  L. 
Stetson  and   P.  H.  Piatt. 

Fiscal  year  ends  June  30.  Annual  meeting  at  no  fixed  date.  Directors  meet  on  call.  Main  office, 
2  Rector  Street.  New  York.     Traded  in  on  the  New  York  Stock  Exchange   (Listed  Department). 


GIBSON'S     MANUAL  337 


United  States  Realty  C8l>  Improvement  Company 

Chartered  in  New  Jersey,  May  26,  1904,  to  succeed  The  United  States . Realty  &  Construction  Co., 
a  reorganization  of  which  had  become  desirable.  Under  the  plan,  as  adopted,  capital  stock  of  one  class 
was  issued;  $30,000,000  in  amount,  and  $13,506,000  of  5  per  cent,  gold  bonds.  The  $33,198,000  of  old 
common  stock  (par  $100)  received  $15  per  share  in  new  stock.  The  $27,011,100  of  old  preferred  re- 
ceived $42.50  per  share  in  new  stock  and  $50  per  share  in  the  new  bonds.  Reorganization  on  this  basis 
was  carried  out  successfully.  Of  the  new  stock,  $13,506,000  was  reserved  to  provide  for  conversion  of 
bonds. 

The  company  is  engaged  in  the  construction  of  large  buildings  and  in  real  estate  operations.  It 
owns  a  large  quantity  of  productive  real  estate,  including  9  large  office  buildings  in  New  York  City, 
snme  that  is  unimproved,  and  mortgages  upon  many  important  buildings  in  New  York  City  and  Phila- 
delphia. Tts  statement  of  assets  in  1905  reported  its  ownership  of  the  Trinity,  Mercantile,  Vietor, 
O'Neill,  and  Fuller  (Flatiron)  buildings,  the  Breslin  llotel,  and  the  land  on  which  the  New  York  Hip- 
podrome is  located,  among  other  properties. 

Subsidiary  companies,  all  of  whose  stock  is  owned  by  the  senior  company,  except  a  few  shaves  of 
Realty  &•  Construction,  were: 

U.  S.  Realty  &  Construction,  Fifth  Avenue  Building  Co., 

New  York  Realty  Corporation,  No.   in  Broadway  (Trinity), 

George  A.  Fuller  Co.,  Inter-State  Mortgage  Debenture  Co., 

Sixth  Avenue  Realty  Co.,  Island  Realty  Co. 
Cedar  Street  Co., 

During  11)07-1908,  U.  S.  Realty  &  Construction,  [nter-State  Mortgage  Debenture  Co.,  and  New 
York   Realty  Corporation  were  dissolved   and  their  a-.-ets  are  now  held  by  the  six  remaining  corporations. 

Bonded  indebtedness,  April  30,    [908 $13,284,000 

( 'apital   stock 16,162,800 

Total  capital $29,446,800 

Fixed  charges,    10118.  per  cent,  of  net  income 55-8 

EARNINGS 

Year  Ending,  Total  Surplus  for  Year  Profit  and  Earned  on 

April  30.  Income.  Expenses:  Over  Dividends.  Loss  Accounts.      Stock. 

1905,101110s $2,440,223  $516,828         $1,144,310  $1,144,316            7.08% 

1906 2.318,922  456,907              765.M''  1,909.462            4.73% 

1907 2,619,381  419.648             7I4.3I°  2,533,732            5.92%, 

1908 3,406,682  538,752             359.-'*-  *2,893,oi4           7.72% 

*  And,  in  addition.  $641,368  of  reserves  to  cover    possible    losses    of    all    kinds    from    bad    debts, 
accidents,    etc. 


DIVIDENDS. 

1905 
0 

1906 
0 

1907 
4i% 

1908 

4i% 

LOW  AND 

HIGH  PRICES,  BY 

YEARS, 

SINCE  1902. 

*1902 

I'M.? 

*1904                 10(14 

1905 

1906                1907 

I'n  is: 

1 'referred 
( '.<  mimon . 

.    fit    ■  Nov. 

:y,  Oct. 

.    20      Nov. 
32      Oct. 

30',  Nov. 

73       Ian. 

4      Dec. 

2&y2  Jan. 

4(1      Tan 

(.3;s  May         

5'sJan.          43      July 
'»!sjan.         84^  Nov. 

77      Ian. 
98^  Mch. 

75      Aug.        36      Nov. 
94V2  Jan.         99K-  Jan. 

36J4   Feb. 

64     Nov. 

*U. 

S.  Realty   & 

Constructii  m 

Co.     On  and  after  July. 

1904,   U.    S 

Realty    &    Improvement. 

338 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Low.  High. 

Nov.    2 54I  54^ 

3 Election  Day 

4 54i  54i 

5 54i  55 

55  SSi 

56  57 

56i  57 

57  58 

58  58i 


6 

7 

9 

10 

11 


Nov.  23 
24 


Low.       High. 


60  60J 

25 62  62 

2<> Thanksgiving  Day 

27 

28 

30 60  61 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


23 

24 


Low. 
60 
60 
60 


High. 
60 
60 
62I 


25 Christmas  Day 

26 Extra  Holiday 

28 62  62 

29 

30 

3 1 


MARKET  MOVEMENTS  OF  UNITED  STATES  REALTY  FROM   1902  TO   1908,  INCLUSIVE 


GIBSON'S     MANUAL  339 


REMARKS 

Contracts  on  hand,  April  30,  1908,  aggregated  $21,554,496  againsl  $27,521,357  the  year  before.  In 
November  of  the  year  contracts  on  hand  amounted  to  $30,000,000,  the  largest  amount  of  business  the 

Company  has  ever  had  on  hand. 

Stocks  and  bonds  owned,  $9,328,816,  principally  securities  of  Century  Realty,  Alliance  Realty, 
Plaza  Operating,  and  Broad  Exchange  companies,  all  considered  to  be  thoroughly  good  and  stable  in- 
vestments.    Loans  on  mortgages,  $3,635,600. 

The  financial  panic  of  1907  imposed  great  conservation  on  the  management  of  the  Company,  and 
the  new  fiscal  year  was  entered  upon,  free  frdm  contracts  which  involved  financial  commitments. 

Officers:  President,  II.  S.  Black;  Nice-President,  W.  II.  Chesebrough ;  Treasurer.  P.  M.  Fel- 
lows; Secretary,  R.  G.  Pabbage.  Directors:  IP  S.  Black,  R.  G.  Babbage,  Cortland  Petts,  Hugo  Blumen- 
thal,  \Y.  11.  Chesebrough,  John  U.  Crinimins,  B.  M.  Fellows,  John  \\  .  (.ale-,  ('hades  G.  (.ales,  William 
F.  Havemeyer,  Edwin  Hawley.  Stephen  S.  Palmer,  James  IP  Pest,  Charles  M.  Schwab.  Paul  Standi. 
Oakleigh  Thorne,  P.  A.  Valentine,  Frank  A.  Vanderlip. 

Fiscal  year  ends  April  30.  Annual  meeting,  third  Tuesday  in  May,  Jersey  City.  Directors  meet 
second  Tuesday  in  January,  April,  July  and  October.  Office,  11 1  Broadway,  Xew  York.  Traded  in  on 
the  Xew  York  Stock  Exchange   (Unlisted  Department). 


340 


GIBSON'S     MANUAL 


United  States  Reduction  C&  Refining  Company 

Organized  May  31,  1901.  under  the  laws  of  New  Jersey,  fur  the  purpose  of  extracting  precious 
metals  from  the  gold  and  other  ores  of  the  Cripple  Creek  district  in  Colorado.  A  plant  has  been  created 
also  for  treatment  of  the  tailing  dumps  at  Colorado  City,  which  has  proved  a  valuable  and  profitable 
adjunct  of  the  business.  In  1903,  the  Company  extended  its  operations  into  Utah  and  acquired  a  sub- 
stantial interest  in  the  Utah  Copper  Co. 


Bonded  indebtedness.  Dec.  31,  1908 S2.650.000 

Preferred  stock.  6  per  cent.,  non-cumulative,  preferred  as  t"  assets  3.1)45.800 

Common  stock 5,918.800 

Total  capital $12,514,600 


trending  Total 

July  51.  Income. 

1902 $1,373,849 

1903 1036,373 

1904 576,353 

I905 642,425 

I9°6 701.333 

1907    •. 527>778 

Year  ending  Dec.  31. 

1908,  17  mos 5^4.704 


EARNINGS 

General 

Surplus 

Earned  on 

Expense. 

Account. 

Comim  mi. 

Si  86.7;  1 

$470,809 

8.97% 

184,928 

654-9*3 

7-13% 

172,115 

815,063 

0 

168,309 

1,109,179 

0 

1 1 1 ,660 

1.620.209 

2.989! 

133^48 

1,618,992 

0 

151.727 


1.705,506 


1902  1903 

Preferred  6%  6% 

Common  3%  3% 


DIVIDENDS. 


1904 
o 
o 


1905 

>!•'■ 
o 


1906 

6% 
o 


[907 

1 i |i  >N 

6% 

0 

0 

0 

Preferred 


Ci  'iiimon 


1902 


LOW  AND  HIGH  PRICES,  BY  YEARS.  SINCE  1902. 

1904 


57      Sept. 
68      Mch. 


44?: 


Nov. 
Mch. 


1903 

48     June 
56      Jan. 

10^  Dec. 

Feb. 


1905 


1906 


Nov. 

4il>  J  Dec. 

Xo   sale 


35      Jan. 

73',  Aug. 

18      Feb. 
40H  Apl. 


60  Dec. 

84  June 

24  Dec. 

10  June 


I'.'n; 


IS*4  Dec. 
6S      Jan. 

5 '  i  Nov. 
30J4  Jan. 


1908 


16 
39 


Feb. 
Aug. 

4      Feb. 
15J4  Aug. 


Nov.  2 
3 
4 
5 
6 

7 

9 

10 

11 


Pfd 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER, 

Pfd.  Com.   I 

30    -30  .......     Nov.  23 


1 ;( im. 


Election  1  )ay. 

28  -28  ...'-. 

28  -30  . . .  - . 
33^-34 
324-33 


10  -13 

i.v^-14^ 

I3i-I3i 


Nov. 


12 

13 

14 
16 

17 
18 

19 

20 
21 


33  -3 


3 


124-124 

13  -13 
13  -13 


1 2 1  - 1 2 1 


24 

25 
26 

27 
28 

30 


1908. 

Pfd.  Com. 

...     34  -35       ....... 

.    .     Thanksgiving  Day. 
•    ■    •     35  "35       I2f-I3 


GIBSON'S     MANUAL 


34i 


I  »ec. 


3 

4 
5 
7 
8 

9 

in 


LOW  AND  HIGH  PRICES,  BY  DAYS.  DECEMBER,  1908. 


Pfd. 

32  -3-2 


Com. 


13  -14 
133-14 


Dec.   11 

1  j 
14 

"     15 
-     16 

"     17 
'•     i8 

19 
"    21 


Pfd. 


32  -3-2 


2Qf-29f 


Com. 


Dec.  22 
"     23 


24  . 

25  • 

26  v 

28  . 

29  . 

30  • 
3J    . 


Pfd. 


C  1  mi. 


Christmas  Day. 
Extra  Holiday. 


REMARKS. 

In  -March,  1903,  the  plant  of  The  United  States  Smelting  Co.  at  Canon  City,  owned  by  this  Com- 
pany, suffered  a  disastrous  loss  from  fire.  It  was  rebuilt  entirely  of  steel,  and  capable  of  larger  busi- 
ness, but  the  first  stopped  operations  for  four  months. 

In  1903,  the  Company  was  also  obliged  to  contend  with  acute  labor  troubles  and  a  boycott  from 
the  Western  Federation  of  Miners.  The  attempt  to  unionize  the  works  failed,  but  meanwhile,  the 
operations  of  the  Company  were  greatly  interfered  with  for  nearly  a  year. 

The  new  drainage  tunnel,  from  which  much  is  expected  in  the  way  of  increasing  the  tonnage  of 
the  Cripple  Creek  district,  has  now  been  driven  nearly  5.000  feet.  By  the  end  of  1909  it  is  expected  to 
have  driven  9,000  feet,  when  results  will  become  appreciable. 

The  rate  war  in  Cripple  Creek  region  prevents  dividends  on   the  stock  of  this  company.      Fixed 

charges  can  be  met  indefinitely.     The  company  hopes  for  an  end  to  present  conditions  soon. 

Officers:  President,  J.  I).  Hawkins;  Vice-President.  II.  M.  Blockmer;  Treasurer  and  Secretary. 
Spencer  Penrose.  Directors:  In  addition  to  the  foregoing.  Charles  M.  Mac  Neill,  H.  A.  Dubbs.  I.  J. 
MacDonald,  and  II.  K.  McLaren. 

Fiscal  year  ends  July  31.  Annual  meeting,  fourth  Friday  in  January,  Jersey  City,  X.  J.  Direc- 
tors meet  on  call.  Office,  40  Exchange  Place,  New  York.  Traded  in  on  the  Xew  York  Stock  Exchange 
(Unlisted  Department). 


342 


GIBSON'S     MANUAL 


United  States  Rubber  Company 

An  important  combination  of  companies,  engaged  in  the  manufacture  of  boots,  shoes  and  other 
articles  from  rubber.  Incorporated  in  New  Jersey  in  .April.  1892.  Operations  were  initiated  by  acquir- 
ing  the  property  and  assets  of  sixteen  rubber  companies,  as  follows: 


American  Rubber, 

Joseph  Banigan  Rubber, 

Boston  Rubber, 

Boston  Rubber  Shoe, 

L.  Candee  &  Co., 

Colchester  Rubber, 

Goodyear's  Metallic  Rubber  Shoe, 

Goodyears   India-Rubber   Glove   Mfg., 

Lycoming  Rubber, 


Marvel  Rubber, 
Meyer  Rubber, 
National   India  Rubber, 
Xew  Brunswick  Rubber. 
Xew  Jersey  Rubber, 
Para  Rubber  Shoe, 
Woonsocket  Rubber, 
\Ym.  Symington  &  Co.,  Ltd. 


Later,  in  1905,  control  of  the  Rubber  Goods  Manufacturing  Co.  and  its  sixteen  constituent  con- 
cerns was  obtained,  by  exchanging  second  preferred  stock  (newly  created  for  the  purpose)  of  United 
Stales  Rubber  for  the  common  stock  of  Rubber  Goods,  on  the  basis  of  50  for  100.  The  preferred  of 
Rubber  Goods  was  exchanged  for  an  equal  amount  of  first  preferred  of  United  States  Rubber.  This 
acquisition  brought  to  United  States  Rubber  the  principal  interest  in  the  country,  devoted  to  the  pro- 
duction of  tires,  hose,  belting  and  mechanical  and  hand  rubber  goods  in  general. 

The  plants  are  located  mainly  in  Massachusetts,  Rhode  Island,  Connecticut,  New  York  and  New 
Jersey,  but  there  are  a  few  in  Ohio,  Indiana  and  Illinois. 

The  Company  manufactures  all  its  reclaimed  rubber,  its  buckles,  felt  linings,  etc. 

Bonded  debt.  March  31,  1908 $4,800,000 

First  preferred  stock,  8  per  cent,  non-cumulative 36,263,000 

Second  preferred  stock  6  per  cent,  non-cumulative      (created      in 

1905) ' 9,965,000 

Common  stock •  ■ 25,000,000 

Total  capital •  •     $76,028,000 


EARNINGS. 

Year  ending 

Gross 

*Net 

Net 

Earned  on 

A  larch  31. 

Sales. 

Sales. 

Income. 

Surplus. 

Common. 

1900  .... 

No  data. 

$3,007,887 

$    832.704 

0 

1901  .... 

" 

" 

62,606 

25,013 

0 

1902  .... 

■  •     $45>9I7>537 

$25,436,150 

1,182,595 

de 

f.  1,110,344 

0 

1903  .... 

. .       51.888,757 

28,276,631 

2,774.398 

1.384.460 

0 

1904  .... 

•  •       64.553.237 

33-396.9I9 

2,830,207 

2,107,219 

0 

1905  .... 

•  •       57.030,905 

32,93  J.-'11 

5,182,117 

3.987.102 

7.52% 

1906  .... 

54-72.v757 

32.868,594 

5.285,073 

5,022,279 

4-14% 

1907  .... 

. .       60.568,852 

39-7 1 5  -73 [ 

6,219,403 

6,126.706 

4.02 '  ; 

1908  .... 

62,696,106 
*  Less  discounts, 

41,860426 
rebates  and  returns. 

5.553.675 

f6.184.S15 

0 

f  In   addition   the 

reto,  "fixed   surpluses" 

$8,134,849,     and 

•eserve     for  d 

ividend" 

?^74.7.vV 

DIVIDENDS. 

19OO             19OI 

1902           1903 

1904           ] 

005 

1906 

1907           IQOS 

1st  pfd. 

8%               1% 

0                0 

4\% 

9% 

8% 

8%          8% 

2d  pfd. 

0                   0 

0                0 

O 

ii% 

6%- 

6%          6% 

Common 

2%                 0 

0                0 

O 

0 

0 

0              0 

GIBSON'S     MANUAL 


343 


LOW    AND    HIGH    PRICES,    BY    YEARS,    SINCE  1900. 


1900 


1901 


1902 


1903 


1904 


1905 


l'«  11, 


1907 


1908 


First    pfd...    74 'i  Dec. 
104^  Jan. 
Second   pfd. 


Common 


21      July 

44      Jan. 


47      Oct. 

S5      Jan. 

Not  issued. 

12' :.  Oct. 

34     Jan. 


t'        Dec.      30»4  July 
64      .Mch.     57*1  Jan. 


14     Jan.         7s/A  Oct. 
19H  Oct.      \9%  Feb. 


41      Jan.       98  =  s  Ian.      105      Oct.  62      Oct.  76      Feb. 

100      Dec.    118^  Apl.     115      Jan.  109^  Jan.  108      I  >, ■ 

75      Nov.     75      Nov.     39      Nov.  42      Feb. 

Dec.      87j-<Jan.       78!^  Jan.  75 ZA  Nov. 

10^  Feb.      3354  Jan.      38     July      13J4  Nov.  \7y4  Feb 

34^  Dec.      58'  k  Sept.    59^4  Oct.  52J4  Jan.  37J4  Aug. 


LOW  AND  HIGH  PRICES,  BY  DAYS.  NOVEMBER,  1908. 


Nov.    2 

"      3 

"       4 


/ 
9 

10 

11 
12 

13 
14 
16 


1st.  Pfd.      2d  Pfd. 

993-991     ...-..- 
Election  Day. 
100  -ioof     70  -70 


1  om 


331 


;_>!- 


101  -102 


70  -71 


102    -I02J  ~2    --}, 

IO3I-IO4J  ....... 

104  -105  ....... 

105I-106  73   -  75 

iosf-106  75  -  75 

105  -105I 

105J-105I 


io5f-io5§ 


105  -105   74-1-74' 


34  -35 
35i-3^ 
36i-36| 
36i-37i 
36  -363 

35f-36i 
35*-36 
35f-36i 
36  -36 

35  -36 


Nov.  17 
•     18 


1st.  Pfd.      2d  Pfd. 
•••■-••••     74  -74 


74  -744 


19 104  -104 

20 104  -104 

21 '  . .  105  -105 

23 106  -106 

24 105^-106! 

25 106J-106J 

2(1 Thanksgiving  Day 

^7 io6f-io6f    75  -7$l  ' 

28  . .    106J-107 

30 106^-107 


Com. 

36  -36 
34^351 
344-344 
34  -35 
344-35 


35  -36 
35£-3<>i 


35  "35  J 


344-3! 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec.   I 


0 

4 
5 
7 
S 

9 
10 
11 
12 
14 
i=l 
16 


1  St. 
1064- 

107A- 
107I- 


io6i- 

1075 


Pfd. 
107} 
108 

107} 


2d  Pfd. 

74  "75 
751-754 


107! 

107J 
108  -108 
108 


107; 
108  - 
io7f- 

107A- 


Com. 

34J-34I- 
35  -36 
74  "74   34 1-34 3 
.......  34s-35l 

34  -34 


Dec 


74  -74 

75v5  •••-••• 
108   .......  344-34? 

108   ...- -... 

108  '  75  -73       34^-342 

744-74!  34  -34 

7'r>  -75  344-344 
334-34 


-107 
108 


107 
107 
107 
107  -107  334-334 


-10 


1st.  Pfd.  2d  Pfd. 
1054-1064  7^~7X' 
7-' 


10; 


-10: 


18 105  -105  \     / 

[9    .  .    .. 

21 

22 

-'3 

24 

25 

26 

28 

29 

30 


1 05  J- 1 06 
I05f-I05| 


Christmas   Day. 
Extra  Holiday. 


105  -106 

106  -106J 


31 io6i-io6J 


7}>  -7$ 
7$  -7^ 


Com. 

32.1-33* 

331-33' 

32  -32 
3  >  4-32 
32f-33 

33  -35 1 


35  -35i 
35i-36 
35 1-35 I 
34  -3d! 


REMARKS. 


In  spite  of  the  panic.  L'nited  States  Rubber  transacted  the  largest  net  business  in  its  history  in 
the  fiscal  year  of  1908.  This  was,  of  course,  in  part  due  to  absorption  of  Rubber  Goods  Manufacturing. 
Net  profits  were  satisfactory,  all  things  considered.  Crude  rubber  was  abnormally  high  in  price  the 
first  part  of  the  year.      Its   lower  cost   since  promise-   improved  results  in   the  next   report. 

The  only  bonded  debt  of  the  company  has  consisted  of  $4,800,000  of  debenture  bonds  of  Bos- 
ton Rubber  Shoe,  due  in  1908.  They  were  provided  for  by  sale  of  $4,500,000  new  debentures,  the  bal- 
ance being  paid  out  of  the  treasury. 

Every  effort  has  been   made  to  maintain  the  condition  and  efficiency  of  the  various  factories. 

March  15.  1902,  the  indebtedness  of  l'nited  States  Rubber  and  it-  subsidiary  companies  was 
funded  into  $12,000,000  collateral  trust  notes.  These  have  since  been  reduced  to  $8,000,000,  the 
amount  outstanding  March  31,  1908. 

Total  capitalization  has  increased  about  $24,000,000  since  1900,  mainly  due  to  purchase  of  Rub- 
ber  Goods  Manufacturing. 


344 


GIBSON'S     MANUAL 


A  special  meeting  was  called  for  Dec.  29  to  consider  the  issue  of  $20,000,000  ten-year,  6  per 
rent,  collateral  trust  bonds.  The  object  was  to  refund  maturing  issues  and  provide  for  the  Boating 
debt.     The  bonds  were  duly  authorized  and   were  rapidly  sold. 

Officers:  President,  Samuel  P.  Colt;  Vice-President,  James  I!.  Ford ;  Treasurer.  John  J.  Wat- 
son, Jr. ;  Secretary,  Samuel  Norris.  Directors:  Walter  S.  Ballou,  E.  C.  Benedict,  Anthony  N.  Brady, 
Samuel  P.  Colt,  Harry  E.  Converse,  James  B.  Ford,  J.  Howard  Ford,  Frank  S.  Hastings,  Francis  L. 
Mine.  Henry  L.  Hotchkiss,  Arthur  L.  Kelley.  Lester  Leland,  Homer  E.  Sawyer,  Frederick  M.  Shep- 
ard,  Francis  Lynde  Stetson.  William  H.  Truesdale,  John  1).  Vermeule  and  John  J.  Watson,  Jr. 

Fiscal  year  ends  March  31.  Annual  meeting,  third  Tuesday  in  May,  New  Brunswick,  N.  J. 
Directors  meet  first  Thursday  in  each  month.  Office,  42  Broadway,  New  York.  Traded  in  on  the  New 
York  Stock  Exchange   (Listed  Department). 

MARKET    MOVEMENTS    OF    UNITED    STATES  RUBBER,  PREFERRED  (SINCE  1904  FIRST 

PREFERRED). 


GIBSON'S     MANUAL 


345 


United  States  Steel  Corporation 

A  consolidation   of   important   manufacturers  of  iron  and  steel  and  of  finished  products  thereof, 
incorporated  in  New  Jersey,  Feb.  25.  1901,  under  a  comprehensive  charter.    By  exchange  of  securities 

and  otherwise    the  corporation  acquired  control  and   practical,  if  not  complete,  ownership  of  the  fol- 
lowing companies: 


American  Bridge, 
American   Sheet  Steel, 
American   Steel  &   Wire, 
American   Steel   I  loop, 
American  Tin   Plate, 
Carnegie  Steel, 
Clairton  Steel, 


Federal  Steel, 

Lake  Superior  Consolidated  Iron  Mines. 

National  Tube, 

National  Steel, 

Shelby  Steel  Tube, 

Union  Steel. 


In  1907  the  corporation  also  acquired  The  National  Wire  Corporation  and  The  Tennessee  Coal. 
Iron  &  Railroad  Co.  The  Schoen  Steel  Wheel  Co.  was  added  in  July,  1908.  The  Tennessee  proper- 
ties are  considered   especially  valuable. 

Vast  sums  of  money,  $231,833,686  in  all,  have  been  expended  in  improving  and  enlarging  the 
various  works,  and  two  large  manufacturing  centers  are  being  created  in  the  West.  A  new  steel 
plant  was  authorized,  10  miles  from  Duluth,  in  April.  1907,  to  cost  between  $6,000,000  and  $7,000,000. 
A  great  establishment  is  in  process  of  construction  at  Gary  Lake  County.  Ind.,  covering  9,000  acres 
of  land,  upon  which  $24,063,388  had  been  expended  up  to  Dec.  31,  1907,  and  for  which  there  was  then 
an  unexpended  balance  of  appropriations  amounting  to  $35,517,000.  About  $18,000,000  of  this  amount 
was  to  be  expended  in  1908. 

Bonded  indebtedness,  Dec.  31,  1908 $594,865,535 

Preferred  stock,  7  per  cent,  cumulative,  preferred  as  to  principal 

and  dividends 360,281,100 

Common  stock 508,302,500 

Total  capital $1,463,449,135 

Fixed  charges,  per  cent,  of  net  income,  including   taxes    and    interest 

on  subsidiary  bonds 35-01 

EARNINGS. 


Year  Ending 
March  31. 
1 1  mos. 


190: 

Year 

1902 

1903 

1904 

1905 
1906 
1907 
1908 


ending 


Gross 

Sales. 

Not  given. 

Dec.  31. 

560,510,479 

536,572,871 

444405  43 1 

585.331.736 

696,756.926 

757,014.768 

482.307,840 


Appropriation  for    Special  Appro- 
Depreciation  &       priation  for 
*Net  Income.       Replacement.      Improvements. 
$111,503,054  $13,417,461  $  2.500,000 


***Earned 
Surplus,      on  Common. 
$62,116,949  8.18% 


1 33.308,764 
109,171,153 

73,176,522 
119,787,658 
156,624.273 
160,964,674 

91,847,710 


M,I50,325 
13,827.355 
12,574,211 
19,432,890 
21,253.272 
22,241,983 
15.377.1n 


10.000,000 
10,000,000 

-'8.532,172 
57.500,000 
57.500,000 


77,874.597 
66,096,682 

61,365.446 

84738,451 

97,720,714 

122,645,244 

!I33>4I5,2I4 


10.73% 

4-72% 
0.99% 
3-35% 
4-5 1 % 
4-99% 
4.04% 


*  After 
**  And, 
etc 
***  Over 


deducting  taxes,  general  expense,  interest  on  subsidiary  bonds  and  mortgages  a 
in   addition   to  this,  various  special  funds,  sinking,  replacement,  insurance,  Gary 
,    aggregating   $100,422,537. 
special  appropriations. 

NET  EARNINGS,  BY  QUARTERS,  SINCE  1901. 


June  30, 
Sept.  30 
Dec.  31  , 
.Mar.  31, 
June  30 
Sept.  30 
Dec.  31 
Mch.  31 
June  30 
Sept.  30 
Dec.  31. 


1901 $26,362,831    Mch. 


18.663,843 

29,759,912 

1902 26,71^.45? 

37,662,058 

■  , 36,945490 

3L985.759 

1903    .  .     .  .      25,068,707 

36,642,308 

32,422,955 

1903 $15,037,181 


June 
Sept. 
Dec. 
Mch. 
Tune 
Sept. 
Dec. 
Mch. 
June 


31,    1904    ..     ..  13,445,230 

30 19,490,724 

30 18,773,930 

31 21,466.631 

31.    1905    ..     ..  23,025.896 

30 30,305,112 

30 31,240,582 

31 35,216,662 

31.  1906 36,634,490 

30,    1906    .  .     .  .  $40,125,033 


Sept.   30 38.114,624 


Dec. 

3i 

Mar. 

31, 

Tune 

30 

Sept. 

30 

Dec. 

Si 

Mch. 

3C 

June 

30 

Sept. 

30 

Dec. 

3i 

nd  other  underlying  charges. 
construction,  depreciation. 


41,750,126 
39- 1 22,402 
45.503.705 
43,804,285 

32.553.995 
18,229,005 

20,265,756 
27,106,274 
26,225,485 


1907 


1908 


3  l'"' 


GIBSON'S     MANUAL 


UNFILLED  ORDERS,  TONS.  ON  HAND,  BY   QUARTERS,   SINCE  NOVEMBER   i,   1901. 


Nov.    I . 
June  30, 
Sept.  30 
Dec.  31 
Mch.  31, 
June  30 


1 901 

1 <  11  >j 


1903 


2,831 
4,791 

4,843 

5.347 

5.410 

4,666 


Sept.  30 3,278 

Dec.  31 3,215 

Mch.  31,  1904 4.136 

June  30,  1904 3. 10 


,692 

993 
,007 

253 
719 

5/8 
•742 
,123 
961 

,277 


Sept.   30 3,027,436   Mch.  31,  1907 

Dec.  31 4.696,203    June    30    .  .     . 

Mch.  31,  1905 5.597,560  1  Sept.   30 

June  30 4,829,655 

Sept.  30 5-865.377 

Dec.  31 7,605,086 

Mch.  31.  1906 7,018,712 

June  30 6,809,589 

Sept.  30.  1906 7,9^6,884 

Dec.  31 8.480.718 


Dec.  31 

Mch.  31.  190S 3 

June  30 3 

Sept.  30 3 

Dec.  31 3 


,043.858 

.603,878 
.425,008 
•624.553 
•765-343 
.313.876 

.421.977 
.603,527 


1901 

Preferred  .  34% 

Common    .   2% 


1902  1903 

7%  7% 

4%  34% 


DIVIDENDS. 


1904 

7% 
o 


1905 
7% 
o 


1906 
7% 


1907 
7% 
2% 


1908 

7% 

2% 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1901. 


1901 


1902 


1903 


1904 


1905 


1906 


1907 


1908 


Preferred   ...  69      May  79      Dec.  49^  Nov.  S1J4  May  90%  May  9S%  July  79^  Xov.  S7'_.  Jan. 

101%  Apl.  97%  Jan.  S9%  Jan.  95%  Dec.  107      Dec.  113,'4  Jan.  107%  Jan.  114%  Nov. 

Common    ...24      May  29*4  Dec.  10      Nov.  8%  May  24%  May  32%  July  21%  Oct.  25%  Jan. 

55      Apl.  46J4  Jan.  39%  Feb.  33^  Dec.  43*4  Dec.  50J4  Oct.  50%  Jan.  58-U  Nov. 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mar. 


Apl. 


May 


June 


1 901 

.  .  .  Pfd .  . 

......... 

......... 

924-  96} 

934-ioii 

69  -ioif 

864-ioof 

.  .  .  Com . 

- 

424-  46I 

45$-  55 

24  -  544 

472-  52f 

1902 

.  .  .Pfd.. 

92 1-  974 

93  -  954 

93s-  954 

924-  944 

884-  924 

8/4-  90« 

.  .  .  Com . 

4if-  464 

43  -  444 

4i4-  43? 

40*-  42,1 

384-  42* 

361-  4o4 

1903 

.  .  .Pfd.. 

864-  894 

87  -  89I 

844-  S7£ 

83  -  87f 

80  -  85i 

784-  82f 

.  .  .Com. 

36*-  39 

37»-  39* 

35  i-  384 

334-  36* 

3°4-  351 

28I-  32§ 

1904 

.  .  .Pfd.. 

54s-  60 

54i-  58f 

54 i-  594 

554-  62| 

5i4-  56 

5H-  564 

.  .  Com. 

9f"  I2f 

ioi-  1  if 

10}-  n£ 

10J-  12 

8f-  lof 

84-  10 

1905 

.  .  .Pfd.  . 

9J4-  954 

93§-  96 

934-  974 

954-io4s 

904-ioif 

91  -100 

.  .  .  Com  . 

2SI-  31} 

30  -  35f 

334-  37* 

304-  384 

24i-  334 

254-  324 

1906 

.  .  .Pfd.. 

105  -H3i 

105^-113 

1044-107! 

r  041-1094 

102  -107 

981-107^ 

.  .  .  Com . 

42  -  46} 

4o|-  46s 

384-  4i4 

39  "  44s 

364-  42 

334-  42 

[907 

.  .  .  Pfd .  . 

104  -107! 

103^-1064- 

9II-I°3s 

97^-102 

96  -I02§ 

965-  99s 

.  .  .  Com. 

424-  50I 

♦  2;-  464 

3l4-  444 

35l   39l 

3if-  384 

3J4-  354 

1908 

.  .  .Pfd.. 

871-  951 

894-  934 

92^-100 

97f-ioif 

100  -1034 

100^-103 

.  .  .  Com . 

254-  3*4 

26}-  29J 

28J-  364 

3^1-  37 

354-  39l 

364-  394 

July 


Aug. 


Sept. 


Oct 


Nov. 


Dec. 


1901  . 

.  .Pfd.. 

86  -  99* 

89  -  954 

90  -  954 

9oi-  95 

902-  94 

89S-  94 

.  . Com . 

37  "  4&1 

39§-  454 

40]-  454 

41  -  444 

414-44} 

39t-  43s 

1902  . 

.  .  Pfd.. 

884-  02 1 

894-  9o4 

874-  92 

S7h   9l| 

82I-  884 

79-  86 

.  .  Com. 

374-  4i 

394-  4 1 1 

384-  4^ 

,vs s"  41  s 

35f-  4o4 

294-  37s 

1903  . 

.  .Pfd.. 

68i-  824 

67  -  73i 

584-  714 

574-  66 

494-  59s 

5if-  59 

.  . Com . 

21 jh  311 

2of-  244 

144-  23| 

12J-  184 

10  -  13} 

IO  -  I2£ 

1904  . 

.  .Pfd.. 

55f-  63* 

574-  6ii 

6i4-  744 

73f-  834 

794-  954 

84  -  95? 

.  .  Com . 

94-  12J 

iif-  12; 

I2|-  l8£ 

i7f-  224 

19S-  324 

23h   334 

[905  . 

.  .Pfd.. 

981-104 

1034-105! 

ioif-iosl 

1032-1054 

1004-1054 

102J-107 

.  . Com . 

31}-  35l 

544-  37i 

344-  381 

37  -  39i 

354-  384 

36  -  43  41 

1906  . 

.  .  Pfd .  . 

984-11.7: 

105  -109! 

105  -108 

105 4- 108} 

104  -107! 

I02f-IOS| 

.  .  Com . 

32f-  40 

394-  47:i 

43t-  47 1 

45?-  5o4 

454"  49s 

46?-  49i 

1907  .  . 

.  .Pfd.. 

99  -IOI 

91^-100! 

87I-  06 

8l4-  894 

794-  86? 

84!-  90} 

.  .Com. 

354-  39 

-"'1-  35i 

26I-  33J 

21  •-  274 

224-  25} 

244-  284 

I90S  . 

.  .Pfd.. 

1024-109,!; 

io6;-i  12.', 

I054-II2i 

1074-111 

1104-114I: 

uoi-ii3f 

.  .  Com . 

374-  15% 

44  -  48 

41 1-  484 

45  "  48| 

474-  584 

5i4-  564 

GIBSON'S     MANUAL 


347 


LOW  AND 

HIGH   PRICES,  BY   DAYS,   NOVEMBER, 

1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Com. 

Nov.     2   .    . 

UO^-IIlf 

474-48* 

N.»v 

12    .     .     .     II2f-II4 

54t-56| 

Nov 

■  23  • 

.    .    112J-112J 

54^-53) 

"      3   •    • 

Election 

Day. 

' 

[3    • 

"3f-"4 

5/  B"5°4 

" 

24  . 

.    .    112I-112A 

54t-5fl 

"      4  •    ■ 

H2  -114I 

4SI-50* 

14 

113I-H4 

571-584 

" 

-'5    • 

.    .    1123-113I 

551-57 

"      5  •   • 

II2l-II3i 

5oi-5i» 

' 

16 

"3i-"44 

56f-58 

it 

26  . 

.    .   Thanksgiving  Day. 

"      6  .    . 

II2§-II3f 

5ii-S4 

* 

17 

"34-"4 

57i-58i 

27  . 

.     .     II2f-II3 

551-563 

7  •    • 

1  i3i-ii3f 

544-55* 

i 

18 

"3i-"3i 

56§-57f 

a 

28  . 

.    .    112J-113J; 

56^-57 

"      9  •    • 

II2f-II3J 

54  -55* 

' 

19 

II2|-II3i 

56i-57i 

30  ■ 

•     •     H2f-II3 

55  -S6| 

"      10    .     . 

I  ul-113 

54  -55  i 

20 

112^-113 

544-561 

"     ii    .    . 

H2f-ii3i 

54  -55 

21 

112^-113 

554-564 

LOW   AND 

HIGH   PRICES,  BY   DAYS, 

DECEMBER, 

1908. 

Pfd. 

Com. 

Pfd. 

Com. 

Pfd. 

Co 

m. 

Dec.     1    ...    113  - 

"3l 

541-554 

Dec. 

II     .     .     .     II2f- 

"34 

54i 

-554 

Dec. 

22 

.    .    111J- 

112^ 

5i| 

-53  s 

* 

'         2 

112^- 

"3 

54  -554 

12 

II2§- 

II2i 

53* 

■54* 

23  • 

.    •   1114- 

I  12] 

52{ 

5»! 

'     3 

112^- 

II2f 

534-54:-: 

14 

II2f 

II.U 

544 

-55* 

24  . 

.    .   112  - 

II2| 

53  s 

54! 

'     4 

H2i- 

II2| 

54s-55s 

15 

Illf- 

112* 

534 

5-l! 

25  ■ 

.    .    Christmas 

Day 

'     5 

II2f 

"3 

544-55" 

16 

Illf 

112^ 

53f 

-544 

< 

26  . 

.    Extrj 

1  Hol 

day. 

'      7 

II2l 

-112! 

54  -55 

17 

IIO.1,- 

III* 

53 

-544 

28  . 

.     .     II2i- 

"3 

54i 

54s 

'      8 

II2f- 

112J 

544-5  5  s 

{t 

18 

nof- 

IIl4 

52! 

-53! 

U 

29  . 

•        H2i- 

1 134 

54s- 

55^ 

'      9 

II2| 

11.34 

554-56-! 

'* 

I') 

Illil- 

112 

52S 

-534 

' 

30  • 

.     .     II2§- 

"34 

54 

55 

'     10 

II2f 

"3 

Ct 

2  1 

110J- 

Ills 

514-534 

31  • 

•     •     H2f 

1  '3! 

53! 

544 

MARKET  MOVEMENTS  OF  UNITED  STATES  STEEL,   COMMON,  FROM   1901   TO   1908, 

INCLUSIVE. 


348 


GIBSON'S     MANUAL 


MARKET    MOVEMENTS    OF    UNITED    STATES  STEEL,  PREFERRED,  FROM  1901  TO  1908, 

INCLUSIVE. 


REMARKS. 

An  admirable  feature  of  the  management  of  this  corporation  has  heen  the  publication  of  quarterly 
and  complete  and  satisfactory  annual  reports  from  the  start. 

Cash  on  hand,  Dec.  31,  1908,  was  reported  at  $49,548,053,  as  against  $53,963,849  the  previous 
year. 

The  securities  of  constituent  companies  owned  by  United  States  Steel  are  not  reported  sepa- 
rately from  "properties  owned  and  operated  by  the  several  companies."  The  last-named  item  aggre- 
gated $1,458,205,725,  Dec.  31,  1908. 

Total   capitalization   has   increased  $142,000,000  since   1901. 

The  worst  quarter  of  United  States  Steel  was  the  one  ending  March  31,  1908,  the  trade  depres- 
sion having  caused  a  tremendous  shrinkage  in  the  business  of  the  corporation.  New  business  almost 
disappeared,  and  there  was  an  enormous  cancellation  of  orders  and  withholding  of  specifications.  From 
that  date  there  has  been  a  steady  and  continual   increase   in   net    earnings. 

In  fanuary,  [909,  the  corporation  for  the  first  time  offered  its  common  stock  to  employees,  on  the 
profit-sharing  principle,  the  price  being  fixed  at  $50  a  share.    The  preferred  was  at  the  same  time  offered 


GIBSON'S     MANUAL  349 


at  $110.  Previous  offers  of  the  preferred  had  been:  1908,  $87.50;  1907,  $102;  1906,  $100;  1905,  $87.50; 
11)04,  $55;  and  1903,  $82.50.  Since  the  profit-sharing  plan  first  became  operative,  the  corporation  has 
paid  $12,000,000  in  dividends  and  bonuses  to  employees. 

Feb.  19,  1900.  Judge  Gary  made  an  announcement,  in  behalf  of  the  corporation,  in  view  of  the 
cutting  of  prices  by  independent  steel  concerns,  that  United  States  Steel  would  protect  its  customers, 
and  "for  the  present,  at  least,  sell  at  such  moderate  prices  as  may  be  necessary  with  respect  to  different 
commodities,  in  order  to  retain  their  fair  share  of  the  business."  This  declaration  took  the  independent 
steel  companies  by  surprise,  and  has  led  to  a  general  reduction  of  wages  by  them  of  10  per  cent.  Uni- 
ted States  Steel  has  not  yet  cut  its  own  rates  of  wages. 

Officers:  President,  W.  E.  Corey:  First  Vice-President,  James  Gayley;  Chairman,  Elbert  Tl. 
Gary;  Treasurer  and  Secretary,  Richard  Trimble.  Directors:  George  F.  Baker,  William  E.  Corey, 
John  F.  Dryden,  Clement  A.  Griscom,  Marvin  Hughitt,  Daniel  G.  Reid,  John  1).  Rockefeller.  Jr.,  Na- 
thaniel Thayer,  William  Edenborn,  Henry  C.  Frick,  William  IT.  Moore,  Norman  P>.  Ream.  James  II. 
Reed,  Charles  Steele,  Peter  A.  B.  Widene.r,  Robert  Winsor,  Edmund  C.  Converse,  Elbert  II.  Gary, 
lames  Gayley,  J.  Pierpont  Morgan,  Thomas  Morrison,  George  W.  Perkins,  Henry  Phipps  and  Henry 
H.  Rogers. 

Fiscal  year  ends  Dec.  31.  Annual  meeting,  third  Monday  of  April,  Hoboken,  X.  I.  Directors 
meet  last  Tuesday  of  each  month.  <  Iffice,  71  J '.roadway.  New  York.  Traded  in  on  the  New  York  Stock 
Exchange  (Listed  Department)  and  on  the  London  Stock  Exchange. 


GIBSON'S     MANUAL 


Utah  Copper  Company 


Incorporated  in  New  Jersey,  April  30,  1904,  to  operate  copper  mines  in  Bingham  Canyon,  Utah. 
The  1  ire  body  is  declared  to  be  a  continuation  of  thai  of  Boston  (  onsolidated,  which  is  one  of  the  great 
est  of  its  class  in  the  world,  and  it  is  claimed  by  engineers  that  the  Utah  copper  mine  will  be  greater 
even  than  that.     From  the  nature  of  tin-  ore,  which  is  quarried  out  like  rock,  the  mine  ha-  been  int< 
sected  with  tunnels,  which  cross  each  other  at  right  angles,  like  streets,  and  which  are  named  to  corn 
-l>"inl   with  tlie  system  of  naming  street-  in  Salt   Lake  City.    The  mines  lie  under  about  200  acres  of 
ground,  all  belonging  to  this  company. 

The  original  company  was  formed  in  the  spi-ini;  of  1903  to  exploit  the  property  and  develop 
meiit  began  in  November.  The  mill  started  operations  in  April,  1904.  Since  that  time  the  exp 
mental  plant,  known  as  The  Copperton,  about  three  mile-  down  the  Canyon  from  the  mine,  has  oper- 
ated continuously,  has  been  enlarged  and  improved,  and  now  has  a  capacity  i>f  about  Xoo  tons  ;i  .  1 .- 1 \ . 
Construction  of  a  new  and  larger  plant,  called  the  Garfield,  covering  2,400  acres,  was  begun  near  Great 
Salt  Lake.  15  miles  northerly  from  the  mine,  early  in-IQOO.  At  that  point  some  large  springs  were 
purchased. 

The  tut  ire  mining  area  is  covered  by  about  70  feet  of  low  grade  and  oxidized  ores.  The 
"caving"  system  of  mining  was  tirst  adopted,  but  has  now  been  superseded  by  a  different  method. 
The  top  layer  of  low  grade  and  oxidized  ores  is  being  removed  by  steam  -hovels,  tints  uncovering  the 
lower  ore  body,  which  is  also  to  be  handled  by  steam    shovels. 

The  Garfield  Improvement  Co.  has  been  organized  to  build  the  town  of  Garfield,  and  is  owned 
as  follow-:  One-fifth  by  Utah  Copper,  three-fifths  bj  Garfield  Smelting,  and  one-fifth  bj  Boston  Con- 
solidated Mining. 

Bonded  debt,  June  30,   1907 $2,964,000 

Capital  stock  (par  $10) 5.1 18.000 

Total  capital •    $8,082,000 

EARNINGS. 

Few  reports  have  been  published.  Until  [907  the  fiscal  year  ended  June  30.  Hereafter  the 
year  will  correspond  to  the  calendar  year  and  the  next  report  will  he  for  the  tS  months,  ending  Dec. 
31,    [908.      Foi    the   fiscal   year   of    [907: 

Total  Net  Income.  Deductions.  Balance  for  Year.        Surplus  Profits. 

s.V'5,665  $10,536  $295,129  s  1. 506,260 

DIVIDENDS. 

None  are  being  paid  at  present. 

LOW  AND  HIGH  PRICES  BY  YEARS. 


1907  [908 


1  let.         39JS    Mch.  Jo      Jan.  I     Nov. 


This  stock  was  not  listed  in   New    York  until   March,   1907. 


GIBSON'S     MANUAL 


35i 


LOW  AND   HIGH   PRICES,   BY   DAYS,   NOVEMBER,   1908. 


N< 


Low 


3 

4 
5 
6 

7 
9 

10 
1 1 


A2\ 


High 

43i 
Election  Day. 

44£ 

44§ 

45 

49i 

52| 

5i* 


43  s 
44 

45 :; 
50 
504 
49I 


SH 


Nov. 


23 

-'4 
25 
26 

-7 
28 

30 


Low 
..     47 
..     47i 
■  ■     48! 
rhanksgivirig  Day. 

•  ■     49 

••     4') 

•  •     49 


High 

47* 
48] 

49l 


49  3 
49l 

49i 


LOW   AND   HIGH   PRICES,   BY   DAYS,   DECEMBER,   1908. 


D 


c.     1 
'       2 

3 

'        4 


8 

9 

10 


Low 

49 

4*! 
471 
48! 

48i 

48 

47; 

47 

47^ 


High 

49f 
485 

48 

481 

4*:; 

48* 

48 

48 

48 


Dec 


Low         High 

22 45'  44i 

-'3 44'  46i 

24 46^  46J 

25 Christmas  Day. 

26 Extra  Holiday. 

471 
48 
47* 
46* 


28 

29 
30 
3i 


47 

47i 

46I 

4" 


REMARKS. 

A  large  interest  in  this  company  is  owned  by   American    Smelters   Securities. 

Officers:  President,  Charles  M.  MacNeill ;  First  Vice-President, -D.  C.  Jackling;  Secretary,  and 
Treasurer,  Spencer  Penrose.  Directors:  In  addition  to  the  foregoing,  J.  D.  Hawkins.  John  Hays 
Hammond,  Charles  Harden,  W.  B.  Thompson,  S.  W.   Eccles  and   Kenneth   K.   McLaren. 

Fiscal  year  now  ends  Dec.  31.  Annual  meeting,  fourth  Friday  in  April.  Office,  Salt  Lake,  Utah. 
Traded  in  on  the  New  York  Stock  Exchange  (Unlisted  Department)  and  on  the  Boston  Stock  Ex- 
change. 


J  52 


GIBSON'S     MANUAL 


Virginia-Carolina  Company 


A  consolidation  of  fertilizer,  sulphuric  acid,  cotton  oil,  chemical  and  phosphate  mining  companies 
under  articles  of  incorporation,  taken  out  in  New  Jersey,  Sept.  12,  1895.  This  company  is  die  largest 
owner  of  phosphate  lands  in  the  world.  The  plants  arc  scattered  through  the  Southern  States  from  Mary- 
land tn  Louisiana.  A  controlling  interest  in  The  Southern  Cotton  Oil  Co.  was  acquired  in  1901. 
must  important  of  the  subsidiarj  concerns  is  l  harleston  Mining  &  Manufacturing,  which  owns  virtually 
all  of  tlie  phosphate  lands,  and  operates  all  of  the  phosphate  plants,  and   which  is  d  ctremely   well, 

rhe  company  owns  potash  mines  in  Germany,  which  began  paying  a  dividend  in  the  fiscal  year  of  1908; 
it  is  the  intention  t<>  develop  these  mines  rapidly,  as  the  compan)  requires  annually  twice  the  present  prod- 
uct. Sulphur  mines  have  recentlj  been  leased  in  Mexico  and  put  into  successful  operation.  Approxi- 
mately a  million  >>r  more  is  now  spent  annually  for  maintenance,  and  the  properties  are  all  in  excellent 
condition;  the  cost  is  charged  to  operating  expense.  The  total  amount  so  spent  since  1895  has  been 
82,898. 

Bonded  indebtedness,  Ma\  31,  nioS $5,000,000 

Preferred  stuck.  8  per  cent,  cumulative,  preferred  as  to  assets   .  .    .  .      18,000,000 
mon  st<  'ck 27,984,41  o 

Total  capital $50,984,400 


EARNINGS. 


\  ear  Ending  I  otal  Profits 

June  15,  19  >N  1  .ess  Tax<  s. 

1900 $i,539.249 

2,139,509 

1902 4.I43.471 

1903 3.231.377 

1904 4,129,903 

i9°5 3,706,422 

Year  Ending  May  ,?i  : 

1  1  \   months 3,885,834 

5,051,126 

1908 4,534,362 


Repair.-  and 
Maintenance. 


$355,554 
662,089 

63s 

83<  '■;■  1 1 
814,312 

856,807 
1 ,026,208 
1,000,936 


Interest 
( 'harges. 


$209,  |<>1 

902,758 
606,758 

£88,504 

944,604 
943.973 


■  I '..'.lance 
for  Near. 
$7  1  7,582 

584,430 
',651,735 

27,696 

1,376,935 
626,848 

',523 
[,527,635 
',043.453 


Surplus. 

s-"57-7'7 
3^75*097 
1,637,838 
1,665 .531 

3,457,033 
3^77,527 

4,810,759 
6,338,395 
7,381,848 


Earned  on 
Common. 

8.2] 

8.12 

9.019! 

5-1 

4.Q29i 

2.249! 

2.81 

5469< 

3-7395 


♦After   deducting   dividends   and   appropriations   fur.  the   sinking  fund. 
*♦  After    various  book  charges. 


DIVIDENDS. 


1900 

H/.H 

1902 

1903 

[904 

[905 

[906 

1 1 ,.  ■; 

1908 

Preferred  . 

.     8% 

8% 

8% 

S    ', 

8% 

8% 

8f/0 

Common    . 

43% 

0 

0 

0 

0 

0 

LOW  AND  HIGH  PRICES,  BY   YEARS.  SINCE  1901. 


10(11 


1902 


1903 


1904 


191)5 


19110 


1907 


1908 


..116 

Apl. 

120 

86' 

,  Nov. 

97 

Vpl. 

May 

May 

"5 

Nov. 

87 

Ian. 

125 

Aug. 

134Ji 

1 28 ! 

116 

Nov. 

117) 

5  Jan. 

108 

Jan. 

115 

Nov 

immi 

■11 

..  51 

July 

54 

17' 

func 

Sept. 

31 

lulv 

Nov. 

16 

Feb. 

72 

Men. 

Vpl. 

j  F<  b. 

44 's 

Dec 

58 

Jan. 

Jan. 

L».  c 

i.   re   not   listed  until  March.  19td 


GIBSON'S    MANUAL 


353 


LOW  AND   HIGH   PRICES,   BY   DAYS,   NOVEMBER,   1908. 


Pfd. 


Nov. 


3 

4 
5 
6 

7 

9 

10 

1  1 


Election  Dav. 


Com. 
3^  -33] 


in   -in 


II04-II2 

1 1  -  -113 

II24-I  I.'I 

113  -"3 
1 1_>  -113 


33i-35 

34  -35i 

35  -39 
39  -40 
3*1  3«)i 
38  -38J 
37  -381 


Nov. 


12 

13 

14 
16 

17 
18 
rg 
20 

21 


Pfd. 

113  -"3 

1  '3i-H4f 


1 11 


ii5  -115 


Com. 
37i-38i 
38i-39 
384-38J 
38  -39 
38  -39i 
39f-4o| 
39l"4oi 
39f-43 
4i|-43 


Nov,  23 

"  -'4 

"  25 

••  26 

"  -'7 

"  28 

"  30 


Pfd.  Com. 

114I-1144  4ii-43i 

.........  42i-42j 

.........  42^-431 

Thanksgiving  Day 

.........  43i-44l 

.........  44^-45 


LOW   AND    HIGH    PRICES,   BY    DAYS,   DECEMBER,   igo8. 


Pfd. 

Com. 

I  .  . 

•  113-s-i  13  ,; 

43f-45i 

2 

•  114  -"5 

43  -44 

3  ■  • 



43-1-43  s 

4  ■  • 

■  H4rii4! 

431-45 

5  ■  • 

•  114  -114} 

44  -44J 

7  •  • 

•  114  -114 

432-44 

8  .  . 

-. . . . 

43i-44 

9  •  • 



432-44! 

10  . . 



44  -44l 

Dec.  11 

12 

"  '4 

"  15 

"  11. 

■'  17 

-  [8 

"  19 

"  21 


Pfd. 
4  -114 


Com. 

•  ■     431-444 
42-    43  s  -43l 

•  ■     43*44 
• •     43  434 

•  •     43  -43! 
42^-43 
42^-432 
43  -43* 
424-43 


Pfd. 


Dec.  22 

23 

"     24 
••    25 

••    26 

••    28 

29 

"  30 
"  31 


ii34-"3i 


Com. 
42J-42! 
43i-43l 
434-43! 
Christmas  Day. 
Extra  holiday. 
114  -114       431-458 

443-454 

.........     441-45! 


REMARKS. 

Total  capitalization  has  increased  $26,984,000  since  kjoo,  owing  to  the  absorption  "I  Southern  Cot- 
ton Oil  and  other  expansion  of  the  business. 

Security  investments,  may  31,  1908,  $4,697,018. 

Loss  in  net  profits  in  the  fiscal  year  of  1908  was  through  Southern  Cotton  Oil,  winch  earned  net 
only  $526,607,  against  $1,610,100  the  year  before,  having  been  hampered  by  a  large  increase  in  cost  "l 
cotton   seed   and   lower   price  of  the  product. 

During  1907-08  the  Chemical  Company  met  stringent  monetary  conditions  by  curtailing  the  low- 
grade  fertilizer  business,  in  which  there  is  usually  a  small  profit,  and  devoting  more  attention  to  high-grade 
fertilizers  and  proprietary  brands.  A  total  of  40,664  tons  of  fertilizers  less  were  handled  than  the  year 
before. 

Nov.  17,  1908,  an  issue  of  $15,000,000  five  per  cent,  bonds  was  authorized  at  a  special  meeting  to 
retire  the  existing  bonds  of  the  company,  $3,000,000  to  be  retained  in  the  treasury  for  three  years,  the  bal- 
ance of  the  proceeds  to  be  used  for  working  capital. 

In  November,  1908,  a  rumor  gained  circulation  that  this  company  was  about  to  enter  a  new  and 
larger  corporation,  with  American  Agricultural  Chemical,  Armour  &  Co.  and  other  concerns,  but  this  was 
authoritatively  denied. 

Officers:  President,  S.  T.  Morgan;  Treasurer.  S.  W.  Travers ;  Secretary,  S.  D.  Crenshaw.  Direc- 
tors: S.  T.  Morgan,  E.  B.  Addison,  James  M.  Boyd.  T.  C.  Williams,  Jr.,  Joseph  Bryan,  M.  S.  Meldrum, 
Henry  Walters,  Nelson  Robinson.  James  B.  Duke,  R.  J.   Williams  and  George  W.  Watts. 

Fiscal  year  ends  May  31.  Annual  meeting,  first  Wednesday  after  July  15.  Jersey  City,  N.  J. 
Directors  meet,  second  Tuesday  in  March,  June,  September  and  December.  Office,  Richmond,  Va.  Traded 
in  on  the  New  York  Stock  Exchange  (Listed  Department). 


354 


GIBSON'S     MANUAL 


Virginia  Iron,  Coal  C&  Coke  Company 

(  Irganized  under  the  laws  of  Virginia,  Jan.  19.  1899,  with  a  view   to  merge  under  one  management 

a  large  number  of  the  industries  of  the  southwestern  part  of  Virginia,  a  Slate  rich  in  minerals.  '1  he  prop- 
erties of  the  company  no'w  include  [32,000  acres  of  coal  lands  and  210,000  acre-  of  iron  and  forest  land-. 
some  of  the  latter  under  lease,  and  a  large  number  of  blast  furnaces,  machine  .-heps,  and  iron  and  steel 
works,  as  well  as  The  Virginia  iS:  Southwestern  Railway.  Jan.  1.  [903,  the  company  was  reorganized 
and  placed  in  a  sounder  financial  condition. 


Bonded  indebtedness.  June  30.  1908 £5. 377.000 

Capital  stock,  one  class 10.000.000 

Total  capital £1 5.377,000 


EARNINGS. 

There   were   no   reports   for  publication   until   after  the  securities  of  the  company  were  l'sted  in  New 
York.     The  only  data  that  can  be  supplied  is  as  follows: 

Year  ending  June  30.                                           Gross.  Net  Income.  Surplus. 

[90S $3,317,562  $5*6,513  Def.  $23,257 

[906 3.088,293  580,836  Sur.  137,187 

1907 5,650,407  1,067.369  797.194 

1908 3,928,621  576,707  102.S91 


DIVIDENDS. 

No  cash  dividends  have  yet  been  paid  by  the  company,  although  a  small  amount  has  been  earned 
For  the  stock.     In   October,   1907,  a  slock  dividend  of  5  per  cent,  was  declared. 


1903 


1 7     Sept. 
Feb. 


LOW  AND   HIGH   PRICES,   BY   YEARS.  SINCE  1903. 

1907 


1904 


20  A  pi. 
44  Dec. 


1905 

36  June 
52}  Feb. 


1906 

May 
93  Dec. 


31  Oct. 
97  Jan. 


1908 


43  Jan. 
68  Nov. 


LOW   AND   HIGH   PRICES.   BY   DAYS.   NOVEMBER,   1908. 


X'  >v. 


Low 
62 


High' 
6_'.'.    Nov.  i_> 


3 Election  Day 


4 
5 
6 

7 

9 

10 

1 1 


63 

64! 
65 


63 
64 '. 

65" 
67 

65 


13 

'4 

10 

'7 
[8 
19 
20 
21 


Low 

66 

67' 


High 

66 
6/ 


Nov.  _'3 

-'4 
25 
26 

2/ 
28 

30 


High 


Low 

.    .. 

.    ..  66 

•     •■     "7 
fhanksgiving   Pay 


GIBSONS     MANUAL 


355 


Dec. 


i 

2 

3 
4 


7 

8 

9 
io 


LOW  AND   HIGH   PRICES,   BY    DAYS,   DECEMBER,   1908. 


Lo\ 


64 
63 


64 


nigh 


Lo\ 


Dec.  _'_' 
"     -3 


High 


24 

_'5 Christina'-  I  >a\ 

26 Extra  Holiday 

28 

29 

30 

3J 


REMARKS. 

If  the  company  made  no  large  amount  of  money  in  the  fiscal  year  of  1008,  it  did  not  lose  any. 
and  the  properties  are  all  in  much  hotter  condition.  Dec.  15,  1907,  practically  all  the  iron  mines  were 
closed,  and  only  two  furnaces  were  continued  in  operation.  Work  at  the  mines  was  resumed  Feb.  1. 
1008.  on  a  lower  scale  of  wages.     Output  of  coal  and  coke  was  also  heavily  curtailed  during  the  year. 

Securities  owned.  1908,  were  $196,864. 

Since  Jan.  1,  1903,  the  company  has  been  aide  to  reduce  its  capital  liabilities  ahead  of  the  stock 
by  $3,967,000.  and  has  spent  $1,500,000  in  new  properties  and  improvements.  The  President  consid- 
ers that  the  coal  lands  have,  without  question,  appreciated  from  one-third  to  one-half  in  value  since 
Jan.  1.  to",:;. 

Officers:  President,  Henry  K.  McHarg;  Vice  President  and  General  Manager,  John  B.  New- 
ton: Treasurer  and  Secretary,  II.  W.  Oliver.  Directors:  Walton  Ferguson,  Henry  K.  McHarg,  Schuy- 
ler Merritt,  Theodore  L.  Peters.   Hilling--   I'.   Learned,  John  B.  Newton  and  Henry  EC.  McHarg,  Jr. 

Fiscal  vear  ends  June  30.  Annual  meeting,  third  Tuesday  in  September.  Bristol,  Va.  Directors 
meet  on  call.  Main  office,  Bristol,  Va.  New  York  office,  40  Wall  Street.  Traded  in  on  the  New 
York  Stock  Exchange   (Listed    Department). 


356  GIBSON'S     MANUAL 


.->.■>' 


Wabash  Railroad 


Bonded  indebtedness,  June  30,  1908 $118,047,233 

Preferred  stuck.  7  per  rent,  non  cumulative 38,427,153 

( iommon  stock 52,427,153 

Total  capital $208,901,539 

Mileage 2,515 

Per  mile  capitalization $72,425 

Fixed  charges,   1908,  including  taxes,  per  cent,  of  net  income  ..   ..  90.74 

«  iperating  expense,  new  basis,  excluding  taxes,  per  cent,  of  gross..  73-21 

Figured   after  deducting  "securities  owned,"   $26,750,736. 


EARNINGS. 

Year  Ending                          (iross                   '  :  'Net  NetP.C.of 

June  30.                          Op.  Rev.               Income.  Gross  Inc.  Surplus. 

I'M) $16,440,990                    $4,265,769  25.95  $479.248 

1901 17.816,646      3,720,463  20.88  57_>..vs  4 

19°2 I9.°S3>493      5.523.345  -'888  773.844 

[903 21. 140.831      5.856,595  27.02  969.994 

"i"4 23,023,626      5,981,465  25. _>7  [,094,307 

1905 24.696.600      5,068,418  20.42     Def.  515,420 

[906 25,015. 3711      8,169,336  31.12  248,200 

1907 27,432,473      8,869,854  31.26  445.638 

*i9°8 25.740,074      7-774-830  jt,.2            Def.  355,594 

[nter-State    Commerce    classification. 
"Taxes  are  included  in  fixed  charges. 


LATEST  REPORT. 
Earnings  for  seven  months,  ending  Jan.  31,  [909,  compared  with  the  same  period  last  year,  wero: 

Gross.  Xet. 

1909 ^i5.345-329  $4,589,963 

1908 16,158,781  ^887,634 

DIVIDENDS. 
Nothing  ha.-,  been  paid  "li  either  class  of  shares    for   many   yearsv 

LOW  AND  HIGH  PRICES.  BY  YEARS,  SINCE  1900. 


1'kki  1901  1902  1902  l'>ii4  190S  r>u.  L907  1908 


Trcfcrrcd..  In      Sep.  23%  Jan,  37      Dec.  27%  Sep.  32%  Feb.  37      May  36%  Dec.  14%  Nov.  13      Mch. 

27     Dee.  46%  June  54%  Sep.  55%  Feb.  48%  No^  49%  Mch.  52%  Feb.  38%  Jan.  52%  Dec. 

Common..    6%  Sep.  16%  May  21%Jan.  16%Sep.  15     May  17%  May  18     Dec.  8     Oct.  6%  Mch. 

14      i.e.  26     June  38%  Sep.  32%  Feb.  25      Nov.  24%  Sep.  26!    Jan.  18%  Jan.  20%  Dec. 


GIBSON'S     MANUAL 


357 


LOW  AND   HIGH,  BY   MONTHS,  SINCE   1900. 


1900 Pfd.  . 

Com . 

1901 Pfd.  . 

G  nn . 

1902 Pfd.  . 

Com . 

1903 Pfd.  . 

Com . 

1904 Pfd.  . 

'.  .  Com . 

1905 Pfd.  . 

Com . 

1906 Pfd.. 

Com . 

1907 Pfd. . 

Com . 

1908 Pfd.. 

C<  nn  . 

1900 Pfd. . 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com . 

[903 Pfd.  . 

Com . 

1904 Pfd.  . 

Com . 

1905 Pfd.. 

Com . 

1906 Pfd.  . 

Com . 

[907 Pfd.  . 

Com. 

1908 '.Pfd.. 

O  'in. 


Nov.  2 
"  3 
"       4 

"      5 
"       6 

"      7 

"      9 

10 

"     11 


Dec. 


3 

4 
5 
7 
8 

9 
10 


Jan. 
I9f-2l| 

7  -  7'i 
231-293 

ni-14! 
4ii-434 

2l|"23i 

44  -47i 
284-324 

355-41 

U)l-2\l 

41  -444 

2/0\-22.\ 

40I-48I 
20} -26  J 

31  -38* 
l6J-l81 

IS  -18I 

8}-io2 

July 

I7I-I94 

63-  7l 

3-2  -44 
184-23 

44i~474 
29  -314 

344-45 

20  -24; 

345-3/f 
164-17! 
38i-4i4 

l8i-20 

44  -48 

181-20^ 

24  -26 

134-14 

22    -28J 

iof-i3i 


Feb. 
204-21 § 

<>:;  7% 

-^7"-34^ 
124-194 

42  -44;; 
22 1  -25 1 

44s~55l 
29*-32i 
32|-39l 

17    -20i 

431-48 

2l|-23| 

43S-5-S 
22    -25  i 

291-341 

154-17 

I44-I6 

74;  8^ 
Aug. 


Mch. 

20  -2} 

6i-  8: 

16J-21! 

413-43 :; 

22f-24i 

l"«'-544 
26J-324 

3-J3-38 

173-194 
444-47.' 
22  -23I 

48  -52i 
22  -23! 

2I4-31! 

124-153 

13  -194 

63-1  iv 


Sept. 


173-194 
63-  7i 
37  -423 
[9l-234 
453-49 
30  -344 
294-384 
174-204 

35  -39S 
i6f-i93 
40  -444 
19  -23 
441-481 
193-214 
193-243 
iof-134 
25  -29J 
12  -14 


16  -i8f 

64-  73 

37  -424 

204-23! 

48  -544 
33  "38k 
274-36 

l6f-224 

39  -43 1 
194-22 

40  -45! 
202-24] 

424-46i 
i94-2o| 
19  -22 

I0f-I2f 

24   -274 

"4-134 


Apl. 

2lf"24^ 

71-  93 
36I-424 

19  -213 
42^-463 
23  -28 

42f-50 

243-29 

361-393 

18  -i9§ 

4i3-47i 

19  -23! 
4I-1-5I 
19  -234 
244-27 

14  -15 

17  -i9i 

10  -II 

Oct. 

174-193 
6|-  74 

35>-3s^ 
19  -2i4 
444-5*4 
30§-35i 
283-34 
1 6g-20  4 

4o3-443 
194-22! 

40-1-444 
20J-233 
424-46! 

i8£-2of 
143-20 
8  -114 
254-281 
124-134 


May 

203-23! 
8-y 

-'4  -454 

16^-253 

413-464 

251-273 

431-494 

25  -28} 

32f-373 

15  -18 

37  "43 
[74-204 

41  -5o4 

19  -214 
2il-26% 

[if-14 
184-29 

10  -i4| 

Nov. 

l8{-22i 

74-  8| 
364-414 

20  -222 

424-483 

28  -334 

3i4-35' 
184-20 

413-484 
203-25 

384-424 

204-22] 

4i3-44! 
184-202 

144-164 

84-  94 

28  -36f 

I2f-I5f 


LOW  AND   HIGH   PRICES,   BY   DAYS,  NOVEMBER,   1908. 


June 

17  --1  '. 
o3-  84 

414-464 

2lf-26 

434-471 
261-314 
404-464 

193-264 
324-36I 
154-17 
374-414 
[8  i-202 

442-504 

19  -21 :; 

22    -2$ 

124-133 

-213-254 

II  - I 2| 

Dec. 
204-27 

8  -.4 

391-433 

2 1 I-23 

37  "454 
234-305 
343-381 
192-203 

404-474 

20  -24 

391-42 

20  -214 

364-43f 

18  -203 

163-19I 

9  -104 

35  -523 
15  -20* 


Pfd.    Com. 
28  -284  124-124  Nov.  1. 


Election 

Day. 

* 

28  -283 

124-13 

28  -284 

124-13 

' 

284-29] 

123-134 

* 

294-29-3 

134-14 

' 

294-3 1 

14  -144 

304-323 

14  -143 

3I4-34l 

i4l-i5l 

13 

14 
16 

T7 

18 
19 

20 
21 


Pf( 

33i-, 

334- 
334- 
33  - 

33\- 
344- 
344- 
34f- 
354- 


d. 

Com. 

P 

Ed. 

Co 

m. 

34 

143- 

154 

Nov.  23   . 

•    •      344-355 

144- 

144 

333 

15  " 

•5i 

"     24    . 

•    •     35 

-36 

143- 

15 

333 

15  ■ 

154 

"     25    . 

•    ■     354 

-364 

15  ■ 

1  Si 

334 

144- 

15 

"    26    . 

1  hanksgiving  Dav 

342 

I4fr 

15 

"    27    . 

•    •     3S\ 

-354 

15  - 

15 

353 

15  " 

153 

"     28    . 

■    •     354 

-354 

15  ■ 

15 

354 

145- 

1 54 

"    30    • 

•    •     343 

-36 

143- 

isi 

364 

143- 

IS* 

363 

i4.s 

i53 

LOW   AND   HIGH   PRICES,   BY    DAYS,   DECEMBER,   1908. 


Pfd. 
35  -35'i 

35  -37 

36  -37^ 
384-45 
4 

4- '.-45  1 
444-45 
44  "-47 
454-47 


454 


Com. 

15  -154 

Dec.   11    .    .     . 

15  -154 

12 

154-153 

"      14 

153-174 

"     >5 

17  -l7'l 

•'     16 

17  -i8f 

"     17 

184-193 

"     18 

194-193 

19 

19  -193 

"     21 

l'fd 


454 

45 

454 

[Si 

464 

45^ 
46 
47 
473 


l.  mil. 

463    i8f-i94 

40     181-184 
174-194 

isi-io! 
184-19 

471  184-194 

474  I8f-I9f 

48]  [94-193 

50  19J   coj 


48i 

47l 

47' 


Pfd. 


Dec.  22 

23 

24 
2^ 
26 
28 
29 
30 
31 


491 
49  -5M 


1 

1 
464-494  1 
Christmas 
Extra  II" 
474-493  1 
484-50i  1 
49!-5o:;      1 

493-503    I 


I  '1  '111. 

9f"20§ 


9  \  20 : 

74-191 
Day. 
liday. 
84-19I 

84-195 
84-194 
9  -II>1 


35§ 


GIBSONS     MANUAL 


MARKET  MOVEMENTS  OF  WABASH,  PREFERRED,  FROM    1900  TO   1908,   INCLUSIVE. 


REMARKS. 


The  entire  line  of  Wabash  is  now  operated  under   the    new    State    2-cent    passenger   fare    laws, 
and  was  so  operated  during  the  entire  fiscal  year  of  1908.     There  were  about    10  per  cent,  more   pas 
sengers  carried  and  the  revenue  therefrom  was  7  per  cent.  less. 

Physical  condition  of  the  property  has  been  maintained,  in  spite  of  economies  of  a  year  of 
depression  in  trade. 

The  officers  of  Wabash  have  joined  with  those  of  various  other  railroads  in  protesting  to  the 
fnter-State  Commerce  Commission  against  its  new  rule,  requiring  railroads  to  charge  to  operating 
expense  a  fixed  rate  of  depreciation  upon  the  original  cost  of  equipment.  Shrinkage  in  value  of  a 
railroad's  assets  cannot  be  calculated  accurately.  The  amount  spent  to  make  good  such  shrinkage 
must  vary  considerably  with  the  activity  of  business  and  the  railroad's  ability  to  meet  the  charges. 
In  years  of  great  prosperity  it  might  be  desirable  to  destroy  obsolete  cars  and  engines  and  replace  them 
with  modern  equipment,  whereas  in  dull  times  there  would  be  a  surplus  of  equipment  everywhere. 

Officers:  President,  Frederic  A.  Delano;  Vice-President,  Edgar  T.  Welles;  Treasurer,  F.  1,. 
O'Leary;  Secretary  and  Assistant  Treasurer.  J.  C.  Otteson.  Directors:  George  J.  Gould,  Edward  T. 
Jeffery,  Edgar  T.  Welles.  William  P..  Sanders,  Frederic  A.  Delano,  Wells  H.  Blodgett.  S.  C.  Rey- 
nolds, Robert  C.  Clown.  Thomas  If.  Hubbard.  John  T.  Terry,  J.  J.  Slocum.  Winslow  S.  Pierce  and 
Robert  M.  Gallaway. 

Fiscal  year  ends  June  30.  Annual  meeting,  second  Tuesday  in  October,  Toledo,  Ohio.  Directors 
meet  on  call,  generally  the  last  week  of  the  month.  Main  office,  St.  Louis,  Mo.  New  York  office,  195 
Broadway.  Traded  in  on  the  New  York  Stock  Exchange  (Listed  Department)  and  on  the  London  Stock- 
Exchange. 


GIBSON'S     MANUAL 


359 


Wells,  Fargo  C&  Company 


This  is  an  express  company,  originally  formed  for  operations  upon  the  overland  stage  route 
across  the  plains  to  California.  Incorporated  in  Colorado,  Feb.  5,  1866,  although  previously  organized 
in  New  York,  March  18,  1852.  The  company  has  power  to  transact  a  banking  in  addition  to  the  ex- 
press business.  It  is  now  the  only  company  which  carries  express  packages  the  entire  distance  from 
ocean  to  ocean,  and  its  lines  extend  into  Mexico.  In  1908,  its  total  mileage  was  585629,  wherein  were 
included  8,559  °f  stage,  inland  steamer  and  ocean  steamship  routes. 

Capital  stock,  one  class $8,000,000 

EARNINGS. 

Reports  on  the  earnings  of  'Wells,  Fargo  &  Co.  have  not  been  supplied  to  the  public  until  within 
the  past   few  years.     Following  are  the  only  figures  which  can  be  given  : 

Year  Ending  Net  In-        Reserve  and         Earned  on 

July   31.  Gross.  come.      Insurance  Fund.  Stock. 

1905   $16,870,124        $2,416,307  No  data  30.2  % 

1906   18,683,035  3.064,962         $12,585,283  38-31% 

1907   22,934,425  4.313.904  16.454,308  53-92% 

1908   22.945,468  4.078,818  i9./Oi,575  50.97% 


1 900 
6% 


1901 
6% 


1 90  j 


DIVIDENDS. 


1903 
8% 


1904 


1905 
8% 


1  (  )(  11  i 
8% 


1907 
8% 


1908 


1900 


120  June 
140  Dec. 


1901 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900 


1902 


130  Jan. 
[99!  Dec. 


185  Jan. 
255  Aug. 


1903 

191  July 
249^  Feb. 


1904 


1905 


1906 


1907 


200  June 
250  Aug. 


1908 


2264  Dec.   225  May  250  May   250  Jan. 
260  Feb.   305  Oct.   290  Jam   325  Nov. 


LOW  AND  HIGH  PRICES,  BY   DAYS,   NOVEMBER,   1908. 


Low. 


High. 


lanksgiving  I  )a\ . 


LOW  AND  HIGH   PRICES,  BY    DAYS,    DECEMBER,    1908. 


Dec.     1 

2 

"      3 

4 

5 

"       7 

••      8 

"       9 
"     10 


Low. 


High. 


High. 


-    Day. 
oliday. 


3<5o  GIBSON'S     MANUAL 


REMARKS. 

The  annual  report  for  1908  complains  of  the  costly  requirements  of  Federal  and  State  commis- 
sions. The  making  and  publishing  of  tariffs  and  demands  for  special  statistics  have  compelled  an  in- 
crease  in  the  force  of  the  auditing  department  and  a  heavier  burden  of  expense  in  consequence. 

Under  the  requirements  of  the  Inter-State  Commerce  Commission,  the  fiscal  year  of  the  com- 
pany will  hereafter  end  June  30th. 

Securities  owned,  July  31.  1908,  were  $6,477,571. 

Wells,  Fargo  &  Co.  are  under  control  of  Harriman  interests  and  in  December,  [906,  an  offer  was 
made  to  minority  stockholders  by  Kuhn,  Loeb  &  Co.  to  buy  their  stock  at  $300  a  share,  for  the  purpose 

as  was  supposed  of  giving  those  interests  complete  control. 

Officers:  President.  Dudley  Evans:  Vice-President,  I-"..  A.  Stedman;  Chairman,  E.  II.  Harriman: 
Treasurer  and  Secretary,  A.  VV.  Zimmermann.     Directors:     1".    H.    Harriman,    Dudley    Evans,    Julius 
Kruttschnitt,  Col.  Geo.  E.  Gray,  F.  D.  Underwood,  \Y.  V.  S.  Thorne,  Wm.  F.  Herrin,  John  J.  McCook, 
V   K.  Vandeventer,  H.  W.  DeForest,  and   II.  E.  Huntington. 

Fiscal  year  ends  July  31st,  but  to  he  changed  to  June  30th.  Annual  meeting,  second  Thursday 
in  August,  New  York.  .Main  office,  51  Broadway.  New  York.  Traded  in  on  the  New  York  Stock 
Exchange  (Listed  Department). 


GIBSON'S     MANUAL 


.V" 


Western  Maryland  Railroad 

Bonded  indebtedness,  June  30,  1907 $65,617,649 

Capital  stock   (authorized  Si  *  1,1  k  o,<  100) 1  5,085,400 

Total  capital $81,303,049 

543 

$133,541 

99.6 

64-34 


Mileage 

*Per  mile  capitalization   

Fixed  charges,  1907,  including  taxes,  per  cent,  of  net  income.  . 
Operating  expense,  per  cent,  of  gross 


*Ascertaincd    after    deducting    "treasury    securities"    $8,784,886  from  total  capitalization. 

EARNINGS. 


Year  Ending  Gross 

Sept.  30.  Op.  Rev. 

1900  $1,823,740 

1901    2,119.473 

Year  Ending 

June  30. 

1902,  9  mos 1 ,788,691 

-1903   3-7!^833 

1904  3.633.097 

1905   3,900,249 

1906   4,802,094 

1907   5.6oo,455 

"190S   5.648,278 


Net  Income 
Less  Taxes. 
$670,518 
7*4.-17 


763.623 
2,519,260 

1,924.440 

1,877.136 
2,498,527 

2,655.55' 
2.593.  L3i 


Surplus. 


$1,161,414 
1.561,857 
1.787.954 
2,039463 
2,030,661 
No  data. 


*From    iqo,},   earnings   included    those   of   West   Virginia  Central  &  Pittsburgh. 

**From   report  of   Receiver,  presented  to  the  annual  meeting   Oct.  21st,    1908. 

Note:— A   trifling  amount  has  been  earned  on   the  capital  stock  of  Western  Maryland  at  times,  but  the  amount  is 
not    worth   mention. 

DIVIDENDS. 

Since  retirement  of  the  small  amount  of  preferred  stock,  several  years  ago,  no  dividends  have 
been  paid  on  the  shares  of  this  company. 

LATEST  REPORT. 

Earnings  for  four  months,  ending  Oct.  31,  compared  with  the  same  period  last  year,  were: 

Gross.  Net. 

1908   $2,086,234  $857,275 

1907   2,197,424  845,239 

LOW  AND  HIGH  PRICES,    BY    YEARS,    SINCE    1905. 


1905 


1 1 )( 11 1 


1907 


1908 


27  Nov. 
30  Dec. 


30  Dec. 
42  Jan. 


6     Oct. 
3°i  Jan- 


5  March 
24  Dec. 


Note: — This  stock  was  listed  in  New  York  on  November,   1905. 


Nov. 


LOW  AND  HIGH  PRICES,  BY   DAYS,  NOVEMBER,  1908. 


Low. 
Hi 


High. 
i4i 


3 Election  Day. 

4 

5 

6 


/  ■ 

9- 

10. 

it . 


141 

15 

145 

14* 

i4« 

15 

144 

14* 

14* 

T  i; 

Nov. 


12. 

13- 
14. 
16. 

i7- 
18. 
19. 
20. 
21. 


Low. 

High. 

143 

15 

14* 

Hi 

Hi 

142- 

T4i 

i.Si 

151 

i$l 

15 

15* 

144 

15 

14 

I4i 

Nov. 


Low. 
I3J 


High. 
i"4l 


23 

24 

25 12  13 

26 Thanksgiving  Day. 

27 I2f  14* 

28 13* 

30 


12J 


13 


.V'-' 


GIBSONS     MANUAL 


LOW  AND  HIGH   PRICES,  BY    DAYS,    DECEMBER,    1908. 


I. 


I  >ec.     1 . 

■• 

"       3- 

5  ■ 

7  ■ 

"       8. 

9- 

10. 


L3 
13 
i3i 

1 4-1 
14^ 
15 
15 


Hi 


Dec. 


13 
13 
14! 

15 
Ml 

i  sl 
1  si 


1 J . 

12. 

14- 
>5- 
i6. 

'7- 
t8. 

Ml. 
_'I  . 


Low. 
15 
15 
IS* 
16J 

k>; 

r6f 

it* 


High. 
iSi 


Dc 


^51 

I7l 

'7, 
172 

19  i 


Low. 

22 i8| 

23 2l| 

-'4 2l4 

25 Christmas 

26 Extra  Ho 

28 i\\ 

29 22 

30 217 

31 2P£ 


High. 

23} 

24 

22 

Day. 
iday. 

-'3 

22| 

22.', 


21 


REMARKS. 

Western  Maryland  was  constructed  largely  through  aid  extended  by  the  city  of  Baltimore,  which 
bought  a  large  amount  of  securities  of  the  railroad.  Washington  County.  Md.,  also  helped  the  road  by 
buying  the  entire  amount  of  its  then  preferred  stock  issue,  amounting  to  $324,000.  In  1902,  Baltimore's 
interest,  amounting  to  $8,651,370,  and  Washington  County's  interest  were  acquired,  together  with 
the  West  Virginia  Central  &  Pittsburgh  Railway,  by  a  syndicate,  operating  in  behalf  of  The  Wabash 
Railroad,  and  Western  Maryland  contracted  to  extend  the  line  to  Baltimore  and  thus  provide  a  tide- 
water outlet  for  the  Wabash  system.  In  1905.  Western  Maryland  and  West  Virginia  Central  &  Pitts- 
burgh were  consolidated  and  thus  the  senior  company  acquired  135,000  acres  of  soft  coal  lands,  23  mines, 
825  coke  ovens  and  other  properties. 

In  the  fiscal  year  of  1907,  all  of  the  stock  of  the  George's  Creek  &  Cumberland  Railroad  was 
acquired,  and  the  annual  report  for  1907  covers  the  first  full  year  of  operation  of  all  the  properties.  It 
is  now   believed  that  the  surplus  over  fixed  charges  will  grow  year  by  year. 

March  5,  1908,  B.  F.  Bush  was  appointed  Receiver  of  Western  Maryland,  owing  to  the  certainty 
of  default  on  the  $3,776,500  of  collateral  loans,  due  April  1st.  The  collateral  ($5,037,000  of  first  mortgage 
bonds)  was  sold.    The  road  is  yet  in  the  hands  of  the  Receiver. 

"Treasury  securities"  June  30.   [907,  $8, 784.886. 

Officers:     President  and  Receiver,   B.   F.  Bush;  Vice-President  and  General  Manager,  Alexander 

Robertson;  Treasurer,  J.  T.  M.  Barnes:  Secretary.  L.  F.  Timmerman.  Directors:  B.  F.  Bush,  E.  L. 
Fuller,  John  W.  Gates,  Edwin  Gould.  George  J.  Gould,  Howard  Gould,  Lawrence  Greer,  E.  T.  Jefferv. 
F.  S.  Landstreet,  Winslow  S.  Pierce.  William  H.  Taylor.  S.  Davies  Warfield  and  W.  A.  Wilbur. 

Fiscal  vear  ends  June  30th.  Annual  meeting,  third  Wednesday  in  October,  Baltimore,  Md.  Main 
office,  Baltimore,  Md.  New  York  office.  120  Broadway.  Traded  in  on  the  New  York  Stock  Exchange 
(Listed  Department). 


GIBSON'S     MANUAL 


Western  Union  Telegraph  Company 

(  Iriginally,  The  New  York  &  Mississippi  Valley  Printing  Telegraph  Co.  and  as  such  organized, 
April  2,  1851.  The  present  name  was  adopted  in  1856.  By  successive  extensions  of  its  own  lines  and 
absorption  of  other  companies,  Western  Union  has  pushed  its  service  to  every  part  of  the  United  State-, 
and  through  ocean  cable  lines  to  Europe  and  other  foreign  regions.  June  30,  1908,  the  company  was 
operating  208,477  '"iles  oi  Poles  ancl  cables,  having  T.359,430  miles  of  wire  and  23,853  offices.  Contracts 
have  been  made  with  a  large  number  of  railroads  for  service  along  their  respective  routes. 

Bonded  indebtedness   lune  30,  1908 $38,645,000 

Capital  stock  99,817,100 

Total  capital $138,462, 

Fixed  charges,  1908,  excluding  taxes,  per  cent  of  net  income.  .  .  .  66.24 


EARNINGS. 

Year 

Miles. 

Miles 

Ending 

1  '■  lies  and 

of 

No.  of 

No.  of 

Gross 

Net 

Earned 

lune  3<  1. 

(  'able-.. 

Wire. 

1  Mikes. 

Messages. 

Receipts. 

Income. 

Surplus. 

1  ui  Stock. 

[901    ... 

.     193,589 

972,766 

23,238 

65,657,040 

$26,354,150 

$6,685,248 

$9,319,285 

5. 88' : 

1902   . . . 

.     [96,115 

1.029,984 

-'3-567 

69,374,883 

2S.073.095 

7,292,329 

10.751,003 

0.40'. 

1903    . . . 

.     [96,517 

[,089,252 

23,120 

66,790,866 

20.167,687 

8,214.472 

13,019,725 

7-36% 

1904   ... 

•     [99.350 

1-155405 

-'3-458 

67.903,973 

29,249,390 

7,887,475 

14.881.420 

6.91% 

1905   . .  . 

.     21  K),224 

1. 184.557 

23,814 

67.477.320 

29,033,635 

7,188,065 

15,974,209 

6.12% 

1906   . . . 

.     202,959 

1,256,147 

-M.323 

71487,082 

30,675,654 

7,070,583 

16,848,728 

5-9  % 

1907   . . . 

.     205.041, 

[,321,199 

24.760 

74,804,551 

32,856,406 

0,324,210 

16,884,781 

5-04% 

[908 

-     208,477 

[.359.430 

^3.853 

62,371,287 

28.582,212 

3,402,996 

14,393,856 

1.67% 

LATEST  REPORT. 

Nine  months  ending  March  31,  1909  (last  3  months   partly   estimated),   net    revenue   $5,495,019; 
surplus,  82.203.8j7:  total  surplus,  estimated.  $16,597,682. 

DIVIDENDS. 

1001      [902      1903      1904      1905      1906      1007      1908 

59S  5%  5?  5%  5%  5%  5'.  S7<  *i% 


In  addition  to   1    per  cent,  in  cash  in  1908,  2l/>  per  cent,  was  paid   (iji  each,  January  and   April  1   in   stock.     Three- 
fourths   of    1   per   cent,   was   voted   in   December,   1908. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 
1900  1901  1902  1903  1904  1905  1906  1907  190S 


j-\   June        81      Jan.       84!  July       80}  Sept.     85     May       92     Jan.         83!  Dec.        54  Dee.       41      Feb. 
883  Jan.       100J   "May      97I   Aug.     '93    Jan.       944  Dec.       954  June       94^  Jan.        85  Jan.        71J  Nov. 

LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan.  Feb.  Mch.  Apl.  May  June 


1900 85  -88.V  8o|-87i  8if-84i  8of-84l  78I- 82  77£-8o3 

1901 81  -88 J  83J-91  864-97  9°§-96i  85  -ioo£  92^-96! 

19O2 oof-93  9oi-9!f  80;  01;  90  -94f  883  88  -92J 

1903 88I-93  89  -90J  87  -90  84  -m  M    853  83-855 

1904 86-89  86J-883  87f-89§  88i-89i  85      &  1 1  86  -87I 

1905 92-951  92d-94i  92§-943  92f-94i  92      93i  92f-952 

1906 93  -')4l  93-933  9*  "94i  9^-93i  91  ~  '  >-"  <":--93* 

1907 823-85  814-834  79^-82  8o|-83i  78  -  83 J  784-81 

1908 54-60  41-553  463-543  485-54  5oU"U  5ii-57i 


364 


GIBSONS     MANUAL 


July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 


Nov. 


1900. 
1901 . 
1902. 
1903. 
1904. 
[905. 
1906. 
1907. 
1 1  >t  18 . 


78I-80I 
88  -94 
84f-88| 
82  -854 
861  88| 

921  'Mi 
91  -92^ 
7Si-8o 

54,-57? 


79 1 


8i3 
90  -94 

S71-971 
8i*-84i 

88i-9o 

93i-943 
91^-921 

74^-78 
54i-58i 


77l-8oi 

891-94 

90  -97 

So] -84 
90  -<>-•! 

93  -94i 
86  -91  i 

73  -78 
55,-62 


784-82 

00  -92} 
891-93! 
Soi-834, 

oof-93 

86  -87 
62  -74 
58I-61 


8oi-  86? 
89;-  92i 

87!-  gii 

82I-  85| 
90s-  93 
92i-  932 
85  -  88i 
54f  65 
591:  7>:,! 


8ii-86  J 

Oo>-93£ 
87  -89 
85^-89 
91^-04} 
92  -93 i 
83^-87^ 
54  -61 A 
65i-7i 


LOW  AND  HIGH  PRICES,  BY    DAYS,    NOVEMBER,    1908. 


Low.        High. 


Low. 


High. 


59  J 


3 Election 


6. 
7- 
9- 

10. 

11 . 


60 

6of 

6ii 

63I 

63* 

63 

624 


59? 
Day. 
61" 
61] 
64 
64 
64s 
63} 
64 


5  Nov.  1. 


13- 
14- 
16. 

17- 
18. 
19. 
20. 
21 . 


63* 

64i 

Nov.  23 

63? 

65 

"  24 

64} 

65 

"  25 

64* 

65 

-  26 

64^ 

65* 

"  27 

645 

651- 

"  28 

64* 

64I 

"  30 

64 

65 

64* 

65i 

Low. 

65 

65 

66 

26 Thanksgiving 

6SJ 

/O 

"o 


High. 

65} 
66} 

6/2- 
Day. 
70 
7i  i 

7U 


LOW  AND  HIGH  PRICES,  BY    DAYS,    DECEMBER,    1908. 


MARKET  MOVEMENTS  OF  WESTERN  UNION  TELEGRAPH,  FROM   1900  TO   1908, 

INCLUSIVE. 


GIBSON'S     MANUAL  365 


REMARKS. 

Securities  owned,  June  30,   1908,  $-'5,142,865. 

For  the  past  six  years,  liberal  expenditures  have  been  made  for  maintenance  and  the  plant  is. 
therefore  in  good  condition.  The  cost  has  been  charged  to  operating  expense.  Since  the  summer  of 
1907,  there  has  been  a  material  decline  in  the  demands  for  such  work  and  this  has  resulted  in  a  corre- 
sponding reduction  of  expense. 

Serious  inconvenience  was  experienced  in  [907  from  a  strike  of  the  telegraphers  which  began 
early  in  August  and  lasted  until  Nov.  7th.  During  that  period,  the  business  was  conducted  at  a  small 
loss. 

Xet  loss  in  revenue,  in  consequence  of  the  panic  of  1907,  was  less  than  that  following  the  panic 
<>i  [893.  The  company  hopes  that  many  years  of  marked  growth  in  profits  will  follow  1907,  as  they  did 
the  depression  of  1893. 

Some  of  the  reduction  in  net  profits  since  1904  has  been  due  l<>  ^w  ing  up  the  race  track  business, 
which  was  of  such  a  nature  that  no  proportionate  decrease  could  be  made  in  expenses. 

Officers:  President  and  General  Manager.  Robert  C.  Clowry:  First  Vice-President,  George  J. 
Gould;  Chairman,  Thomas  T.  Eckert;  Treasurer.  At.  T.  Wilbur;  Secretary.  A.  R.  Brewer.  Directors: 
Thomas  T.  Eckert.  Robert  C.  Clowry,  John  T.  Terry.  George  J.  Gould.  Edwin  <  imild,  Frank  Jay  Gould, 
Jacob  H.  Setoff,  William  L.  Bull,  Joseph  J.  Slocum,  James  II.  Hyde.  J.  Pierpont  Morgan,  Charles  La- 
nier, Chauncey  M.  Depew,  Henry  M.  Flagler,  John  Jacob  Astor,  Oliver  Ames.  C.  Sidney  Shepard, 
J.  B.  Van  Every,  James  Stillman,  Thomas  F.  Clark.  E.  H.  Harriman,  Howard  Gould,  John  J.  Mitchell. 
Henry  A.  Bishop,  Harris  C.  Fahnestock,  Thomas  11.  Hubbard,  Henry  Walters.  G.  W.  F.  Atkins.  Paul 
Morton,  Robert  M.  Gallaway. 

Fiscal  year  ends  June  30th.  Annual  meeting,  second  Wednesday  in  October,  New  York.  Di- 
rectors meet,  quarterly,  second  Wednesday  in  March,  June.  September  and  December.  Office,  195 
Broadway,  New  York.     Traded  in  on  the  New    York  Stock  Exchange   (Fisted  Department). 


3(56 


GIBSON'S     MAN  UAL 


Westinghouse  Electric  £&  Manufacturing  Company 

Incorporated  in  1872  under  a  Pennsylvania  charter  and  reorganized  in  1891.  This  is  an  import- 
ant concern,  engaged  in  the  manufacture  of  dynamos  and  all  other  appliances  for  electric  light  and 
power,  h  is  the  principal  competitor  of  General  Electric  and  in  [896  entered  into  an  agreement 
with  the  latter  for  harmonious  operation  under  various  patents.  It  has  exclusive  control  of  the  Tesla 
patents  for  alternating  currents  and  many  thousands  of  other  valuable  inventions.  The  principal  plant  is 
at  Pittsburgh,  Pa.,  but  there  are  subordinate  ones  at  Cleveland,  <  >..  and  Newark.  N.  J.,  while  its  larg< 
terest  in  the  British  company  of  the  same  name  tin"-'"-  it  an  extensive  and  profitable  plant  at  Trafford 
Park,  .Manchester.  England.  The  company  i<  also  interested  in  The  Canadian  Westinghouse  1  o.  at 
Hamilton.  Out.;    The    So  \nonyme    Westinghouse  in  France:  and  The  Westinghouse  Air  Brake 

Co.  at  Pittsburgh,  and.  in  all.  ji)  allied  corporations.    The  number  of  employees  of  the  parent  company, 
March  31,   [907,  was   18,386,  exclusive  of  the  selling  organizations. 

Bonded  indebtedness.  March  31,  1907,  last  reporl $17,278,000 

Preferred  stock.  7  per  cent,  cumulative,  and  entitled  to  share 
equally  with  the  common  after  7  per  cent,  is  paid  on  both 
1  par  $50)    3.9*  1S.700 

Common  stock  1  par  $50) 20,997,450 

Total   capital    $42,274,]  51 

Fixed  charges,  1007-  excluding  taxes,  per  cent,  of  net  income.  . . .  30.14 

EARNINGS. 

'1  he  public  have  not  been  Eavored  with  reports  of  the  operations  of  this  company  or  with  more 
than  an  occasional  balance  sheet  until   1907,  when   the  following  statement  was  ma< 

Year  Ending  Surplus 

March  31.  Gross.  Net  Income.         Profits. 

1 ! "  7   $33,026,240  $S»435»9io      $12,51 15,]  52 

6  Years  Ending 
March  31. 

[906 [14,618,537  20,557,119  iJ.50j.507 

DIVIDENDS. 

[900  1901   1902   1903    1904   1005   [906   [907   1908 

Preferred  7'.   7'.   7';   iof%   10%   10%   1      1  >' ,   .... 

Common  5,'.     6VI     7%     g%%        1-'        10%       10'.        10%     

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1901. 
1901  1902  [903  1  104  1905 1906  1907 1908 

Preferred..    157  Nov.  180  Feb.  160  Sept.  1S0  Apl.  [90  Feb.  162  Nov.  145  Apl.  58  Mch. 

187  Dec.  234  Apl.  224  Jan.  19SJ  Xov.  197  Oct.  [85  Feb.  175  Dec.  125  Nov. 

Common...    145   Nov.  [69!  Jan.  130  Oct.  [53  May  [52    May  14S  Aug.  132  Xov.  38  Mch. 

[80  Dec.  230J  Apl.  221    Tan.  185  Dec.  [84  Apl.  17*'.  Jan.  154  Jan.  04  Nov. 


LOW  AND  HIGH  PRICES.  BY  DAYS.  NOVEMBER,  1908. 


Pfd.         Com. 

Nov.      j 100],  tool     82^-85 

,} Election   Day. 

...    1047-105 

.    10.1l 

.       I   I  J     -  I  jo  '. 

.    120  -120 

.     T20    -I20 


6 


87  -89 

87.1-00 
-92 

'"   "-' 
01 ' 
01 
11 ••-- 90  -9*1 


<) 


Pfd.  Com. 

Xov.     ]j -.  .  .  .  Sol  oK 

"     o -•••■  90 

74 I  JO       1  JO  ..'I  1    OJ 

It' -. . .  .  01  . 

"     17 -••••  '"  ' 

"       18 124I-124I  ..1  1  93 

to [  19  -119  in      92 

20 -. . . .  91     92 

"         2] 92J  93 


Pfd.  Com. 

Nov.    23 -....  91:1-92.1 

"       -M 125-125  oj    93] 

25 -■■••  91  I  93 

26 Thanksgiving  Day. 

2~ -.  .  .  .  i)l       92 

"          28 - 91.1-92 

"      30 -••■■  91    92 


GIBSONS     MANUAL 


367 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


1 15  -120 


Pfd.        Com. 
1  tec.      1. . . . .    .........     91A-91A 

89A-91} 
S7A-88J 
S9  -89} 
89  -89 1 
89^-91 
8 120  -1 20       91   -91 

9 9°i-9°i 

10 - . .  . .     90  -90$ 


I). 


Pfd.  Com. 

.........  89J-90 

.........  88  -88£ 

.........  88  -88| 

-....  87J-88! 

-••••  s5§-89; 

-....  88  -89J, 

-....  86  -87J 

19 -.  .  .  .  86-87 

21 -....  84J-86 


1 1 . 
12. 

14- 

[6. 

1 7. 


Pfd.  Com. 

Dec.    22 -....  8  =; ] -S7 

-  2} -....  851.  861 

-  24 -....  85J.-86i 

25 Christmas  Day. 

26 Extra  Holiday. 

"      28 -....  85J-86? 

"      29 -....  85  -85  A 

"      30 -..••  83I-8S 

•'      31 --...  83I-845 


REMARKS. 


Securities  owned.  March  31,  1907,  were  $15,996,807  in  stocks  and  bonds  of  subsidiarj  companies; 

Sip. 300, 000  in  stocks  and  bonds  of  Lackawanna  &  Wyoming  Valley  Rapid  Transit  ;  total,  S22.joo.807. 

Sept.  20,  1906,  the  company  authorized  its  directors  to  sell  100,000  shares  of  capital  stock  (par 
$50)  at  $/*,  a  share.  33,066  shares  were  at  once  taken  by  stockholders.  When  the  entire  amount  is 
sold,  the  capital  slock  will  aggregate  $30,000,000. 

In  1907,  the  business  at  Pittsburgh  was  increasing  so  rapidly  that  larger  facilities  were  nrgentlj 
demanded  and  nearly  250,000  square  feet  of  lloor  space  was  authorized  and  immediately  contracted 
for. 

Single-phase  railroads  have  occupied  much  attention  in  recent  years.  Many  new  lines  have  gone 
into  operation  with  this  system  and  with  such  satisfactory  results,  that  a  large  improvement  in  this 
business  is  taking  place.     Many  of  the  initial   installations  have  been  largely  increased. 

Among  other  inventions,  which  have  been  developed  within  the  past  few  years,  is  the  "metallic 
flame  arc  lamp."  The  Westinghouse  people  believe  that  the  old  style  arc  lamp  will  he  unable  to  hold 
its  own  aaainst  this  latest  device. 


Considerable    success   has   attended 
steam  turbines. 


tin 


instruction    of   g-enerators    for    direct    connection    with 


Oct.  23.  1907,  failure  of  the  Security  Investment  Co.,  in  Pittsburgh  during  the  panic  threw 
this  company.  The  Westinghouse  Machine  Co.,  and  The  Nernst  Lamp  Co.  into  a  receivership,  and 
operations  have  since  been  conducted  by  the  receivers.  A  readjustment  committee  was  appointed 
and  plans  for  the  rehabilitation  of  the  company  have  since  been  agreed  upon.  Nov.  24,  1908,  the 
company  authorized  the  issue  of  $10,000,000  more  capital  stock  to  comply  with  legal  formalities. 
(  inly  about  $3,000,000  of  the  new  stock  will  be  required  for  meeting  the  readjustment  plan.  The 
balance  will  he  sold  at   the  option  of  the  directors. 

A  monster  electric  locomotive  was  built  by  this  company  in  [906  Eor  use  at  the  terminal  ol 
The  Pennsylvania  Railroad  in  New  York  City.  This  machine  gave  such  satisfactory  results,  furnishing 
a  speed  of  120  miles  an  hour,  that  in  November,  1908,  the  company  received  a  contract  to  electrify 
the  Pennsylvania  line  from  Jamaica.  Pong  Island,  to  Newark,  X.  J.,  and  as'  part  of  the  contract 
ordered    the    construction    of    too    more    locomotive-  of  the  type  referred  to. 

Officers:      President,   George   Westinghouse;  Vice-President,    E.    M.    lien-;    Treasurer,    T.    W. 


Simeon;   Secretary,  W.   A.    Esselstyn.     Directors:     A.    N.    Brady,    George    VV. 
T.  W.  Simeon,  Frank  If.  Taylor.  II.  II.  Westinghouse.    N.    Willis    Bumstead, 
McConway.  George  C.  Smith,  W.  1).  Updegraff,  and  George  Westinghouse. 


I  ebard,    I  >ra)  ton    I  \  es, 
E.    M.    llerr.    William 


Fiscal  year  ends  March  31st.  Annual  meetiing,  fourth  Wednesday  of  June.  Pittsburgh,  Pa. 
Main  office,  East  Pittsburgh,  Pa.  New  York  office,  165  Broadway.  Traded  in  on  the  New  York  Stock 
Exchange  (Listed  Department). 


368 


GIBSONS     MANUAL 


MARKET  MOVEMENTS  OF  WESTINGHOUSE  ELECTRIC,  FROM  1901  TO  1903,  INCLUSIVE. 

A  FEW   MINOR  TERMS   DISREGARDED 


GIBSON'SMANUAL  369 


Wheeling  £&  Lake  Erie  Railroad 


Bonded  indebtedness,  June  30,  1907,  last  report   $18,065,500 

First  preferred  stock,  4  per  cent,  non-cumulative    4,986,900 

Second  preferred  stock,  4  per  cent,  non-cumulative    11,993,500 

Common  stock    20,000,000 

Total  capital $55,045,900 

Mileage  442 

Per  mile  capitalization $124,538 

Fixed  charges.  1907,  including  taxes,  per  cent  of  net  income.  ...  74-55 

Operating  expense,  per  cent,  of  gross 67.36 


EARNINGS. 


Year  Ending  Gross 


*l 


June  30.  <  )p.  Rev. 

1901    $2,998,163 

1902    3.537.023 

1903    4.234771 

1904  4.3-'5.28i 

1905  4.505.606 

1906  5,318,801 

1907  6.124,207 

1908.  No  report ;  company  in  tlie  hands  of  a  Receiver 


\Tet  income. 

Surplus 

$921,649 

$278,675 

943,220 

425,627 

1,001,709 

539.1/7 

1,120,181 

507,862 

956,471 

314.502 

1,556,646 

406,796 

2,119,268 

739,025 

Taxes   arc   included   in   fixed   charges. 


LATEST  REPORT. 

Earnings  for  four  months,  ending  Oct.  31,  1908,  compared  with  the  same  period  last  year,  were: 

Gross.  Net. 

T9o8    $2,115,305  $631,401 

!907 2,503,173  653,630 


DIVIDENDS. 

No  dividends  have  been  paid  for  the  last  ten  years. 

LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900  1901  1902  1903  io".)  1905  1906  1907 

lsl    I'fd..  ..+p<  Sept.  45      May  40tj  Ian.  4'>'i  Nov.  37      July  36      May  36      Mav  13      Oct. 

tfyi  Apl.  60&  Mch.  66      Apl.  61&  Feb.  52H  Jan.  48      Feb  48^  Feb.  37H  Jan. 

2d    I'M..    .  .21.73  June  24       Mav  28      Jan.  20       Sept.  21' k   Tunc  20       Mav  2IJ4  Oct.        8      Oct. 

Mch.  38       Mch.  42'\s  Sept.  38;/,  Feb.  32       Nov.  28^  Mch.  2f)]'2  Feb.  2IJ4  Jan. 

Common    ...  8      June  li-}s  Jan.  17      Jan.  12      July  mJs  July  15       May  16       Apl.         6      Oct. 

13^2  Dec.  22      June  30*4  Sept.  271X  Feb.  22->g  Nov.  19^4  Mch.  2i?4  Feb.  i6J4  Jan.       13      Dec. 


1908 

12^   Apt 

26^ 

Dec. 

6 

Feb. 

15*4 

Nov. 

4% 

Mch. 

370 


GIBSON'S     MANUAL 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


X<>\ . 


3- 

4- 

5- 
6. 

7  ■ 
9- 

10. 

11 . 

12. 

*3- 

M- 

16. 


1  st  Pfd. 
19I-20 

19  -i9i 

...-i9i 

18  -19* 

...-I9I 

I9i"i9i 

I9i-20| 

20}-22 
20J-2I 
21  -2lf 
22^-23 
22|-23f 


2nd  Pfd. 

10  -11 
Election  Day. 
. .  .-12 
...-iii 

...11 

...-ni 
ii}-n] 
iil-iii 

nl-13 
12I-12I 

\2\-12h 

...-14 

I3i-i3$ 


Com. 
9  -  9i   Nov. 


-10 

-9i 

-10 
-  9 

9i 

9« 

ic4 

IO| 

III 

IIS 


9  • 
9i- 
94 

9f 
10 

ioi' 
11 

»i 


1  st  Pfd. 
17.  24  -24 1 

23i-23i 
-234 
-234 
-23 
-22 

-21* 
-23 


2nd  Pfd. 


18 
19. 
20. 
21 . 

23- 
24. 

25- 

26. 

28. 
3°- 


21 
23 

21 

2li 
22 


14 

■153 

14$ 

-i  5* 

134 

■134 

Hi 

13 

-15 

-15 

-15 

134-14} 


Thanksgiving  D 

22\  ...-I44 

2l4  13    -13 


Com. 

iij-irj 

\\\-\\\ 
nj-ii-i 
11  -1 1| 
iii-ni 

...-114 
...-n| 
11  -1 1 J 


av. 


11   -11 

iol-ioi 

ioi-iof 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


I  tec. 


1 . 
2. 

3- 

4- 

5- 
7  ■ 

8. 

9- 
10. 
11 . 
12. 
14- 

IS- 

16. 


1st  Pfd. 
21  -21 
20J-21A 

20]-22£ 

23  -25 

24^-25; 

24  -^5\ 
231-244 

24-J-24f 

24  -245 
24  -24! 

.••-244 
...-244 

23  -23 

22-]  -22  J 


2nd  Pfd. 

...-14 
...-15 

12  -14] 

14  -141 
14  -15 
14  -14* 
...-14 
14  -14 
14  -I4l 

...-144 

131-134 
134-14 

13  -i3f 

...-134 


Com. 
ioi-ioj 
. .  .-10J 
iol-ii-J 

11  -12 

12  -I2f 

12    -I2l 
Ilf-I2 
12    -12 
12    -12 
.  .  .-12 
.  .  .-12 
II  J-Ili 
Ill-Hi 
.  .  .-12 


Dc 


17- 
18. 
19. 

21 . 

22 . 

23- 

24- 
25- 

26. 
28. 

29. 
30. 

31- 


ISt    Pfd. 
21  1-22 
2l4-22 


2nd  Pfd. 

124-13 
...-13 


Com. 

iof-11 
io|-io| 


Christmas  Day. 
.Extra  Holiday. 


REMARKS. 

Wheeling  &  Lake  Erie  has  been  operated  since  1901  in  harmony  with  the  Wabash  Railroad  sys- 
tem, a  large  part  of  its  stock  having  been  acquired  in  the  year  named  by  Could  interests.  The  road  is 
largely  dependent  upon  the  prosperity  of  coal  mining  in  Ohio,  and  it  owns  control  of  the  Pittsburgh, 
Wheeling  &  Lake  Erie  Coal  Co.  Freight  traffic  constitutes  almost  the  whole  business  of  the  road,  the 
operating  revenue  in   1907  from  sources,  other  freight  being  only  $683,479. 

Stocks  and  bonds  owned,  1907,  were  $510,331. 

June  8,  1908,  financial  difficulties  compelled  Wheeling  &  Lake  Erie  to  accept  the  appointment  of  a 
Receiver,  and  B.  A.  Worthington  took  charge  in  that  capacity  in  consequence  of  proceedings  begun  by 
The  National   Car  Wheel   Co.     In  September,  foreclosure  proceedings  were  begun  under  the  general 


Officers:  President,  F.  A.  Delano:  Vice-President  and  General  Manager,  B.  A.  Worthington; 
Chairman.  Myron  T.  Herrick ;  Treasurer  and  Secretary.  II.  B.  Henson.  Directors:  F.  T.  Jefferv,  Ed- 
win Gould.  E.  T.  Welles,  Winslow  S.  Pierce,  Alvin  W.  Kreck,  W.  E.  Connor.  F.  A.  Delano,  Myron  T. 
Herrick,  George  A.  Garretson,  E.  W.  Oglcbay,  H.  P.  Mcintosh.  W.  G.  Mathers,  W.  M.  Duncan.  C.  M. 
Spitzcr.  and  S.  C.  Reynolds. 

Fiscal  year  ends  June  30th.  Annual  meeting,  first  Wednesday  in  May.  Cleveland,  !  >hio.  Main 
office,  Pittsburgh,  Pa.  New  York  office,  195  Broadway.  Traded  in  on  the  New  York  Stock  Exchange 
(Listed  Department). 


GIBSON'SMANUAL  371 


Wisconsin  Central  Railway 

Bonded  indebtedness,  June  30,  1908 $34,450,105 

I 'referred  stock,  4  per  cent,  non  cumulative 12,500,000 

Common  stock   17,500,000 

Total  capital    $64,450,105 

Mileage  1,023 

Per  mile  capitalization   $63,001 

Fixed  charges,  1908,  including  taxes,  per  cent,  of  net  income.  .  .  .  84.28 

Operating  expense,  per  cent,  of  gross,  new  basis   *70.2I 


♦Compared  with  62.43  in  1907,  old  basis. 


Year  ending  <  iross 

June  30.  (  )p.   Rev. 

1900   $5,637,416 

1901    5.324.275 

1902    6,041,471 

1903    6,651,862 

1904    6,466,177 

1905    6,650,884 

[906   7,118,576 

1907   7,577,179 

*i9o8  7,307,311 


EARNINGS. 

**Net 

Net  P.  C. 

Earned  on 

Income. 

of  Gross. 

Surplus. 

Common. 

$2,064,758 

37-/S 

$30,819 

.... 

1.882,574 

35-2 

276,938 

2,i95,i73 

36.11 

632,049 

2,484,299 

37-^3 

717-622 

r.28% 

2,174,933 

33-37 

433,046 

2,319,384 

34-7 

499,643 

0.32% 

2,661 ,207 

36.94 

863,160 

r-73% 

2.882,213 

37.86 

1,852.377 

,W2% 

2,233,327 

30.33 

2,258,940 

♦Inter-State   Commerce  Classification. 
♦♦Taxes  are  included   in    fixed   charges. 
♦♦♦Other   reserve   funds,    1908,  $414,518. 


LATEST  REPORT. 

Earnings  for  eight  months,  ending  Feb.  28,  [909,  compared  with  the  same  period  in   [907,  were: 

Gross.  Net. 

[909 $4,959,105  $1,628,820 

1908 5-084,985  1,624,784 


DIVIDENDS. 

No  dividends  were  paid  on  cither  class  of  stock  during  the  period   covered   by   (his   report  until 
December,   1908,  when  4  per  cent,  was  voted  for  the  preferred  stock  to  be  paid  in  quarterly  instalments. 


LOW  AND  HIGH  PRICES,  BY  YEARS,  SINCE  1900. 


1900  1901  1902  1903  1904  1905  1906  1907  1908 


Preferred. .  .30       Sept.  38^  Jan.  39^  Jan.  33       Nov.  37  June  45       Jan.  44      July  28      Oct.  33       Feb. 

57      Apl.  49-K  Apl.  57Vs  Aug.  55^  Feb.  49.3^  Nov.  64^  Oct.  64      Jan.  51H  Jan.  72V2  Dec. 

Common.. ..10      Sept.  141X  Jan.  19^  Jan.  145/$  Oct.  16  June  20      Apl.  2i}i  Nov.  n       Nov.  13^  Feb. 

20J4  Mch.  26  June  31       Aug.  29^  Feb.  25  Nov.  33^  Aug.  33      Jan.  25^  Jan.  38^  Dec. 


37- 


GIBSON'S     MAN  UAL 


LOW  AND  HIGH  PRICES,  BY  MONTHS,  SINCE  1900. 


Jan. 


Feb. 


Mch. 


Apl. 


.1900 Pfd.. 

Com. 

1901 Pfd.. 

(  ciii. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

G  mi. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 

1900 Pfd.. 

Com. 

1901 Pfd.. 

Com. 

1902 Pfd.. 

Com. 

1903 Pfd.. 

Com. 

1904 Pfd.. 

Com. 

1905 Pfd.. 

Com. 

1906 Pfd.. 

Com. 

1907 Pfd.. 

Com. 

1908 Pfd.. 

Com. 


474-51* 

17  -20A 

38H5I 

14I-18 

39i"42i 

194-2]  [ 

5-' 1-54 
26J-27I 

3&  -47  J 
1 6.1-2 1 J 

45  "-54 

2I*-24l 

58-64 

28  -33 
443-Sii 

36  -43^ 
I44-I71 


474-534 

17    -20} 

2,2  -454 
17  -i9i 

394-43  I 

\<y:-2\\ 

5ii-55i 
26^-29} 

39  -444 

1 74-20  [ 

494-543 

22L-25I 

55-1-59 
264-29} 

43  -47 
20  -23 

33  -3" 
134-134 


49  -56 

r64-2of 
424-48! 

18    -21  • 

4-'  -4OI 
-•o]-24f 
46i-5i4 
-'4  -27 
39  -434 
i7i-i94 

5o4-544 
22^-25 

55_-57* 


•-<$! 


36  -46 

l6  -20| 
36  -394 
14    -154 


49  -57 
16J-20I 

434-49! 

19  -24I 

4.Vr50i 

22\  2X: 

46  -49 

221-25^ 

40    -42I 
173-19 

464-54 

20  -242 

444-583 

23I--")* 
39  -4-' 
17  -19I 

36  -41 

i4l-i7 


May 


444-49 
144-17 
39  -484 
15  -234 
464-514 
-'3i-^9» 
414-484 
20  -24! 

38  -4»4 
i6f-i7t 
45  -5oi 

20  -24 

461-5-2 
23  -29 
36  -40 
16J-184 

394-434 
16J-19J 


June 


5o4 


38J-48 
13  -16 

444-49 
[9J-26 

4/4 

26^-28J 

394-43  4 

l8i-2li 

37  -384 
16  -17J 

474-53 
213-242 

45  "53 
24  -264 

36  -41 
16  -17 

384-415 
15  -I7l 


July 


Au£ 


Sept. 


Oct. 


\'nv. 


Dec. 


37  "39f 
13  li4f 

3')l-47\ 
19  -25 
48A-5I4 

26i-28f 

35t-42|- 
15  "2It 

38  -4o4 
i6f-i8f 
5o]-52} 

22f-24| 

44  -474 
23  -25} 
40  -40I 

I64-I74 

394-44 

i6£-2if 


37  -394 
14  -144 
404-45^ 

I94"^2i 

504-57I 
274-31 

35  -4i4 
i54-2o| 

384-424 
i6f-i9i 

514-62! 
234-334 
474-534 

244-27 

304-384 

I3I-I7 
4i  -454 
21 1-27 


30  -37 
10  -13I 
40  -451 

20  -24 

5i4-57 
27  -3°§ 

34  -4of 
154-19I 

414-46} 

18  -2lf 

57!-6i} 
285-32,} 

454-511 

234-254 
38  -39 
15  -15} 
434-514 
24  -29} 


30  -37 
10}- 1 4 
40  -42J 

20  -224 

49  "544 
254-29 
34  -364 
I44-I7 
434-47 
i9l-244 
59  -644 
28  -32% 

Si  -60 
24-4-28 
28  -39 
1  i4-i54 
454-544 
26  -28^ 


334-37 
11  -14I 

40^-44 

20\-22\ 

474-53" 
23J-28 

33  -384 
M4-I74 

42i-49t 
214-25 

5*4-6i4 
28  -30! 

504-53 

21I-26I 

30  -30 
11  -14^ 

5i4-64 
28  -3i| 


33  -44? 
10J-184 
40  -43 
1 94-2  if 
471-544 
23  -27l 
374-394 
164-174 
44  -48 
20} -24 
584-64 
28  -31  \ 

484-521 

244-26 

31-35 

I24-I54 
60  -72} 

294-38} 


LOW  AND  HIGH  PRICES,  BY  DAYS,  NOVEMBER,  1908. 


Nov. 


Pfd.  Com. 

2 5i4-5i4  ...-284 

3 Election  day 

4 52  -524  28  -28 

5 524-53f  28-284 

6 54  -56  28  -28I 

7 554-564  284-29 

9 544-554  284-28J 

10 544-554  28^-294 

" 55  -554  284-29 


Nov. 


12.. 

13- 

14.. 
16.. 

17- 
18.. 

19- 

20.. 
21.. 


Pfd. 

55  -553 

56  -574 
564-57 

56A-57I 
564-565 
56f-58 

564-574 

56f-62 

604-62 


Com. 
28J-29J 
294-304 
294-304 
294-30 
29  -294 
294-29! 
29  -294 
28f-3i! 
294-31 


Pfd.  Com. 

Nov.  23 61  -63  294-315 

24 624-63}  3o4-3 1 

25 624-64  30S-304 

26 Thanksgiving  Day 

27 63  -64  31  -314 

28 624-63J  303-30! 

30 604-634  294-30} 


LOW  AND  HIGH  PRICES,  BY  DAYS,  DECEMBER,  1908. 


Dec. 


1. 

2. 

3- 

4- 

5- 

7- 

8. 

9- 
10. 


Pfd. 

60  -62J 
63  -64 

62  -6H 

63  -63I 
63  -63I 
634-644 

644-654 
65§-684 

674-69I 


Com. 
294-30 


30 
30 
30 
30 


-3i4 
-304 
-3i 
-30 


Pfd. 

Dec.  11 67^-69 

"   12 67-68 

"   14 675-68i 


3o4-3i4 

31  "3T4 
3i4-32f 

32  -33 


15- 
16. 

17- 

18. 
19. 
21. 


66 

66.1 


■66} 


U/s 

,-672 

65§-66! 


653 


Com. 
304-32 
3of-30i 
3i  -3'1 
3°t-3i 
31  -3i4 
31  -31} 

3o4-3i4 


Dec.    21 


Pfd. 


Com. 


23 - -•• 

24 - -•• 

25 Christmas  Day 

26 Extra  Holiday. 

28 - 

29 " -•• 

3o - -•■ 

31 - ■■ 


GIBSON'S     MANUAL 


373 


MARKET  MOVEMENTS  OF  WISCONSIN  CENTRAL,  PREFERRED,  FROM  1900  TO   1908, 

INCLUSIVE. 


REMARKS. 

Capital  stock  outstanding  has  remained  practically  unchanged  since  1900.  hut  bonded  indebted- 
ness has  increased  $8,174,000. 

Land,  timber  and  iron  ore  sales  continue  to  form  some  small  part  of  the  earnings  of  Wisconsin 
Central,   and   the   revenue   from   this   source   in   the  fiscal  year  of  1908  was  $192,518. 

To  replace  the  old  Minneapolis  freight  station,  lost  during  the  year  previous,  the  company  has 
now  built  a  reinforced  concrete  station,  four  stories  high,  the  largest  and  finest  freight  terminal  in  the 
Twin  Cities. 

Physical  condition  of  the  property  has  been  well  maintained  by  liberal  expenditures. 

In  anticipation  of  the  opening  of  the  line  to  Duluth,  the  company  recently  bought  10  new  en- 
gines and  2,650  freight  cars. 

Stocks  and  bonds  owned,  1908,  amounted  to  $488,743.  Company's  stock  in  the  treasury,  $2,- 
886,279. 

Officers:  President,  W.  A.  Bradford,  Jr. ;  Vice-President,  Henry  C.  Starr;  Treasurer,  William  C. 
Hauck;  Secretary.  ( ',.  W.  Webster.  Directors:  T.  L.  Chadbourne,  Jr.,  George  J.  Gould,  Fred.  T. 
Gates,  Newman  Erb,  J.  A.  S.  Graves,  C.  C.  Dickinson,  \Y.  A.  Bradford,  G.  A.  Fernald,  Henry  C.  Starr, 
George  W.  Webster  and  Sidney  G.  Courteen. 

Fiscal  year  ends  June  30th.  Annual  meeting,  second  Tuesday  in  October,  -Milwaukee.  Wis. 
.Main  office,  Milwaukee.  New  York  office,  30  Pine  Street.  Traded  in  on  the  New  York  Stock  Ex- 
change (Listed  Department). 


374 


GIBSON'S      MANUAL 


Average  Daily  Prices 

AVERAGE    DAILY    PRICES    FOR    THE    MONTH    OF   JANUARY,    1908. 

Average  dail)  prices  of  23  Active  Rails,  wS  Active   industrials  and  41    kails  and  Industrials  fur  the 
month  of  January,  and  high  and  low  prices  for  January    were  as  follows: 

(Thomas  Gibson's  Figures.) 


Date.  23  Rails. 

January  2 7J-75 

3 72.20 

"       4 72-I5 

"      6 72.36 

"      7 72.35 

"      * 7I-89 

9 73-53 

"     "' 7303 

"     11 74-59 

"     13 74-9° 

"     14 75-68 

"     15 7548 

"     (6 75=14 

"      '7 7544 

"     i8 75-8o 

'"     20 75.11 

"     21 73.56 

"     22 73.54 

"     23 73.43 

"     24 72.94 

"    25 73.04 

"    27 73.30 

"     28 74-15 

"     29 73.73 

"     3° 73-48 

"     3i 72-85 

I  lign  in  January 75-8o 

Low  in  January 71-75 


18  hid.         41  R.  &I.       Adv. 


Dec. 


4O.00 

60.72 

.60 

50-45 

61.32 

.60 

50-77 

61.46 

•14 

51.12 

61.74 

.28 

51-23 

( i 1 .79 

•05 

51-34 

61.62 

-17 

52.50 

63.02 

[.40 

5249 

62.78 

•24 

53-13 

63.86 

1. 10 

54.10 

"4-5o 

-64 

54-91 

65-3° 

.80 

. . 

54-69 

65.09 

.21 

53-60 

64-37 

■7^ 

54-i8 

64.81 

•44 

54-23 

65.02 

.16 

53-45 

64.28 

•74 

52.58 

63.07 

1. 21 

5-Mi 

62.97 

.10 

51.89 

l  .2.66 

•3i 

51-39 

62.16 

•5o 

51.82 

62.43 

•2/ 

52-30 

62.80 

■}i7 

52.70 

6343 

■63 

52.17 

62.95 

.48 

52.14 

62.8.; 

.12 

52-43 

62.04 

•17 

54-91 

64.81 

49.69 

60.72 

23  Active  Rail-  show  an  advance  since  December  31  of  1.85. 

18  Active  Industrials  show  an  advance  since  December  3]  of  3.19. 

41    Rails  and    Industrials   -bow   an   advance  since  December  31  of  2.^2. 


GIBSON'S     MANUAL  375 


AVERAGE     DAILY     PRICES    FOR    THE    MONTH  OF  FEBRUARY,  1908. 

Average  daily  prices  of  23  Active  Rails,  18  Active  Industrials  and  41    Rails  and   Industrials  for  the 
month  of  February,  and  high  and  low  prices  for  February  and  since  Jan.  1st  were  as  follows: 

(Thomas  Gibson's  Figures.) 

Date.  23  Rails.  18 1ml.        41  R.  &  I.       Adv.  Dee. 

February  1 72-51 

3 72.25 

4 72-59 

5 71-95 

6 71.91 

7 7i-5i 

8 70.29 

10 68.42 

11 68.67 

\2 Holiday. 


"        13 68.32 

14 69.24 

"        15 68.56 

17 68.11 

18 68.60 

"        19 68.51 

_>o 68.72 

21 69.O4 

"       22 Holiday. 

24 68.92 

25 68.48 

"       26 68.43 

"       27 68.55 

"       28 68.87 

29 68.26 

High  in  February 72-51 

Low  in  February 68.11 

High  since  January  1st 75-8o 

Low  since  January  1st 68.11 


51-71 

62.1 1 

•53 

51-59 

61.92 

.19 

51.90 

62.25 

•33 

50.97 

61.46 

■79 

50.96 

61.43 

•03 

50.81 

61.16 

.27 

49.89 

60.09 

1.07 

48.91 

58.66 

'■43 

49.01 

58.84 

.18 

. . 

ock  Exchange  closed. 

48.92 

58.62 

.22 

49.61 

59-43 

.Si 

49.20 

58.88 

•55 

49-15 

58.63 

•25 

49.14 

58.87 

.24 

49.11 

58.81 

.06 

49-7 r 

59.22 

•41 

50.06 

59-55 

■33 

ock  Exch: 

singe  closed. 

50.24 

59-58 

•°3 

50.10 

59-29 

•29 

50.06 

59-24 

.05 

5040 

59-47 

■23 

50.73 

59.80 

■^ 

50.63 

59-44 

■36 

51.90 

62.25 

48.91 

58.62 

54-91 

64.81 

48.91 

58.62 

23  Active  Rails  show  a  decline  since  January  31  of  4.59. 

18  Active  Industrials  show  a  decline  since  January  31  of  1.80. 

41   Rails  and  Industrials  show  a  decline  since  January  31  of  3.20. 


376 


GIBSONS     MANUAL 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH  OF  MARCH,  1908. 

Average  daily  prices  of  23  Active  Rails,   18  Active  Industrials  and  41    Rails  and   Industrials  for  the 
month  of  March,  and  high  and  low  prices  for  March  and  since  January  1st  were  as  follows: 

(Thomas  ( iibson's  Figures.) 


Date. 


23  Rails.         iSInd.        41  R.  &  f.       Adv. 


Dec. 


Ma 


rch  2 
3 

4 

5 
6 

7 

9 

10 

11 
12 

13 
14 
16 

17 
18 

19 
20 

21 

23 
24 

25 
26 

27 
28 

30 

31 


J I  igh  in  March   . . 
Low  in   March    .  . 
High  since  January  1st 
Low  since  January  1st 


68.47 

50.89 

59-68 

•24 

68.52 

50.74 

59-63 

68.71 

50-95 

59-83 

.20 

68.74 

50.95 

59-85 

.02 

69.22 

51. 11 

60.17 

•32 

70.65 

52.62 

61.64 

1-47 

72.03 

53-59 

62.81 

1. 17 

71-38 

52.95 

62.17 

72-34 

53-42 

62.88 

•71 

72-54 

53-44 

62.99 

.11 

72.94 

54.15 

63-55 

•56 

73-76 

55-19 

64.48 

•93 

72.95 

54-58 

63-77 

73-43 

55-n 

64-27 

•50 

72.19 

54-42 

63-30 

72.54 

54.82     , 

63.68 

•38 

72.96 

55-38 

64.17 

•49 

73-18 

56.07 

64.63 

.46 

73-84 

57-25 

65-55 

•92 

74.68 

58.17 

66.43 

.88 

74.90 

59-35 

67.13 

•70 

74.27 

58.70 

66.49 

75-44 

58.95 

67.21 

/i 

74-75 

5845 

66.60 

74-32 

58.18 

66.25 

73.08 

56.97 

65.02 

75-44 

59-35 

67.21 

68.47 

50-74 

59-63 

75.80 

59-35 

67.21 

68.11 

48.91 

58.62 

.0= 


64 


07 


.64 

.61 

•35 
1.23 


23  Active  Rails  show   an   advance  since  February  29  of  4.82. 

iS  Active  Industrials  show  an  advance  since  February  29  of  6.34. 

41   Rails  and  Industrials  show  an   advance  since  February  29  of  5.58. 


G  I  B  S  O  N  '  S     M  A  N  U  A  L  377 


AVERAGE    DAILY     PRICES    FOR    THE    MONTH  OF  APRIL,  1908. 

Average  daily  prices  of  23  Active  Rails,  18  Active   Industrials  and  41    Rails  and  Industrials  for  tli* 
month  ui   April,  and  high  and  low  prices  for  April  and  since  January  1st,  were  as  follows: 

(Thomas  Gibson's  Figures.) 
Date.  23  Rails.         iSInd.        41  R.  &  1.       Adv.  Dec. 


April  1 73.56 

"      2 73.72 

3 73-23 

"      4 73-52 

"      6 73.61 

"      7 74-27 

"      8 74.86 

"      9 75-33 

"     10 75-27 

11 .-  ■  75-04 

"     13 74-72 

'4 75-09 

"     15 74-85 

"     16 75-2o 

'■•  \l'.'. '.'.'.'.'.'.'.'.'.'.'.'.  ['. !."(  Holida>s- 

••  20 74.85 

21 75-03 

"  22 75.09 

"       2}, 76.IO 

"      24 : 77.O2 

25 7709 

"'      27 77.72 

"      28 78.46 

"      29 78.49 

"      30 77.68 

High  in  April 78.49 

Low  in  April 73-23 

High  since  January  1st 7849 

Low  since  January  1st 68.1 1 


57-39 

65-47 

45 

57.68 

65.70 

■23 

57.08 

65.16 

•54 

57-36 

6544 

.28 

57-43 

65-52 

.08 

57-89 

.  66.08 

•56 

57.88 

66.37 

.29 

58.56 

66.95 

•58 

58.65 

66.96 

.01 

58.41 

66.73 

•23 

58.11 

66.41 

•3i 

58.40 

66.74 

•33 

57-93 

66.39 

•35 

58.43 

66.82 

•43 

Stock 

Exchange 

closed. 

57-So 

66.33 

. . 

49 

58.16 

66.60 

•27 

.  . 

58.20 

66.65 

■05 

. . 

58.79 

67-45 

.80 

59.80 

68.41 

.96 

59-57 

68.33 

.08 

59.60 

68.66 

33 

60.06 

69.26 

.60 

.   . 

60.03 

69.26 

.   . 

59-47 

68.58 

.68 

60.06 

69.26 

57.08 

65.16 

60.06 

69.26 

48.91 

58.62 

23  Active  Rails  show  an  advance  since  March  31  of  4.60. 

18  Active  Industrials  show  an  advance  since  March  31  of  2.50. 

41   Rails  and  Industrials  show  an  advance  since  March  31  of  3.56. 


GIBSON'S     MANUAL 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH  OF  MAY.  1908. 

Average  dail)  prices  of  23  Active  Rails,  (8  Active  Industrials  and  41    Rails  and  Industrials   for  the 
month  "t  May,  and  high  and  low  prices  for  May  and  since  January  ist,  were  as  follows: 

(Thomas  <  iibson's  Kigiires.) 


Date.  _'3  Rails. 

.May  1 79.03 

"     2 79.57 

4 7809 

5 7947 

•'      6 : 80.14 

"•     7 79-84 

"     8 80.40 

••    9 81.42 

"   11 82.11 

"12 81.43 

"13 82.27 

•  14 82.81 

"15 83.23 

"   16 83.52 

"  18 85.22 

"  19 ' 83.70 

"20 83.33 

"  -'' 83.97 

"22 83.35 

"23 81.20 

"25 82.09 

"26 80.66 

"27 80.36 

"28 79.53 

"  29 « 80.32 

"30 Holiday. 

I  [igh  in  May 85.22 

Low  in  May 78.99 

High  since  January  ist    85.22 

Low  since  January  ist    68.ii 


is  hid.        41  R.&  1.       Adv. 


1  )ec. 


y.lv? 

49 

.01 

50.87 

69.72 

23 

59-70 

6y-34 

.38 

60.25 

69.86 

■52 

1 » ..98 

70.56 

■70 

60.69 

70.27 

.29 

60.93 

70.67 

•40 

"■■35 

7 1-39 

■72 

61.86 

71-99 

.60 

61.92 

71.68 

•31 

62.74 

72.51 

.83 

6358 

73-20 

.Ik, 

04.  IS 

73-70 

■5° 

63.67 

7.V'^> 

.1 1 

64.19 

74.70 

1.1 1 

63.00 

7^:-,s 

[-35 

61.75 

72.54 

.81 

63-31 

73-04 

1. 10 

62.92 

73-13 

■51 

61.76 

71.48 

1.0; 

62.31 

72.20 

—j 

62.00 

7 '-33 

.87 

61.87 

71.12 

.21 

61.48 

70.51 

.61 

62.15 

71.24 

.-  ■» 

■1 .1 

Stock  Exch; 

inge  closi  \ 

64.19 

74-70 

59-70 

69-34 

64.19 

74-70 

48.91 

58.62 

23  Active  Kails  show  an  advance  since  April  30  of  2.04. 

18  Active  Industrials  show  an  advance  since  Ajpril  30  of  2.68. 

41   Rails  and  Industrials  show  an  advance  since  April  30  of  2.66. 


GIBSON'S     MANUAL 


379 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH  OF  JUNE,  1908. 

Average  daih   prices  of  2^  Active  Rails,  lS  Active    Industrials  and  41    Rails  and   Industrials   for  tin 
month  of  June,  and  high  and  low  prices  for  June  and  since  January  1st,  were  as  follows: 

(Thomas  Gibson's  Figures.) 


Dale.  23  Rails. 

June   1 82.87 

"       2 83.I4 

"     3  ••   -., 82.75 

"     4 81.33 

•'     5 81.58 

"     6 82.28 

"     8 82.15 

"     9 81.68 

"   to 81.96 

"   11 81.93 

"   12 80.60 

"13 80.88 

"iS 81.05 

"16 81.77 

"17 81.44 

"18 81.71 

"  10 80.37 

"20 80.55 

"22 79-21 

"23 ' 7907 

"24 79.26 

"25 79.85 

"26 80.35 

"27 80.23 

"29 80.85 

"30 80.68 

I  [igh  in  June 83.14 

Low  in  June 79-07 

1  [igh  since  January  1st 85.22 

Low  since  January  1st 68.11 


18  Ind. 


41  R.  &I.       Adv. 


Dec. 


63-51 

73-19 

i-95 

63.40 

73-^7 

.08 

63.19 

72.97 

■30 

62.06 

71.69 

1.28 

62.37 

71.97 

.28 

62.75 

72.51 

•54 

62.72 

72-43 

.08 

62.38 

72.03 

.40 

62.67 

72.32 

.29 

62.57 

72.25 

.07 

61.79 

71.19 

1  .<>(  > 

61.91 

7i-39 

.20 

62.13 

7i-59 

.20 

62.69 

72.23 

.64 

62.24 

71.84 

-39 

62.37 

72.04 

.20 

61.45 

70.91 

i-'3 

61.56 

71-03 

.12 

60.69 

69-95 

1.08 

60.53 

69.80 

•15 

60.78 

70.02 

.22 

61.52 

70.69 

.67 

61.78 

71.07 

-.Vs 

61.74 

70.99 

.08 

62.14 

7i-5o 

■5i 

62.02 

7i-35 

•15 

63-51 

73-27 

60.53 

69.80 

64.19 

74.70 

48.91 

58.62 

23  Active  Rails  show  an  advance  since  May  29  of  .36. 

18  Active  Industrials  show  a  decline  since  May  29  of  .13. 

41    Rails  and  Industrials  show  an  advance  since  May  29  of  .11. 


380 


GIBSON'S     MANUAL 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH  OF  JULY,  1908. 


Average  daily  prices  of  23  Active  Rails,  18  Active  [ndustrials  and  41    Rails  and 
Inly  1.  and  high  and  low  prices  For  July  and  since  January  tst,  were  as  Follows: 

1  111.. mas  Gibson's  Figures.) 


[ndustrials   since 


41R.&I.       Adv. 


Date.  23  Rails.  [8  I  ml. 

July  1 80.83  ('^-°7  7I45 

••     2 80.67  61.96  71.32 

"     3 80.85  62.33  71.59 

"     4 Holiday.  Stock  Exchange  closed. 

"     6 81.89  63.40  72-65 

"     7 82.24  r>3-74  72-99 

-  8 S3.18  64.46  73.82 

"     9 S3.37  64.70  74-M 

"   10 82.52  64.12  73.32 

"11 82.25  63.97  73.11 

"13 82.90  64.43  73.67 

"   14 83.49  64.94  74.22 

"15 83-5i  65.06  74.29 

"16 83.49  65.32  74.41 

"17 83.57  65.86  74-72 

-  18 84.41  66.76  75.59 

-20 85.44  67.44  76.44 

"21 84.93  67.27  76.10 

"22 85.79  67.87  76.83 

"2^ 86.21  68.32  77.27 

"24 84.97  67.20  76.09 

"25 85.97  68.35  77-i6 

-27 85.29  67.79  76.54 

"  28  . .  .' 85.75  68.04  76.90 

"29 85.79  68.03  76.91 

"30 85.89  68.39  77.14 

"31 86.65  r,Q.o8  77.S7 

High  in  July 86.65  69.08  77.87 

Low  in  July 80.67  61.96  71.32 

High  since  January  1-1 86.65  69.08  77.87 

Low  since  January  ist 6S.11  48.91  58.62 


Dec. 


23  Active  Rails  shew   an  advance  since  June  30  of  5.97. 

18  Active  Industrials  show  an  advance  since  June  30  of  7.06. 

41  Rails  and   [ndustrials  show   an  advance  since  June  30  of  6.52. 


.10 

.27 

1.06 
•34 

•83 
.22 


.56 

■55 
.07 
.12 
■3i 
•87 
■85 

■73 

•44 

1.07 

.36 
.01 

•23 
•73 


•13 


.72 
.21 


34 


I.I 


.62 


GIBSON'S     MANUAL 


38i 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH  OF  AUGUST,   1908. 

Average  daily  prices  of  23  Active  Rails,  18  Active    Industrials    and    41    Rails    and    Industrials    since 
Inly  31,  and  high  and  low  prices  for  August  and  since  January  1st,  were  as  follows: 

(Thomas  Gibson's  Figures.) 


Date.  23  Rails. 

August  1 86.72 

"       3 86.44 

"       4 86.81 

"      5 86.57 

"  6 87.15 

"      7 87.29 

"       8 87.54 

"     10 88.41 

"     11 87.46 

"     12 • 88.15 

"     13 87.31 

"     14 85.90 

"     15 85.84 

"     17 86.47 

"     18 86.76 

"     19 86.05 

"     20 86.13 

"     21 86.06 

"     22 86.07 

"  24 : 86.05 

"  25 ■ 86.13 

••  26 S6.S5 

"     27 S8.54 

••    28 88.29 

"   29 88.65 

"     31 88.68 

High  in  August 88.68 

Low  in  August 85.84 

High  since  January  1st 88.68 

Low  since  January  1st 68.11 


18  Ind.        41  R.  &I.       Adv. 


Dec. 


69.17 

77-95 

.08 

69.31 

77.S7 

•07 

70.10 

78.45 

.58 

70.32 

78.44 

.01 

71.28 

79.21 

■77 

71.79 

79-54 

-33 

72.08 

79.81 

.27 

72.66 

80.54 

•73 

71.68 

79-57 

•97 

72.05 

80.10 

•53 

71.21 

79.26 

.84 

69.61 

77-76 

1.50 

69.40 

77.(0. 

.14 

69.88 

78.17 

•55 

7043 

78.59 

•42 

70.04 

78.04 

•55 

69.94 

78.03 

.01 

69.66 

77.86 

•17 

69.70 

77-88 

.02 

. . 

69.28 

77.66 

.22 

69-59 

77.86 

.20 

70.13 

78.49 

.63 

71.26 

79.90 

1.41 

71.76 

80.02 

.12 

72.18 

80.41 

•39 

72.28 

80.48 

.07 

72.66 

80.54 

69.17 

77.62 

72.66 

80.54 

48.91 

58.62 

23  Active  Rails  show  an  advance  since  July  31  of  2.03. 

18  Active  Industrials  show  an  advance  since  J.ulv  31   of  3.20. 

41   Rails  and   Industrials  show  an  advance  since  July  31  of  2.62. 


382  GIBSON'S     MANUAL 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH   OF  SEPTEMBER,   1908. 

Average  daily  prices  of  23  Active  Rails,  18  Active    Industrials   and   41    Rails    and    Industrials   since 
August  31,  and  high  and  low  prices  for  September  and  since  January  1st  were  as  follows: 

(Thomas  Gibson's  Figures.) 
Date.  23  Rails.         iSInd.        41  R.  &  I.       Adv.  Dec. 


September  1 88.60 

2 88.67 

3 87.72 

"         4 88.57 

3 '.  Holidays. 

7 J 

8 88.82 

9 89.86 

10 89.69 

11 88.99 

12 89.86 

"       14 89.82 

"       15 88.74 

"       16 87.48 

"       17 86.23 

18 87.49 

"       19 86.35 

"       21 84.57 

22 84.12 

"       23 84.97 

"       24 86.48 

"      25 87.33 

"       26 86.35 

"       28 86.33 

"       29 86.10 

"       30 86.67 

High  in  September 89.86 

Low  in  September 84.12 

High  since  January  1st 89.86 

Low  since  January  1st 68.11 


23   Active   Kails   show   a   decline   since    August   31   of  2,<u. 

18  Active    Industrials    show   a    decline   since   August  31   of  4.41. 

41    Rails    and    Industrials    show   a    decline   since  August  31   of  3.21. 


72.06 

80.33 

•15 

71.28 

79.98 

■35 

70.19 

78.96 

1.02 

71.17 

79.87 

.91 

St<  ick 

Exchange  c 

losed. 

7  J -47 

80.15 

.28 

. . 

71.42 

80.64 

•49 

70.65 

80.17 

■47 

69.65 

79-32 

•85 

70.05 

79.96 

■''4 

69.92 

79.87 

.09 

68.95 

78.84 

103 

67-99 

77-73 

1.1 1 

66.85 

76-54 

1.19 

67.69 

77-59 

'  •<  '5 

,  ,1  ,Si , 

76.61 

.98 

65.61 

75-09 

1.52 

65.01 

74-57 

•52 

65.85 

75-81 

.84 

67-53 

77.00 

'•59 

'•7')5 

77-('-\ 

.64 

1  £  1  K  1 

77.22 

■42 

67.60 

76-97 

•25 

67-37 

76.64 

•23 

67.87 

77.27 

•53 

72.06 

80.64 

65.01 

74-57 

72.66 

80.64 

48.91 

58.62 

GIBSON'S      MANUAL 


383 


AVERAGE     DAILY    PRICES    FOR    THE    MONTH   OF   OCTOBER,   igo8. 

Average  daily  prices  of  23  Active  kails,   [8  Active    Industrials    and   41    kails   and    Industrials   since 
September  30,  and  high  and  low  prices  for  October  and  since  January  rst,  were  as  follows: 

(Thomas  Gibson's  Figures.) 


Date. 


23  Rails.         iSInd.        41  R.  &I. 


Adv. 


Dec. 


October  1 86.64 

2 87.72 

"        3 88.39 

5 88.01 

6 88.08 

7 88.28 

8 87.10 

9 86.88 

10 86.93 

"       12 88.38 

"       13 88.58 

14 88.44 

"       15 88.95 

"       16 88.65 

"       17 88.09 

19 88.42 

"      20 81147 

"      21 90.07 

22 89.99 

"      23 ■ 89.35 

"      24 89.48 

"      26 90.01 

"      27 90.19 

"      28 89.69 

"      29 90.13 

"      30 90.28 

"      31 89-75 

High  in  October 90.28 

Low  in  October 86.64 

High  since  January  t si 90.19 

Low  since  January  ist 68.11 


67.70 
68.15 
68.81 

68-55 
68.56 
68.94 
68.09 
68.09 
68.37 
69.14 
69.05 
68.96 
69.28 
69.28 
69.10 
68.83 
69.56 
70.17 
70.08 
69.88 
69.84 
70.31 
70.42 
69.97 
70.36 

70.33 
70.01 
70.42 
67.70 
72.66 
I.8.9] 


77-17 
77-94 
78.60 
78.28 

78.32 

78.61 

77-59 
77-48 

77-6.5 
78.76 
78.82 
7S.70 
79.12 

78.97 
78.60 

78.63 

8« ).  1 2 
8(  i.<  >  1 
79.62 
79.66 
s.  ».i6 
80.30 

79-83 
80.25 
80.31 
79.88 
80.31 
77.17 
80.64 
58.62 


■77 
.66 

.04 
.29 


•17 
[.11 

.06 


•03 

.89 
.60 


"I 
■50 
•  14 

.42 

.06 


.10 


32 


1  .<  >j 
1 


.08 
.42 


■47 


•43 


23  Active  Rails  show  an  advance  since  September  30  of  3.08. 

18  Active  Industrials  show  an  advance  since  September  30  of  2.14. 

41   Rails  and  Industrials  show  an  advance  since  September  30  of  2. in. 


3*4 


GIBSON'S    MANUAL 


AVERAGE    DAILY    PRICES    FOR    THE    MONTH  OF  NOVEMBER,  1908. 

Average  daily  prices  oi  _'3  Active  Kails,  18  Active    Industrials    and    41    Rails    and    Industrials    since 
(  Ictober  31,  and  high  and  low  prices  for  November  and  since  January  1st,  were  as  follows: 

(Thomas  Gibson's  Figures.) 


Date.  23  Rails. 

November  2 90.53 

3 Holiday. 

"         4 92.22 

5 9i-59 

6 93-21 

7 9403 

9 94-03 

"       10 94-84 

"       11 94.81 

12 95.16 

13 96.22 

"       14 95-94 

"       16 96.15 

"       17 96-77 

18 96.09 

"      19 95-19 

"      20 95.39 

"      21 94.41 

23 94-46 

"      24 96.16 

25 96.03 

"      26 Holiday. 

"      27 96.73 

"      28 96.67 

"      30 -  -  -  9673 

1  [igh  in  November 96.77 

Low  in  November 9°-53 

High  since  January  1st 96-77 

Low  since  January  1st 68.11 


18  hid.        41R.&I. 


Adv. 


Dec. 


70.62  80.58 

Stock  Exchange  closed. 
82.21 


72.19 
72.76 

74-29 
74.98 

74-78 

74-77 
74.18 

74-73 
75-78 

75-56 
75-51 
75-55 
74-7''1 
74.70 
74.61 
73.88 
74.01 

75-44 
75.06 


82.18 

83-75 
84.50 
84.40 
84.80 
84.49 
84.94 
86.00 
85-75 
85-83 
86.16 

85-43 
84-95 
85.00 

84.14 
84.23 
85.80 
85-54 


Stock  Exchange  closed. 

86.33 
86.20 
86.04 


75-93 

75-73 
75-35 
75-93 


7 


•0.62 

75-93 

48.91 


86.33 
80.58 

86.33 
58.62 


63 

57 
75 

40 

45 
06 

08 
33 


•°5 

.09 

i-57 


•79 


•03 


.10 


•3i 


•25 


■7?, 

.48 

.86 


.26 


■13 
.16 


23  Active  Rails  show  an   advance  since  October  31   of  6.98. 

18  Active  Industrials  show  an  advance  since  October  31   of  5-34- 

41   Rails  and   Industrials  show  an   advance  since  October  31  of  6.16. 


GIBSON'S     MANUAL 


38  = 


_£ 
J, 

1 

7 

JL 


CHART   SHOWING    MOVEMENTS   OF   STOCKS,   BY    DAYS,   FOR   THE    YEAR    1908. 

This  chart  is  based  on  average  daily  prices  of  41   leading  Rails  and   Industrials  employed  in   Thomas   Gibson's   barometrical  figures. 


JdwuARy                                       ftaiuMh                                    March                                       April                                           m  y                                           June. 

Ju  .v                                                Auoust                                         September                                     October                                          November                                    December 

12 

_                                     __ _ 

1 1 !  1 !  1 1 1  Hi.  •  si 

M...I I 

r--\             ,.'--.»'"'    T 

"RU  Win 

.S3                                                                                                                                                              r.         ._                  

: :::::z:::::::::::!:::::::::::::t 

111  nil     « 

J) -      -     - .- 

I /?                 t 

JS                                                                                          - 

I    J 

1 

n  ...  .  ___  _  .  -  --  -.- 

-/- \J. .. 

J!                                                                                                                                                                                                                              t'.'..i,Z\ <  =  , 

2i ,'.::'. ^,A...t:'.~.::\-.i::\, 

/                                                                                    -f 

L    J! 

«                      e                                                                                                                     /            \ '%~-'' 

n. 4::t../5 l-\S. 

../                --'     ~--..                                   '■' 

j,                                         \           ,•.-.-'    J 

'  '-,."«."' 

1     ' 

U. 1 

.........Li :               t 1 

51 

The  stock:  i  mpli  ;  i  '1  in  Forming  tin    .■■    i 

■     -Atchison,  Topeka   &    Santa    Fi       Baltimon    &    Ohi        Canad         Pacini      Chesapcaki     !    Ohi 
■     Rock    Island,   Southern    Pacific;    Southern    Railway;  I  nion  Pacifit    and  Wabasli 
Industrials  —Amalgamated    "  ■  ■  t ■  t ■  -  ■ .    Antei  ican    Car  &   Foundry,  American    l mo  Smelting,   Ai 


i  in.  igo    Milwaukee  &   St.   Paul;   Chicago  &    Northwestern;  Colorado  &  Southern;  Dcnv< 
rican  Sugar,  Anaconda,  Colorado  Fuel  &  Iron.  Coi 


&  Rio  Grande;   Eric  comni 


i  Products  common.  Die  tillers'  Securi 


nois    Central;    Louisville    &    Nashville;    M 
.  General  Electric,  National  Lead,   People's  Gas,  Pressed  Steel  Car, 


issouri,  Kansas  8 

Republic  Iron  &  Steel,  C iolidat 


V..rk   Central;    X. 
States  Realty,  i  fn 


i  i.  .Ik    &    v. 

ted   States  Steel,  ■  ■■ 


them    Pai  ifii      Pennsylvania 
on  and   pref*  rred 


GIBSON'SMANUAL  38= 


AVERAGE    DAILY     PRICES    FOR    THE    MONTH   OF  DECEMBER,   1908. 

Average  daily  prices  of  J  3  Active  Kails,  18  Active    Industrials   and    41    Rails    and    Industrials    since 
November  30.  and  high  and  low  prices  for  November  and  since  January  1st,  are  as  follows: 

(Thomas  Gibson's  Figures.) 


Date.  23  Kails.         18  Ind.        41R.&I.       Adv.  Dec. 


1  >ecember  1 96.86 

2 9&27 

3 96-54 

4 97-55 

5  • 97-05 

7 97-11 

8 98.02 

9 98.53 

"       10 98.57 

11 98.22 

"       12 98.55 

14 98-36 

15 97-84 

16 9s  I  I 

17 96.96 

l8 '7-22 

19 96.72 

21 96.OI 

"         22 97.83 

"         ^ 98.38 

24 98.26 

"  "  !-  Holidays. 

26 ( 

28 '. 99.78 

29 99-33 

30 99-43 

"      31 99-97 

High  in  December 99-97 

Low   in  December 96.01 

High  since  January  1st 99-97 

Low  since  Tamiarv  isl 68.11 


75-82 

86.34 

•30 

74.87 

85-57 

■77 

74.87 

85.70 

■*3     . 

75-29 

86.42 

72 

74-77 

85.91 

■5' 

74-64 

85-87 

.04 

75-12 

86.57 

.70 

75-66 

87.09 

•52 

75-72 

87.14 

-05 

75-09 

86.66 

.48 

75-38 

86.97 

■3' 

74.67 

86.52 

•45 

74-14 

85-99 

•53 

74-67 

86.56 

■57 

73-07 

85.02 

'•54 

73-i8 

85.20 

.18 

72-95 

84.83 

:W 

72-32 

84. 1 0 

•67 

7.V5<< 

85.69 

^■?.^ 

74-32 

86.35 

.66 

74.61 

86.43 

.08 

Stock 

Exchange  c 

li  ised. 

75-73 

87-75 

'•32 

75.24 

87.28 

■47 

74-9° 

87.16 

.12 

75-29 

87.63 

•47 

75-82 

8775 

72.32 

84.16 

75-93 

87-75 

48.91 

58.62 

2J,   Active  Rails  show  an  advance  since  November  30  of  3.24. 

18  Active  Industrials  show  a  decline  since  November  30  of  .06. 

41  Rails  and  Industrials  show  an  advance  since  November  30  of  1.59. 

FOR  THE  TWELVE  MONTHS  ENDING  DECEMBER  31,  1908. 

23  Active  Rails  show  an  advance  since  December  31,  1907,  of  28.97. 

18  Active  Industrials  show  an  advance  since  December  31,  1907,  of  26.05. 

41   Rails  and   Industrials   show   an   advance  since  December  31,  1907,  of  27.51. 


?86 


GIBSON'S     MANUAL 


Dividends  and  Dividend  Periods 


Present 
Stocks.  Annual  Rate.  Payable. 

\dams  Express 8  Semi-annually.  June..  Dec. 

Amalgamated  Copper 2  Quarterly,  Feb.,  May,  Aug.,  Nov. 

American  Agricultural  Chemical  pfd 6  Semi-annually,  Apl..  Oct. 

American  Beet  Sugar  pfd 6  Quarterly.  Jan..  Apl..  July,  Oct. 

American  Can  pfd 5  Quarterly,  Jan..  Apl..  July,  Oct. 

American  Car  &  Foundry  com 2  Quarterly,  Jan..  Apl.,  July,  Oct. 

American  Car  &  Foundry  pfd 7  Quarterly.  Jan..  Apl.,  Jul}'.  Oct. 

American  Cotton  Oil  com 3  Annually,  Dec.    . 

American  Cotton  Oil  pfd 6  Semi-annually,  June,  Dec. 

American  Express 12  Quarterly.  Jan.,  Apl..  July,  Oct. 

American  Locomotive  pfd 7  Quarterly,  Jan.,  Apl..  Jul}-,  Oct. 

American  Malt  Corporation  pfd 5  Semi-annually,  May,  Nov. 

American  Smelters'  Sec.  pfd.  A 6  Quarterly,  Mch.,  June.  Sept.,  Dec. 

American  Smelters'  Sec.  pfd.  P. 6  Quarterly.  Mch..  June.  Sept.,  Dec. 

American  Smelting  &  Refining  com 4  Quarterly.  Jan..  Apl.,  July,  Oct. 

American  Smelting  &  Refining  pfd 7  Quarterly.  Jan.,  Apl..  July,  Oct. 

American  Snuff  com 16  Quarterly,  Jan..  Apl..  July.  Oct. 

American  Snuff  pfd 6  Quarterly,  Jan.,  Apl..  July.  Oct. 

American  Sugar  Refining  com 7  Quarterly.  Jan.,  Apl..  Jul}-.  Oct. 

American  Sugar  Refining  pfd 7  Quarterly,  Jan..  Apl.,  Jul}-.  Oct. 

American  Telephone  &  Telegraph 8  Quarterly.  Jan..  Apl.,  Jul}-,  Oct. 

American  Tobacco  com 10*  Quarterly,  Mch..  June.  Sept..  Dee 

American  Tobacco  pfd 6  Quarterly.  Jan..  Apl.,  July.  Oct. 

American  Woolen  pfd 7  Quarterly,  Jan.,  Apl.,  July,  Oct. 

Anaconda 8  Quarterly,  Jan.,  Apl.,  July,  Oct. 

Atchison,  Topeka  &  Santa  Fe  com 5  Semi-annually,  June,  Dec. 

Atchison.  Topeka  &  Santa  Fe  pfd 5  Semi-annually.  Feb..  Aug. 

Atlantic  Coast  Line  com 5  Semi-annually,  Jan..  July 

Atlantic  Coast  Line  pfd 5  Semi-annually,  May.   Nov. 

Baltimore  &  Ohio  com 6  Semi-annually,  Mch.,  Sept. 

Baltimore  &  Ohio  pfd 4  Semi-annually,  Mch.,  Sept. 

Brooklyn  Rapid  Transit 4  Quarterly,  Jan.,  Apl..  July.  Oct. 

Brooklyn  LJnion  Gas 6  Semi-annually.  Apl..  Oct. 

Buffalo  &  Susquehanna  pfd 4  Quarterly.  Mch..  June.  Sept.,  Dec. 

Buffalo.  Rochester  &  Pittsburgh  com 4  Semi-annually,   Feb.,  Aug. 

P.uffalo.  Rochester  &  Pittsburgh  pfd 6  Semi-annually.   Feb.,   Aug. 

Rutterick  Co 2  Quarterly.  Mch.,  June.  Sept..  Dec. 

Canadian  Pacific 7  Semi-annually,    Apl..   Oct. 

Canada  Southern 2i  Semi-annually,  Feb..  Aug. 

Central  Leather  pfd. 7  Quarterly.  Jan.,  Apl..  July.  Oct. 

<  entral  R.  R.  of  New  Jersey 8  Quarterly.  Feb..  May.  Aug..  Nov; 

Chesapeake  &  Ohio 1  Annually,  Dec. 

<  liicago  &  Alton  com. 2  Annually.  Feb. 

Chicago  &  Alton  pfd 4  Semi-annually,  Jan.,  July 

Chicago,  Burlington  &  Quincy 8  Quarterly,  Jan..  Apl..  Jul}'.  Oct. 

Chicago,  Milwaukee  &  St.  Paul  com 7  Semi-annually.  Mch.,  Sept. 

Chicago.  Milwaukee  &  St.  Paul  pfd 7  Semi-annually,  Mch..  Sept. 

*  Plus  s  extra. 


GIBSON'S      MANUAL 


387 


Present 

Stocks.  Annual  Rate.  Payable. 

Chicago  &  Northwestern  com 7  Semi-annually,  Jan.,  July 

Chicago  &  Northwestern  pfd 8  Semi-annually,  Jan..  July 

Chicago,  St.  Paul,  Minn.  &  Omaha  com 7  Semi-annually,  Feb.,  Aug. 

Chicago,  St.  Paul.  Minn.  &  Omaha  pfd 7  Semi-annually.   Feb.,    Aug: 

(level.,  Cin.,  Chic.  &  St.  Louis  pfd 5  Quarterly*  Jan.,  Apl.,  July.  (  let. 

Colorado  &  Southern  com 2  Annually.  Dec. 

1  olorado  &  Southern  ist  pfd v 4  Semi-annually,  Apl.,  .Oct, 

Colorado  &  Southern  2d  pfd 4  Semi-annually.  Apl.,  Oct. 

Consolidated  Gas 4  Quarterly,  Mch.,  June,  Sept.,  \h-c. 

Corn  Products  Refining  pfd 4  Quarterly,  Jan..  Apl.,  July,  <  let. 

Crex  Carpet ' 2  i  )ec. 

Delaware  &  Hudson 9  Quarterly,  Mch.,  June.  Sept..  Dec. 

Delaware,  Lackawanna  &  Western 10*  Quarterly,  Jan.,  Apl.,  July,  Oct. 

Denver  &  Rio  Grande  pfd 5  Semi-annually.  Jan..  July 

Distillers'  Securities -  Quarterly,  Jan.,  Apl.,  July,  (  >ct. 

Federal  Mining  &  Smelting  com 6  Quarterly,  Jan.,  April,  July.  Oct. 

Federal  Mining  &  Smelting  pfd 7  Quarterly,  March,  June,  Sept.,  Dec. 

Federal  Sugar  Refining  pfd 6  Quarterly,  Feb.,  May,  Aug.,  Nov. 

General  Electric 8  Quarterly,  March,  June,  Sept..  Dei  . 

Granby  Consolidated 8  Quarterly,  March,  June,  Sept.,  Dec. 

I  heat  Northern  pfd 7  Quarterly.  Feb..  May,  Aug.,  Nov. 

<  rreat  Northern  Ore 1  Annually,  March. 

Havana  Electric  pfd 6  Quarterly,  Feb.,  May.  Aug..  Nov. 

Hocking  Valley  com 4  Semi-annually,  Jan.,  July. 

Hocking  Valley  pfd 4  Semi-annually,  Jan..  July. 

Illinois  Central 7  Semi-annually,  March,  Sept. 

International  Harvester  pfd 7  Quarterly,  March,  June,  Sept.,  Dec. 

International  Paper  pfd.  ' 2  Quarterly,  Jan..  April,  July.   Oct. 

International  Steam  Pump  pfd 6  Quarterly,  Feb..  May,  Aug..  Nov. 

Kansas  City.  Fort  Scott  &  Memphis  pfd 4  Quarterly,  Jan..  April,  July.  Oct. 

Kansas  City  Southern  pfd 4  Quarterly,  Jan,,  April,  July,  Oct. 

1 

Lake  Shore  &  Michigan  Southern 12  Semi-annually,  Jan.,  July. 

Louisville  &  Nashville 5  Semi-annually,   Feb.,  Aug. 

Mackay  Companies  com 4  Quarterly.  Jan..  April.  July.  Oct. 

Mackay  Companies  pfd 4'  Quarterly,  Jan..  April.  July,  Oct. 

Manhattan  Elevated 7  Quarterly.  Jan..  April,  July.  Oct. 

Michigan  Central 6  Semi-annually.  Jan..  July. 

Minneapolis  &  St.  Louis  pfd 5  Semi-annually.  Jan.,  July. 

Minn..  St.  Paul  &  Sault  Ste.  Marie  com 6  Semi-annually,  April.  Oct. 

Minn.,  St.  Paul  &  Sault  Sic   Marie  pfd 7  Semi-annually,  April.  1  id 

Missouri,  Kansas  &  Texas  pfd 4  Semi-annually.  May.  Nov. 

Nashville,  Chattanooga  &  St.  Louis 5  Semi-annually,  Feb.,  Aug. 

National  Biscuit  com 5  Quarterly,  Jan..  April.  July.  Oct. 

National  Biscuit  pfd 6  Quarterly.  Feb.,  May.  Aug..  Nov. 

National  Enameling  &  Stamping  pfd 7  Quarterly,  Jan.,  April.  July,  Oct. 

NationalLead.com 5  Quarterly,  Jan.,  April.  July.  Oct. 

National  Lead  pfd 7  Quarterly,  March,  June,  Sept.,  I  >ec. 

*PIus  extra. 


388 


GIBSON'S     MANUAL 


Present 
Stocks.  Annual  Rate.  Payable. 

Now  York  Central  &  Hudson  River 5  Quarterly,  Jan..  April,  July,  <  let. 

New  York,  Chicago  &  St.  Louis  1st  pfd 5  Quarterly,  March,  June,  Sept..  Dec. 

New  York,  Chicago  &  St.  Louis  2d  pfd 5  Quarterly,  March,  June,  Sept.,  Dec. 

New  York,  New  Haven  &  Hartford 8  Quarterly.  March,  June,  Sept.,   Dec. 

New  York,  (  tatario  &  Western 2  Annually.  Aug. 

Norfolk  &  Western  cum 4  Semi-annually.  June.   Dec. 

Norfolk  &  Western  pfd 4  Semi-annually,  Feb.,  Aug. 

North  American 5  Quarterly,  Jan..  April,  July.  Oct. 

Northern  Pacific 7  Quarterly.   Feb.,  May,  Any.,  Nov. 

Pacific  Coast  com '.-.  4  Quarterly,  Feb.,  May,  Aug.,  Nov. 

Pacific  Coast  1st  pfd 5  Quarterly,  Feb.,  May,  Aug.,  Nov. 

Pacific  Coast  2d  pfd 4  Quarterly,   Feb.,  May.  Aug..  Nov. 

Pennsylvania 6  Semi-annually.  May,  Nov. 

People's  Gas  Light 6  Quarterly.   Feb.,  May,  Aug.,  Nov. 

Pitts.,  Cin.,  Chic.  &  St.  Louis  com 4  Semi-annually,  Feb.,  Aug. 

Pitts..  Cin.,  Chic.  &  St.  Louis  pfd 5  Semi-annually,  Jan.,  July. 

Pittsburgh,  Fort  Wayne  &  Chicago  cum 7  Quarterly.  Jan.,  April.  July.  Oct. 

Pittsburgh,  Fort  Wayne  &  Chicago  pfd 7  Quarterly,  Jan.,  April,  July,  Oct. 

Pressed  Steel  Car  pfd 7  Quarterly,   Feb.,   May,  Aug..   Nov. 

Pullman 8  Quarterly.    Feb.,  May,  Aug.,  Nov. 

Railway  Steel  Spring  com 2  Semi-annually,  April,  Oct. 

Railway  Steel  Spring  pfd 7  Quarterly.  March.  June,  Sept..  Pec. 

Reading  com 4  Semi-annually.  Feb.,  Aug. 

Reading  1st  pfd 4  Semi-annually,   March,   Sept. 

Reading  2d  pfd 4  Semi-annually.   May.   Nov. 

I 

St.  Louis  &  San  Francisco  1st  pfd 4  Quarterly.  Feb.,  May.  Aug..  Nov. 

Sloss- Sheffield  Steel  &  Iron  com 5  Quarterly,  March,  June,  Sept..  Dec. 

Sloss-Sheffield  Steel  &  Iron  pfd 7  Quarterly,  Jan.,  April,  July,  Oct. 

Southern  Pacific  com 6  Quarterly.  Jan.,  April,  July.  Oct. 

Southern  Pacific  pfd 7  Semi-annually,  Jan..  July. 

Toledo,  St.  Louis  &  Western  pfd 4  Semi-annually,  April,  Oct. 

Twin  City  Rapid  Transit  com 5  Quarterly.  Feb.,  May,  Aug..  Nov. 

Twin  City  Rapid  Transit  pfd 7  Quarterly.  Jan.,  April.  July.  Oct. 

Union  Bag  &  Paper  pfd 4  Quarterly.  Jan.,  April,  July,  Oct. 

Union  Pacific  com 10  Quarterly,  Jan.,  April,  July,  Oct. 

Union  Pacific  pfd 4  Semi-annually.  April.  (  tat. 

United  States  Express : 4  Semi-annually,  May,  Nov. 

U.  S.  Realty  &  Improvement 4  Quarterly.   Feb.,  May.  Aug..   Nov. 

United  States  Rubber  1st  pfd 8  Quarterly.  Jan..  April.  July.  Oct. 

United  States  Rubber  2d  pfd 6  Quarterly,  Jan..  April,  July,  Oct. 

United  States  Steel  com 2  Quarterly,  March.  June.  Sept..  Dec. 

United  States  Steel  pfd ,.  7  Quarterly.  March.  June.  Sept..  Dec 

Utah  Copper $2  Semi-annually,  March.  Sept. 

Virginia  Carolina  Chcm.  pfd 8  Quarterly.  Jan.,  April,  July.  Oct. 

Vulcan  Detinning  pfd 5  Ouarterly,  Ian.,  April.  |uly,  Oct. 

Wells,  Fargo  &  Co 10  Semi-annually.  Jan..  July. 

Western  Union  Telegraph 3  Quarterly,  Jan.,  April,  July,  Oct. 

Wisconsin  Central  pfd 4  Quarterly,  March,  June,  Sept.,  Dec. 


GIBSONS     MANUAL  38 1 


Cotton 


COTTON,  IN  NEW  YORK,  IN  1908. 

Jan.  17-20,  1908,  spot  cotton  in  New  York  sold  at  12.25  cents,  the  highesl  price  of  the  year.  There 
was  a  simultaneous  rise  in  sales  for  future  delivery  in  all  other  months  and  on  the  24th  futures  also 
touched  the  highest  prices  of  the  year.  May  sold  up  to  11.79  and  June  to  11.71.  Those  figures  were 
never  quite  touched  again  during  10.08,  and  they  brought  to  a  close,  temporarily,  an  era  of  excellent 
prices  for  cotton,  which  had  prevailed  since  1903. 

Following  the  short-lived  bull  movement  of  January,  a  decline  set  in.  lasting  until  the  latter  part 
of  April.  (  >n  the  20th,  spot  cotton  was  officially  quoted  at  (;.ox>  cents,  a  decline  of  $2.35  per  100  lbs. 
All  other  months  were  low  on  the  28th,  with  July  and  October,  in  which  there  had  been  the  most 
activity,  down  to  8.20  and  8.17  respectively,  a  fall  of  $3.41  and  $2.58  per  100  lbs. 

The  broad  general  cause  of  this  was  the  reaction  in  the  trade  of  the  country,  then  acute,  attended 
li\  curtailment  of  operations  by  cotton  mills,  North  and  South.  An  additional  influence  was  the  prob- 
ability of  a  large  crop.  Speculators  could  not  contend  with  bearish  conditions  and  concluded  to  liqui- 
date their  holdings.  The  bull  deal  in  May  cotton  collapsed  first  and  other  months  followed,  with  room 
traders  at  the  Cotton  Exchange  hammering  the  market  and  general  selling  by  all  interests  North  and 
South  and  abroad. 

In  May,  however,  a  bull  movement  started.  Wall  Street  interests  took  hold,  encouraged  by 
frosts  in  the  cotton  belt,  the  first  week  in  May,  by  heavy  rains  in  other  localities  and  by  the  back- 
ward state  of  the  crop,  which  was  two  weeks  in  arrears.  Heavy  buying  and  trading  by  speculative 
interests  threw  the  market  into  excitement.  Fluctuations  were  rapid  and  violent  and  at  one  time  in 
May  the  July  option  sold  87  points  higher  than  (  (ctober.  The  advance  was  promoted  by  greater  life 
at  the  time  in  the  dry  goods  trade,  signs  of  revival  in  other  lines  of  industry,  cool  weather  and  excessive 
rains  in  the  South,  the  small  stock  of  cotton  in  New-  York,  and  finally  by  the  Government  report  for 
May  25th,  which  indicated  that  the  much  discussed  increase  of  acreage  amounted  only  to  1  per  cent. 
The  bull  movement  culminated  on  June  19th,  when  spot  cotton  sold  at  12.20  cents,  an  advance  of 
$2.30  per  100  lbs.  from  April.  All  other  months  were  highest  on  the  same  day.  July  had  advanced 
$1.52  and  October  $1.56  per  100  lbs. 

From  June  19th,  there  was  practically  a  continuous  decline  until  (  let.  6th,  interrupted  it  is  true 
by  efforts  to  stem  the  tide.  The  ( lovernment  report  for  June  25th  gave  promise  of  a  large  crop,  but 
some  private  reports  were  at  variance  with  this  conclusion,  and  Wall  Street  speculators  took  a  hand  in 
the  game  in  July  and  bought  heavily  for  a  rise.  In  one  week,  one  interest  was  supposed  to  have 
taken  100,000  bales  of  October  and  December.  Bullish  influences  were  the  extremely  small  stock  of 
cotton  in  New  York,  better  trade  in  the  country  at  large,  and  the  probability  of  frosts  in  the  South. 
Under  strong  manipulation  the  August  delivery  advanced  from  9.15  to  10.40  in  four  weeks;  other 
months  about  J^  cent  a  pound.  Prices  could  not  be  sustained.  Larger  receipts,  backwardness  of  the 
dry  goods  trade  both  here  and  abroad,  and  continued  advices  of  a  large  yield  made  it  impossible  to 
go  on  with  the  bull  movement.  August  20th,  the  leading  Wall  Street  bull  started  in  to  liquidate,  selling 
it  is  said  150,000  bales  in  New  York  and  100,000  bales  in  Liverpool.  August  and  October  dropped 
$3  a  bale  on  the  20th,  and  other  months  from  $1.50  to  $2.50.  Cotton  drifted  on  down  and  on  October 
9th,  spot  cotton  struck  9  cents,  a  fall  of  $3.20  per  100  lbs.  from  June  22d.  Other  months  were  low- 
on  October  6th.  October  was  down  to  8.62  from  n~},:  December,  8.48  from  9.53;  and  January,  8.25 
from  9.49. 

A   moderate    recovery   took   place   later   running  on   until   the  end  of  the  year.      Wall   Street  in- 
terests again  tried  to  start  a  bull  movement:  and  Chicago  and   other  sections   joined    in   the   effort.      A 
genuine   bull   campaign   seemed   however   to  be  out  of  ihe  question  until  there  should  be  a  more  pro 
nounced  and  permanent  activity  in  general  trade. 


GIBSON'S     MANUAL 


SPOT  COTTON,  IN  NEW  YORK,  1908. 
Low  and  high  prices  by  weeks,  on  the  New  York  Cotton  Exchange: 


V\  eek 

Week 

W  eek 

Week 

Wet 

k 

Week 

Knding     Range 

End 

ng 

Ranye 

Ending 

Range 
.  10.20-10  55 

Ending 

Range 

End 

"S 

Range 

Ending 

Range 

J:t'i.  3- 

.  II.40-J  [.80 

Mch. 

6. 

.11.45-11.65 

May     8. 

July   10. 

.11.20-11.30 

Sept. 

11 . 

.9.30-9.50 

Nov. 

13 

•9-25-9-35 

'    10. 

.  1  1 .30-  I  1 .45 

" 

13- 

.11.20-11.55 

"      15- 

.10.65-11.30 

17. 

.11.00-11.20 

18. 

.9.40-9.60 

■■ 

20 

■9-35-9-50 

"   i;- 

.11.45-12.25 

20. 

.10.65-11.20 

22. 

.10.90-11.10 

"      -'4  ■ 

.  10.80-11.00 

" 

25- 

.9.30-9.50 

" 

27 

■9-45-9-55 

"    24- 

.H.75-I2.25 

27- 

.  10.40-10.55 

"    29. 

.1 1. 20-11. 40 

"     31- 

.10.70-10.80 

Oct. 

2. 

.9.25-9.40 

Dec. 

4 

•9-35-9-45 

"   31. 

.II.65-i2.OO 

Apl. 

3- 

.10.40-10.50 

June    5. 

.11.30-11.50 

Aug.    7- 

.10.60-10.85 

" 

9- 

.9.00-9.15 

" 

11 

9-10-9-35 

Feb.  ;. 

.II.65-II.85 

" 

10. 

.10.15-10.50 

"      12. 

.11.40-11.40 

"     14- 

.10.50-10.75 

" 

16. 

.9.10-9.30 

ti 

18 

.9.10-9.10 

■'    1.4- 

.II.35-II.7O 

" 

i/- 

.   9.90-10.25 

"     19. 

.11.40-12.20 

"     21 . 

.  10.00-10.50 

" 

25. 

.9.20-9.411 

a 

25 

•  915-9-30 

"    21. 

.II.35-II.5O 

It 

-M 

.  9.90-10.IO 

"     26. 

.11.60-12.20 

"     28. 

.  9.50-10.00 

'" 

3°. 

■  9-35-9-45 

" 

31 

.9.20-9.35 

-     28. 

.11-35  "-SO 

May 

I. 

.  IO.OO-10.30 

July    3- 

.11.40-11.60 

Sept.    4. 

.  9.30-  9.50 

Nov. 

6. 

■  9-25-9  4" 

COTTON  FUTURES  AT  NEW 

Low  and  high  prices  for  actual  sales  for  future    delivery, 
York  Cotton   Exchange. 


YORK. 

by    weeks,    during    1908, 


Week 
Ending 


Jan. 


Feb. 


Mch. 


Apl. 


May 


on    the    New 


June 


Jan.  3. 
10. 
I/- 
24- 

3i- 
Feb.    7. 

14- 
21. 
28. 

Mch.   6. 

13- 
20. 

-V- 

Apl.     3. 

10. 

17- 
24- 

May     1. 

8. 

15- 

22 

29. 

June  5. 
12. 

19- 

26. 

j«iy   3- 

10. 

17- 

24- 

31- 

Aug.   7. 

14- 
21 . 
28. 


10. 
10. 
10. 
10. 
10 


30-10 
43-IO 
60-11 

86-11 
88-11 


74 
75 
57 
58 


44- 
50- 
28- 

87- 
44- 

21- 
31- 

7' 1 


87-  9 

05-  9 


99- 

07- 

22- 

04- 
03- 
85- 

02- 


9 
9 
9 

9 

9 

9 

9 

95-  9 
04-  9 

11-  0 

84-  9 
44  9 

34    8, 


54 
63 
69 

35 

84 
70 
00 
27 
25 
36 
47 
4' 
49 
35 
20 
20 

21 
26 

20 

44 

37 

10 

60 


10.50-10.77 
10.81-10.81 
10.99-11.55 
11.20-11.61 
10.82-11.18 
1 0.88- 1 1. 00 
10.91-10.91 
1048-10.60 
10.30-10.47 


8.25-  8.86 
R.72-  8.72 

8.94-  8.94 
9.10-  9.10 

9.21-  9.21 

9-39-  9-39 
9.05-  9.09 


9.07    9.19 
9.12-  9.21 


8.i)0-  9.00 
8.72-  8.95 
8-44-  8.55 


10 
10. 
10 
10 
10 
10 
10 
10 

TO, 
10. 
IO 

9 

9 
9 


61- 
62- 
81- 
88- 
92- 
88- 
52- 
46- 
21- 
29- 

23- 
68- 

32- 

33- 


0.05 
o-93 
r-73 
i/5 

1 -34 


/ 


1. 12 
0.69 
0.54 

0.77 
0.66 

0-37 
9-65 

'>-55 


05-  9-J5 

.54-  8.82 

28-  8.73 

44-  8.97 

86-  9-75 

87-  9.44 

02-  9.32 
98-  9-47 

05-  9-37 
18-  9.44 

01-  9-33 

03-  9.20 

86-  9.21 

03-  9.20 

96-  9.25 

06-  9.21 
18-  9.47 
90-  9.41 

53-  9  1  I 

40  X.t>7 


10.68-10.98 
10.64-10.90 

IO.85-II.56 

II. 19-11. 72 

IO.93-II.33 

10. 88-11. 11 
10.73-10.75 
10.72-10.77 
10.38-10.38 

10.28-10.35 
9.70-10.37 
O.40-  9.56 
9.50-  9.58 
9-43-  9-43 


10.63-10.98 
10.58-10.92 
10.85-11.76 
10.97-11.79 
1 0.97- 1 1.39 
10.90-11.18 
1 0.64- 1 1.22 
10.60-10.84 
10. 41-10.70 
10.47-10.93 
10.33-10.77 
9.77-10.44 
9.44-  9.86 

0-49-  >>-77 
9.20-  9.69 
8.82-  9.32 
8.32-  8.86 
8.03-  8.68 
8.29-  9.05 
0.04-10.05 
9.50-  9.85 
10. 10-10.45 


10.60-10.80 
1 0.96- 1 1.60 
11.33-n.71 
10.96-11.33 

1 0.91 -1 1.03 
10.82-11.01 
10.57-10.73 
10.31-10.55 
10.44-10.68 
10.26-10.63 
9.92-10.22 

9-45-  9-7i 

9.66-  9.72 

9.40-  9.60 

8.92-  9.04 

8.43-  8.84 

8.15-  8.76 

8.75-  8.70 

8.96-  9.9S 

9.64-  9.70 

10.00-10.46 

10.04-TO.04 

10.15-10.15 

9.95-10.16 


S.84-  8.90 
8.50-  8.66 


s55    S-55 


GIBSON'S     MANUAL 


39 ' 


Week 
Ending 


Week 
Ending 


Feb. 


Sept.  4. 

1  1  . 

18. 

25. 
Oct.    2. 

9- 

16. 

23- 

3°- 

Nov.   6. 

13- 

20. 

-'7- 
Dec.    4. 

1 1 . 
18. 
25- 
3i- 


8.25-  S.45  8.31-  8.49 

8.40-  8.70  ......... 

8.48-  8.87  8.54-  8.80 

8.50-8.72  ......... 

8.44-  8.78  8.64-  8.64 

8.25-  s.45  8.55-  8.35 

8.35-  8.71  8.50-  8.50 

8.59-  8.88  ......... 

8.64-  8.91  8.69-  8.69 

8.76-  8.90  8.58-  8.58 

8.76-  8.99  ......... 

8.86-  9.22  ......... 

8.98-  9.25  9.03-  9.03 

8.75-  9.02  8.90-  8.90 

8.42-  8.81  8.58    8.5s 

8.37-8.57  ......... 

8.46-  8.69  8.54-  8.70 

8.67-  9.02  8.98-  8.98 


Mch. 


Ap 


8.33-8.50  ......... 

s.45-  8.72  ......... 

8.53-  8.89  ......... 

8.54-8.75  ......... 

8.45-  8.80  ......... 

8.24-8.44  ......... 

8.33-8.63  ......... 

8.52-  8.80  ......... 

8.63-  8.86  ......... 

8.72-  8.96  8.86-  8.86 

8.75-  8.99  8.89-  8.89 
8.84-  9.10  9.03-  9.03 
9.00-  9.17  9.06-  9.16 
8.77-  9.03  8.77-  8.87 
8.51-  8.83  8.55-  8.78 

8.46-  8.66  ......... 

8.58-  8.78  ......... 

8.76-  8.95  8.88-  8.88 


May  June 

8.45-  8.58  ......... 

8.55-  8.77  8.58    8.58 

8.O0-  8.95         .... 

8.59-  8.78  ......... 

8.47-  8.84  ......... 

8.26-  8.47  ......... 

8.29    8.52  ......... 

8.42-  8.75  8.52-  8.52 

8.59-  8.83  ......... 

8.71-8.94  ......... 

8.72-  8.98  8.94-  8.96 

8.83-  9.06  9.00-  9.00 

9.02-  9.16  903-  9.06 

8.8  [-  9.06  8.88-  8.94 

8.58-  8.89  8.60-  8.65 

8-55-  8.73  8.60-  8.60 

8.64-  8.86  8.64.  8.82 

8.85-  8.98  8.86-  8.88 


July 


Aug. 


Sept. 


(  )ct. 


Nov. 


Dec. 


Jan.     3 IO.58-IO.96 

10 10.50-10.83 

17 IO.75-II.56 

24 IO.89-II.6l 

3' 10.83-11.25 

Feb.    7 10.71-10.92 

14 10.44-10.89 

21 10.45-10.71 

28 10.26-10.58 

Mch.  6 10.37-10.70 

13 10.20-10.52 

20 9.72-10.27 

-'7 ••  •  ■  • 945"  9-85 

Apl.    3 9-50-  9-8i 

10 9.30-  9.79 

17 8.90-  9.35 

-'4 8.47-  8.90 

May     1 8.20-  8.75 

8 8.32-9.17 

15 8.92-10.07 

22 9.46-  9.98 

29 9.87-10.41 

June    5 9.87-10.27 

12 9.96-10. iX 

19 10.17-10.91 

26 9.63-10.70 

July    3 9.65-  9.87 

10 9.26-  9.65 

17 9-36-  9-54 

24 9-23-  9-5" 

31 024-  0.91 


10.50-10.72  ......... 

10.37-10.65 

10.62-1 1.30  ......... 

10.89-1 1.28  ......... 

10.63-11.03  ......... 

10.52-10.71  ......... 

10.27-10.58  ......... 

10.28-10.53 

10.06-10.39  ......... 

10.20-10.45  10.00-10.00 

10.04-10.35 

9.76-10.10  ......... 

9.40-  9.63  9.54-  9.54 

9.50-  9.72 

9.25-  9.71  9.31-  9.31 
8.85-  9.16  8.90-  9.10 
8.42-  8.82  8.36-  8.79 
8.18-  8.72  8.20-  8.53 

8-33-  9-07  *-57-  8.88 

8.84-  9.70  8.92-  9.21 

9.29-  9.78  9.12-  9.55 

9.72-10.35  <>.17-  9-65 

9.77- 1 0.1 1  9.43.  9.76 

9.80-10.00  9.50-  9.65 

9.96-10.70  i). 70-10.39 

9.54-10.56  9.55-10.16 

9.55-  9.80  9.38-  9.59 

9.26-  9.57  9.21-  9.50 
9-30-  9-57  927-  9.42 
9.15.  9.40  9.14-  942 
9.30-10.00  9.20-  9.59 


10.00-10.00  ......... 

10.03-10.20  ........ 

10. 19-10.74  ......... 

10.20-10.75  ......... 

ro. 16-10.42  ......... 

10.04-10.20  ......... 

9.86-10.12  ......... 

9.85- 10. 1 2  ......... 

9.90-10.10  ......... 

9.90-10.12  10.00-10.00 

9.76-10.02  ......... 

9.50-  9.82  ......... 

9.38-  9.60 

9.44-  9.66  9.60-  9.60 

9.20-  9.68  930-  9.42 

8.86-  9.35  8.98-  9.16 

8.42-  8.89  8.45-  8.80 

8.T7-  8.65  8.23-  8.57 

8.26-  8.97  8.64-  8.88 

8.72-  9.20  8.93.  9.21 

9.00-  9.53  9.08-  9.43 

9.32-  9.62  9.30-  9.30 

9.17.  9.65  9.10-  9.43 

9.26-  9.57  025-  9-25 
9.40-  9.73  ......... 

9.22-  9.58  9.12-  9.30 

9.24-  9.42  9.08-  9.09 

O.04-  9.41  ......... 

C).22-    9.46  ().IO-    <).IO 

0.13-    9-50  ......... 

9.27-  9.44  ......... 


10.01- 

10.08 

9-94- 

10.03 

10.07- 

10.12 

9.91- 

10.08 

9.92- 

10.11 

9.80- 

10.01 

9.56 

9.84 

9.41- 

9.62 

945- 

9.67 

9.21- 

9.68 

8.87- 

9-34 

8.44- 

8.90 

8.20- 

8.67 

8.30- 

9.00 

8-77- 

9.20 

8.90- 

943 

9.09- 

9-39 

9-03- 

9-51 

9.12- 

9.46 

9.26- 

9-53 

9.06- 

9-38 

9.06- 

9.25 

8.90- 

9.26 

9.11- 

9-.V 

8.97- 

9-3i 

9.10- 

9.26 

392  GIBSON'S     MANUAL 


Ending.                                   July  Aug.  Sept.  Oct.  Nov.  Dec. 

A"g-    7 9.80-10.19  9.47    9.76  9.32    .(.85  9-36-9-37  '''5-9-47 

■     M -■••■  9.80-10.40  9.23-9.78  9.00-9.76  8.90-9.27  8.89    9.43 

21 9-45-I0.31  8.75-9.51  8.51-9.42  8.70-8.78  8.47    9.13 

28 -....  8.40-9.04  8.31)-  8.78  8.51-8.77  8.40-  S.06  8.40    8.66 

Sept.  4 -•■■•  8-33-8-54  8.35-8.53  8.38-  8.03  8.41-8.44  8.33-8.55 

11 - 8.56-8.85  8.60-  8..  ,7  8.70-8.70  8.50-  8.8  [ 

18 8.69    8.70  ....- -....  8.72-9.15  8.68-  8.S1  8.57-8.99 

25 S.73-  8.82  .........  8.83-  S.<J7  8.80-  9.08  8.58-  8.65  8.64-  8.85 

Oct.    2 8.57-8.79 9.03-9.04  8.82    9.12  8.64-8.66  8.60-8.91 

'i 8.30-8.48  8.30-8.30  .........  8.62-8.87  8.50-8.60  8.48-8.72 

16 8.31-8.48  ....- -....  8.78-9.10  8.67-8.84  8.56-8.87 

23 8.37-8.69  ....- -....  8.96-9.24  8.83-8.96  8.67-9.02 

30 8.54-  8.75  8.58-  8.60  .........  9.03-  9.28  8.88-  8.91  8.78-  9.02 

Nov.  6 x.<>2    8.88  8.53-8.78        - - 8.92-9.09  8.92-9.16 

13 8. 67-  8.91  8.60-8.81  ....- -....  9.00-9.01  8.97-9.15 

20 x.73-  8-97  8.67-  8.88  .  . .  .- -. . .  .  9.08-  9.35  9.. »2-  9.35 

27 8.96-  9.09  8.88-  9.00        .  .  .  .- 8.63-  8.78  9.28-  9.37  9.20-  9.38 

Dec.   4 8.77-9.03  8.71-8.95 8.50-8.76       - 9.10-9.30 

11 8.58-8.83  8.54-8.70  .........  8.37-8.64  .........  8.85-9.19 

18 8.55-8.72  8.50-8.62  .........  8.38-8.50  .........  8.76 -  K.o8 

25 8.67-  8.87  8.59-  8.75  .........  8.45-  8.64  .........  8.86-  9.14 

31 8.84-  8.95  8.79-  8.84  .........  8.63-  8.72  .........  8.85-  9.14 


COTTON  CROP  OF  THE  UNITED  STATES  AND  PRICES. 

Number  of  bales  produced  in  the  United  States  since   [897,  and  range  of  price  of  spot  cotton  at 
the  New  York  Cotton  Exchange: 


Year.  Bales.                       Range  of  Price. 

i9°8   11,705.714 

1907  1 3.770,601 

1906  13.510.982 

1905 11,345,988 

1904  13.565.885 

1903  10,011.374 

t9°2  10,727.559 

1901  1 0,680.689 

1900  10,383.422 

t899  9.436416 

1 898   11 ,274,840 

1897   [1,199,994 


9.00 

12.25 

°-55 

13-55 

9.60 

12.25 

7.00 

12.60 

6.85 

17-25 

8.90 

14.10 

8.25 

9. 1 2 

7  i.v/16 

[2 

79/16 

1  I 

5  7/8 

7  13/16 

5  5A6 

69/16 

5  13/16 

81/4 

Largest  previous  crop,  1894,9,900,000  bales. 


GIBSON'S     MANUAL  393 


Grain  in  the  United  States,  1908 

WHEAT 

The  noteworth)  feature  of  the  grain  markets  was  a  great  hull  speculation  in  wheat  and  corn. 
The  movement  in  wheat  is  yet  in  progress  and  h.i  ^  sent  thai  grain  to  higher  prices  than  for  nearly  five 
years  past. 

When  [908  began  wheat  was  on  the  upward  grade,  having  steadil)  risen  in  price,  interrupted  only 
l>y  the  usual  speculative  reactions,  since  August,  [906.  It  bad  bee*  conjectured  in  the  latter  part  of  [906 
that  the  American  wheat  cmp  of  1907  would  be  one  of  moderate  proportions;  and  strong  financial  inter- 
ests in  Chicago  and  New  York  arrayed  themselves  upon  the  long  side  of  the  market.  The  actual  outturn 
of  wheat  in  1907  justified  pessimistic  forecasts,  amounting  to  634,087,000  bushels,  a  reduction  of  ioi,- 
173,000  bushels  from  the  year  before.  Europe  was  beginning  to  be  uneasy  as  to  its  supplies  of  wheat. 
was  willing  to  pay  a  higher  price  than  had  been  prevailing  for  a  year  or  two,  and  did  so;  and  in  (  >cfober, 
>  1907,  cash  wheat  at  Chicago  sold  as  high  as  $1.22  a  bushel,  an  advance  of  52  cents  from  the  ball  of  the 
year  before. 

From  October,  [907,  wheat  tended  down  gradually  through  the  following  Winter  and  early  Spring 
until  April  9,  [908.  The  panic  and  depression  in  business  undoubtedl)  had  some  effect  on  the  market  value 
of  grain,  but  the  dominating  cause  of  the  decline  was  the  tremendous  outpouring  of  wheat  into  the  mar- 
kets of  Europe  from  Argentina.  Free  shipment  is  usual  from  that  country  in  the  first  months  of  every 
year,  but  in  1908  they  broke  all  records  at  times,  especially  in  January.  It  was  absolutely  uselass  to  bull 
the  market  against  this  extraordinary  flood  of  grain  from  South  American  granaries.  While  several 
efforts  were  made  to  support  wheat  anil  stem  the  decline,  bull  interests  were  obliged  to  liquidate  from 
time  to  time,  and  the  decline  was  helped  along  by  aggressive  selling  by  a  bear  part)-.  Wheat  fell  twice 
in  "tie  week's  time  5  and  7  cents  a  bushel  on  heavy  selling. 

From  Jan.  4,  1908,  which  was  high  water  mark  of  the  earl)  part  of  that  year,  the  decline  into 
April  amounted  to  from  12  to  iyl  cents  in  New  York  and  14;  to  21  \  in  different  options  in  Chicago. 
In  Chicago  July  wheat  was  down  from  $1.00]  to  83'J  cents,  and  in  New  York  July  was  down  from  $1.07! 
to  91!  cents,  and  May  from  $1.14^  to  97A  cents. 

Like  ever)  other  commodity,  grain  is  sensitive  to  every  condition  which  affects  the  abundance  and 
scarcity  of  the  article.  The  federal  report  on  Winter  wheat  for  April  1.  i<)<>N,  indicated  a  crop  of  493,- 
996,000  bushels,  with  condition  91.3  per  cent.  This  was  more  than  expected,  anil  caused  the  final  liquidation, 
with  aggressive  short  selling  and  a  sharp  break  in  prices.  But  a  month's  rally  ensued  in  all  the  markets 
of  the  world.  The  primary  causes  of  this  rise  were  decreased  shipments  from  Argentina,  smaller  stocks 
on  hand  in  different  parts  of  the  world,  and  hot,  dry  weather  in  the  American  Spring  wheat  States,  un- 
favorable to  plowing  and  planting  the  new  crop.  By  May  8  there  had  been  an  advance  of  CO§  to  14$ 
cents  in  different  options  in  New  York,  and  mi!  to  19]  cents  in  Chicago.  In  this  rise  the  Hessian  fly  and 
green  bug  played  their  historic  parts,  although  the  actual  damage  inflicted  by  them  was  small. 

From  May  8  wheat  slowly  sold  off  for  a  secondary  decline  until  June  20  and  2~ ,  when  No.  2  red 
Winter  was  quoted  in  New  York  at  1)4;.  lowest  of  the  year,  other  options  being  down  proportionately. 
In  Xew  York  the  decline  amounted  to  between  10  and  17  cents.  In  Chicago  it  was  not  so  severe,  about 
half  that.  The  June  downturn  followed  a  more  copious  export  of  wheat  from  the  Argentine  and  was 
partly  due  to  a  better  promise  for  wheat  in  this  country.  After  many  differing  estimates  of  Winter  wheat 
had  been  circulated,  each  one  affecting  prices,  the  Government  report  for  June  indicated  443,290,000 
bushels  against  409.442,000  the  previous  year.  Every  telegram  from  the  grain  States  also  testified  to  the 
then  prime  condition  of  growing  Spring  wheat  and  the  promise  of  a  larger  total  crop  than  in  1907. 

There  was  very  little  cheap  wheat  in  the  United  States  after  the  June  decline.  The  prices  of  that 
month  now  seem  amazingly  low.  Since  the  first  of  July  traders  have  witnessed  a  practically  continuous 
rise,   interrupted  only   by   trading  reactions,   lasting  until  the  present  time  (March.  [909). 

It  slowly  became  apparent  in  the  latter  part  of  June,  [908,  dial  the  United  States  crop  had  prob- 
ably  been   overestimated.      No   incident    or   development    which  pointed  toward  a  reduced  crop  was  left   unex- 


GIBSONS     MANUAL 


plotted.  Some  of  the  reports  were  exaggerated  and  sensational  beyond  credence,  as.  for  instance,  the  excit- 
ing stories  of  abandonment  of  an  extensive  acreage  in  Kansas.  But  there  was  enough  truth  in  all  these 
matters  to  result  in  important  interests  espousing  and  adhering  steadih  to  the  bull  side  of  the  market. 
Successive  Government  publications  on  condition  confirmed  this  attitude.  Spring  wheat  which  was  95  on 
Inne  i  being  shown  to  be  89.4  on  July  1.  80.7  in  August  and  77. i>  in  September.  The  long  side  of  the 
market  became  increasingl)  popular.  There  were  frequent  bursts  of  aggressive  buying,  during  which  wheat 
rose  from  .^  to  5  cents  in  a  single  week.  In  September  an  estimate  was  published  by  an  expert  in  France, 
indicating  a  crop  25  to  30  |>er  cent,  smaller  in  that  country  than  expected.  In  the  same  month,  a 
strong  milling  demand  sprang  up  in  the  Uinted  States,  Minneapolis  mills  alone  consuming  2,000,000 
bushels  a  day.  Tempted  by  the  higher  prices,  wheat  came  into  sight  from  Western  farms  in  heavy  volume. 
but  was  -napped  up  as  rapidl)  as  received,  and  the  rise  in  the  market  would  not  be  stayed.  In  I  Ictober  a 
new  factor  fame  into  pla\  in  the  form  of  political  trouble  in  the  Balkans,  with  possibilit)  of  war.  and 
wheat  took  an  excited  jump  to  a  new  high  level  for  [908.  Chicago  hulls  sold  heavily  at  times  to  take  profits, 
but  the)  turned  buyers  again  on  ever)  moderate  reaction.  In  November  there  was  a  tendency  to  believe 
that  the  Argentine  crop  had  been  considerably  damaged  and  the  exportable  surplus  reduced  to  a  moderate 
figure.  This  idea  was  not  entirely  borne  out  b)  fact-  which  came  to  light  subsequently,  hut  they  served 
the  purpose  of  carrying  on  the  hull  campaign,  and  again  wheat  made  new  high  records.  At  the  height  of 
the  hull  speculation  in  December  it  was  believed  that  one  interest  in  Chicago,  composed  of  bold  and  able 
men,  had  accumulated  and  was  carrying  from  15,000,000  to  _>o.ooo,ooo  hushels  of  long  wheat.  The  hack 
hone  of  the  whole  movement  was  the  conviction  that,  from  one  cause  and  another.  Europe  would  be  unusu- 
ally dependent  upon  the   United  State-  during  the  early  part  of   1909  for  it-  supply  of  wheat. 

Dec.  5  the  hull  movement  was  checked  temporarily,  with  No.  2  red  Winter  at  Xew  York  at  $I.I4§, 
an  advance  of  10,3  cents:  December  wheat  $l.I5f,  an  advance  of  ji!  cents.  Tn  Chicago  December  sold 
at  Si. 04:.  a  rise  of   19?  cent-. 

There  wa-  then  a  general  all  around  decline  of  f>  to  8  cent-,  after  which  wheat  was  bulled  in  the 
early  part  of  1909  to  higher  records  than  hefore.  Feb.  27.  [909*  the  grain  reached. $1,263  in  New  York, 
the  highest    since   that    famous   year   of  high    prices.    1904. 


GIBSON'S     MANUAL 


395 


WHEAT  IN  NEW  YORK  AND  CHICAGO,  1908,  HIGH  AND  LOW  PRICES,  BY  WEEKS. 


Week 
Ending 


( Hosing, 
2  Red 
Winter 


In  New   Y< irk 


May 


July 


Sept. 


I  >ec. 


May 


In  Chicago 


luh 


Sq.l. 


Dec. 


-+•  ■ 
11.. 

[8.. 

25  •■ 

I'd. 

1 . . 

•5-  • 

J    » 

29.. 

Mel 

■  /  •  • 

14.  . 

21  .  . 

28.. 

A  pi. 

4-- 

11 . . 

18.. 

25 . . 

Ma) 

2. . 

9.. 
16.. 

23  •  • 

30.. 

IlUK 

6.. 

I3-- 

20. . 

27.. 

July 

4-- 

11 . . 

18.. 

25  •  • 

Aug 

.  1 . . 
8.. 

I5-- 

22. . 

29.. 

Sept 

■  5-  • 

12. . 

26.. 

Oct. 

3-- 

[  0 . . 

17.. 

-4- 

31-- 

Nov 

•  !■■ 

14.. 

21.. 

28. 

Dec 

5  •  • 

1  2. 

10.. 

26. 

109 
io8f 

1 08  J 

I 

105! 

10 1  J 

[04I 

1052 

iooy-ioij 

■102$ 

I02| 
IOI 


I053 

io6|- 
io6|- 
104I- 

iooi- 

IOO.I- 

984- 

1  (  M  )  1  - 

[034- 


IOOi- 

ioof- 

96I- 

\02\- 
,io7f 

io8i- 
107  - 
107  - 

104  - 

9^2- 

■  94  r 
96 

■  94f 
.  96f 

■  98i- 
,  101  - 

1 00 1  - 

< h  1 ', 
102  - 
ioof 

99*- 
ioof- 

1034- 

1 1 .5 1 

,108  - 

.I06J 

,io6i 

io7J- 

.  |,,r,; 

.1074- 
.io8| 
.  1 1 1  f  ■ 
,1124- 
.iiii 

.io8f 
.  tosf 

.105;- 


roof 

III 

I  12 

1084 

io7i 

1084 

102 

98 

99 
96* 

98 

994 

Ol4 

01* 

03i 
OlS 


[o8| 

I02f 

i03f- 

1003- 

o8| 

ioi|- 

1 05  I 

io\\- 

1024- 
IOlf 

ioof- 
974" 

99  ■ 

iool- 

105I- 
109  - 
105!- 
107^ 
103  - 


I4l 

14.I 
i-V 
II 

09* 
o6f 

05! 
02^ 
064 
08  { 
04 1 
04] 
03! 
1 12 ; 
oi| 

00  1 

07 1 
10 

IO.l 

08^ 

o8| 
o84 


02  i 
oil 
04  I 

05 
09 

081 

10 

09^ 
09i 

l"l 
II 

Hi 

i3i 

13S 

i4f 

IK 
,  8  I 
09 


o64- 
054- 

05  - 
04f 

04!- 
o6|- 
07J- 

09  -J 

,  ,8 ', 

08 

0<)',- 

o8f 
09  j- 

10 

IK 
14  - 
i3i 

Hi- 
ioJ 
094- 

09'3 


105  V 

tosf- 

105-4- 

1044- 

99§ 
ioof 

964- 

94i 
96 

99l 

96  - 

<>:: 

954- 

95*- 

91! 

92J- 

■  1 1 1 

95f 

983- 
97f" 
974- 
98J- 
953- 
93§" 
944- 
92  - 

95  - 
97*- 

99i- 
ioo|- 


107 1 
107! 
io6f 
105* 
-105! 

I02| 
101 

-,si 

1 1 )  u 

103 

99 

wi! 

o8i 

963 

95a 

94i 

97i 

98i 

I02i 


IOOii 

iooi 

IOlf 

iooi 

96f 

98i 

95* 

98 

1 00  J 

ioil 

102 

I  Olf 


10 

07* 

064 
06 

o84 

o8f 

o| 


9ii 

"-: 
93i 
93l 

94 :;  ■ 

92f 

9ii 

91*- 

9if- 

92f- 

94l- 

97l- 

97i- 

961- 

ioof- 

mm; 

ioo|- 

IOlf- 

io4|- 

108A- 
107  • 


93tl 

93^ 

96I 

gsi 

95i 
971 

-  951 
93^ 
951 
95 
').K 

■  97i 
99l 
99l 

K101, 

1 0 1 1 

C02| 
I02l 

I02  J 

•io6i 
■io6i 
■1  ioi 
■]  ml 

[08I 


to5i- 

102  ■ 
100  • 

941 

95f 

92§- 

9°f- 

93l- 

96f 

9if 

93i" 

93l- 

9lf- 

87- 

9°i- 

92§- 

961- 

ioi|- 

98f- 
99i 


[08^ 

108 

1 05  sL 
I02 

98f 
9/1 
94i 
99^ 

101J. 

97 
96i 

95  & 
94* 

93 
92JJ 

99i 

104J 
io6]- 
105^ 
103-i 


ioij-ii  1 


I' 
1 1 
I 

l£ 

K 
-  a 
55 

5i 

4l 

6| 

61 


93f 

94i- 
96§- 
99i 
991- 

98f- 
oif- 

O  l\  - 
Olf- 
02|- 

04^- 
o6i- 
o8f 

o7f 
07]- 
o8|- 
o8i- 
o8| 

09I- 
uf 
12I- 

12  - 

i3f 

o8f 

07f- 

"7' 


95 
97§ 


01^ 
oil 


01^ 

07\ 

04I 

034 

03^ 

06^ 

o6f 

10 

ni 


93  - 

95^- 
96- 

95  - 
99i- 

984- 
971- 
97%- 


96 
98 
97i 

98I 
i03i 

101  \ 
99l 


w7|-iool 
98  -100 
97l-  99i 
97h  99 
91J-  98} 
92f-  94l 
89-I-  93i 
87*-  90I 
88f-  954 
90J-  96^ 

SS;  m: 
88i-  92 
88  -  9og 

m-  m 

83I-  88f 

84^-  86| 
86  -  89} 

861-  89I 

m-  931 

88f-  92i 
88i-  91  i 
89I-  92J 
861-  92 
85I-  89! 
86  -  90^ 
84s-  87i 
84i-  87f 
864-  90-J 

89I-  9if 
89J-  91I 

88J-  91 


99^ 

•97J-10K 


io| 
10] 
11* 

IO| 

10  J 

III 


14s 
i3l 
15I 

15 
09! 

09J 


99*- 1 
ioij- 

102I- 

IOlf- 

ioof- 

I02f 

101-j- 

102  - 


I02l- 
I04f 

io6£ 


106S- 
i07f- 
104I- 
io4§- 
104I- 


104^ 

|"> 

1  "4l 
I04| 

105 

103I 

104I 

1041, 
io8ti 
109* 


11 1 :-  97 

94f-  '»"' 
94§-  95 1 
944-  96 

89I-  95l 
894-  92 
86|-  89I 

S3:  SS; 

86  -  .,_■: 

85I  ss1^ 
85f  88i 
85i-  ^7- 
85i-  861 
824-  861 
824-  84  I 
83I-  86] 
834-  85i 
84I-  89 

85*-  m 

85I-  87f 

87  -  90I 
85  -  884 
834-  86| 
84f-  88| 
s»;  S.,^ 

854-  88f 

87!-  91 
89§-  92f 
9°J-  92 
x*\-   92| 

93  -  96* 
92  -  94^ 

91*-  94l 
92f-  95i 
94i-  981 

97  -  99* 

98I-102; 

98I-101I 

I  |S  !,  I  1  K  1  '. 


Ill 

1 1  of 

1061 

1071 


10IJ-I04,! 

97i-i03l 
97  -  98f 

96J-  98J 


9Si-  9/1 

94i-  ')5:; 

954 


86  - 
86f- 
864- 
87I 
86  - 
84*- 
85!- 
86  - 

874- 

89- 
91I- 
91I- 

\)0\- 

95  - 
94i- 

93  - 

<*t 

94i- 

96i- 

981- 

99i- 

97i- 

<>7l 

o8i 

97l 
981- 

99  - 
100J- 

[02§- 
I02§- 
1034- 

IOO  - 

99i" 
99l 


894 

884 

88* 

90^ 

89* 

87 

894 

871 

90} 
924 

94 

93t 

945 

99i 

96* 

951 

95* 

98^ 

98I 

IOlf 

102I 

IOlf 

IOI.' 

102$ 
iool 

100 1 

101.V 

104 

104S 

1 04  J 

106 

105I 

1 0 1 1 

103 


GIBSONS     MANUAL 


CORN. 

hi  consequence  of  the  immense  bulk  of  the  corn  crop  in  the  United  States,  an  average  of  about 
•  bushels  :i  year,  there  is  less  temptation  to  speculate  in  this  grain  than  in  wheat,  at  least 
so  far  as  the  long  side  is  concerned.  Corners  are  practically  out  of  the  question.  The  movement  of  corn 
in  price  is  therefore  much  more  moderate  every  year,  on  the  whole.  Leaving  out  exceptional  years,  wheat 
ranges  on  an  average  about  30  to  34  cents  a  year,  while  corn  moves  on  the  average  only  from  18  to  20 
cents  a  year. 

<  >nly  when  there  is  an  actual  or  prospective  crop  failure  docs  the  opportunity  arise  for  brilliant  op- 
erations on  the  long  side  of  corn.  A  notable  instance  of  this  occurred  in  [892,  when  conditions  in  the 
Spring  indicated  a  heavy  reduction  in  the  output  of  corn  from  the  year  before,  approximately  25  per  cent. 
May,  1892,  was  accordingly  the  famous  month  in  which  corn  sold  at  $1.00  a  bushel  in  Chicago.  Another 
instance  of  a  most  profitable  opportunity  to  bull  corn  occurred  in  1902,  after  the  partial  crop  failure  of  the 
year  before,  the  corn  crop  of  mjoi  being'  583,000,000  bushels  below  that  of  lipo.  The  farm  value  of  corn, 
Dec.  1,  1901,  was  i»>l  cents,  the  highest  price  on  record  up  to  that  time,  and  in  [902  cash  corn  in  Chicago 
reached   88   cents,    which    again    broke   all    records   except  that  of  1892. 

[908  was  another  great  bull  year  in  corn,  a  circumstance  largely  due  to  the  fact  that  the  crop  of  that 
year  anil  the  year  before  were  much  below  normal.     Corn  pursued  its  wax  in  190S,  most  of  the  time  regard- 
of  wheat.     A   sudden   break  or  jump  in  the  other  grain  usually  had  a  small  sympathetic  effect,  but  the 
price  of  corn  was  governed  in  the  main  by  considerations  which  related  solely  to  that  particular  crop. 

Cash  corn  in  New  York  declined  from  Jan.  8  to  Feb.  21  9!  cents,  but  futures  held  strong  within  a 
range  of  around  3  cents,  because  the  weather  was  extremely  unfavorable  to  drying  and  curing  the  crop. 
Stocks  in  Chicago  were  small  and  much  of  the  time  the  wagon  roads  were  not  in  a  state  which  tempted 
the  hauling  of  grain  to  the  railroad  stations.  Farm  reserves  were  also  small.  Obtaining  an  inkling  of  this 
latter  fact,  strong  interests  began  to  bull  corn.  The  .March  Government  report  confirmed  the  bull  position 
by  showing  that  reserves  amounted  only  to  962. 429,000  bushels,  against  1. 2 98 .000 ,000  the  year  before.  Corn 
responded  to  this  situation  by  rising  rapidly  until  the  May  option  expired.  Cash  corn  was  then  up  23  cents 
in  Xew  York  and  May  24.I  in  Chicago.  Futures  had  advanced  10  to  \i\  cents.  This  movement  was 
greatly  aided  by  the  fact  that  heavy  and  persistent  rains  delayed  plowing  and  planting  and  later  the  culti- 
vation of  the  growing  plant.  The  whole  crop  was  two  or  three  weeks  behind  time.  The  bears  in  corn 
were  badly  punished  by  this  rise,  and  in  Chicago  it  became  necessary  for  them  to  private  settlements  for 
many  millions  of  bushels  of  short  corn.  Every  effort  was  made  to  rush  corn  to  Chicago,  but  nothing 
availed  to  avert  the  settlements. 

In  June  cut  worms  compelled  the  replanting  of  some  areas.  Weedy  fields  were  reported  in  Iowa 
and  Nebraska.     Floods  in  the  Mississippi  Valley  did  no  little  harm  to  the  bottom  lands. 

Reactions  of  a  few  cents,  never  more  than,  4.  occurred  from  time  to  time  on  passing  phases  of  the 
market,  but  the  general  rise  steadily  continued,  and  was  not  checked  even  by  the  Government  report  for 
July,  showing  an  increase  of  [,065,000  in  the  acreage,  condition  being  82.8  against  80.2  the  year  before.  The 
bulls  depended  to  some  extent  on  the  small  stocks  and  the  possibility  of  damage  from  early  frosts,  the 
crop  being  yet  two  weeks  behind  schedule  time  and  the  more  northerly  fields  certain  not  to  mature  before 
the  season  of  frosty  nights.  While  a  better  outlook  for  the  crop  prevailed  after  July  1  and  there  was  every 
indication  of  a  good  harvest,  yet  bull  interests  held  the  market  under  control.  In  July  distilling  and  glucose 
interests  had   much  difficulty   in   finding  enough   good  corn  for  their  uses. 

In  September  cash  and  September  corn  reached  t)<>  cents  in  New  York,  which  was  the  high  figure 
for  1908.  Coincidently,  other  options,  both  in  Xew  York  and  Chicago,  made  the  best  prices  for  1908,  which 
were:  In  Xew  York.  December,  8of;  in  Chicago,  September.  8lf;  December.  70;'.  and  Max.  68-J.  Frosts 
in  September  in  some  sections  and  dry,  hot  weather  in  others,  which  killed  the  pastures  and  led  to  the 
feeding   of  new   corn  to  cattle,  sustained  prices   for  a   few  days. 

But  the  turn  in  the  market  had  come.  The  hot  and  dry  weather  forced  the  ripening  of  growing 
corn  to  such  an  extent  that  the  balance  of  the  crop  was  speedily  out  of  danger.  Corn  was  found  to  be 
grading  exceptionally  well,  making  a  bushel  go  farther  than  formerly,  and  both  country  and  Argentine 
shipments  to  market  began  to  swell  noticeably.  The  November  report  indicated  a  crop  of  2,642,687,000 
bushels  against  2,592,300,000  in  1907.  harm  reserves  were  low ;  but  the  hull  pools  resolved  to  liquidate. 
( 'orn  thereupon  declined  steadily  until  almost  the  end  of  December.  I 'ash  corn  in  Xew  York  fell  2  \ ) 
-;  May.  jl  cents.     In  Chicago  the  decline  was  from  j:]  to   14I,  cents. 


GIBSON'S     MANUAL 


391 


CORN  IN  NEW  AND  CHICAGO,  1908,  LOW  AND  HIGH  PRICES,  BY  WEEKS. 


In  New  York. 


In  Chicago. 


Week  ending. 


Cash, 
(/losing 


Maj 


Sept. 


Jan.    4. 

1  1  . 

18. 

-5- 

Feb.    1 . 

8. 

'5- 

22 . 

29. 

Mch.  7. 

'4- 

_» 1  . 

28. 


Apl 


4- 
1  1  . 

18. 

25- 

May    2. 

9- 

16. 

-'3- 

3°- 

[une  '1. 

*3- 

20. 

27- 

.Inly  4. 
1  1  . 
iS. 


A 


in 


1 . 
8. 
15- 

29. 

Sq.t.  5. 
1  2. 
19. 
26. 


(  let. 


3- 

to. 

'7- 
24. 

3'  ■ 


N 


ov.  /  . 

14- 

21  . 
28. 

Dee.  5. 
12. 
1-). 
26. 


67}-69f 
674-69! 
65I-663 

66  -67 
63i-66| 
62  -63 
61 1-62 
60.I -62 
6i"-62i 

624-65 

65  -68 

68  -69! 

69  -71 

7->  ~75± 
75 1  "77i 
7"  1-77! 
75^76 

75J-78 
80  -83 

74 1-78 
7''  -78 
78  -80 

75  -79l 
77  -79 

77  -77 '2 

76  -77 

78  -7') 
814-83 

82 .', -84 1, 
84 \ -84 i 

84  -85i 

8  s  ',-88 
874-89! 
89  -90 
89  -90 
89  -90 
89  -89^ 
88  -89 
84] -88 
854-87I 
844-86 
782-84i 

_  _  1      _Q  .'1 

//  r/°3 

/4     /  /  j 

705-74 

70! -7  if 
7i  -721 
7ii-72 

70  -71 
684-70 

67  -68 

66  -67  V 


68§-7oi 

695-70! 
68f-7of 

69*-7of 

67J-695 

67i-7°§ 
684-69$ 

685-70; 

69l-7°f 
7^-73" 
73*-74l 


671-091 
68}-693 

( ,8 !-(,,,! 

684-69! 

67  -683 

68] -6,,', 

683-685 

664-08; 
67I-68I 

683-70J 
7o]-7'i 


741-761 

72  -73l 

741-765 

7ii-73i 

74^-75^ 

7-'!  73 3 

75l~77\ 

7->s-735 

7®r7&i 

73  -74  A 

75  -7''i 

71 4-722 

751-7*1 

7^1-7 32 

79*-83i 

765-82; 

76  -77! 
78J-80 


73S-74 
72i-74i 

745-75J 

741-77 1 
741-78^ 
75:i  -76 
75  -78! 
78  -78! 

783-79! 

8 1  {-83; 
83  -87 
87  -87 


74  -74 

7-' 2 -733 

7^7^ 

7il-73i 

7^-715 

7il-7i3 

7oi-7il 

7"  1-7' 

70J-71; 

7i  -71! 

70^-7: 

68I-69! 

66|-68| 

671-67! 


72|-73i 

725-75 
741-761 

735-745 

75  -77 

76  -77* 

781-791 
80-I  -8  if 
81  -84 
81  -84! 
814-83! 
83I-84! 
854-86! 
85f-87i 
86f-89i 

891-891 
89  -90 
88  -88 

84 -'-88 


I  )ec. 


70I-71! 

7:^-75' 

741-75 

74  -7r» 

7<>i-77 

771-70 

79I-80 

77^7*1 
76f-77f 

76  -77 
754-76 

74I-76 

/3  r74s 


74 


7'2-7 


66J-66J 
67  -67I 


-74! 

74 
72 

7-  -73 

72  --2I 

~ol-7\\ 
68  -70} 
65!-68 
65  -66 


May 


July 


5\>\  l>-' 
57l-'''ll 
59l-6il 
594-61! 

58!  oi< 

58l-(.r; 
502-02! 
591-6  if 

60     "624; 

603-635 

63  -661 
65I-684 
64^-67! 
65I-66! 
65J-68-3 
66f-68f 
651-67! 

655-69! 
691-75 

70I-74; 
75  -79 
731-82! 


551-56! 
551-591 
581-591 
58f6i| 

603-033 

603-63 

6oi-6i| 

591-63 
63f-65i 

623-65 
62^-64! 
63f-65l 
64  -66jj 

652-68^ 

64l-67f 

633-655 

633-65 1 
635-65! 
625-642 
623-637 
62J-63I 
6 1 3 -62 1 
614-63! 
62i-63| 
621-63] 

621-63^ 

603-63 

505-62 
603-61', 


58I-60! 
584-60! 

581-59! 
58f-6oi 

57  -593 
574-593 
58i-6oi 

57l-S9f 

58  -60 

59 1-62 
6i|-62| 
621-65! 
621-643 

63t-64! 
63!  643 
631-65. 

61A-63! 

624-64! 
64I-65 

031-66 
65I-663 
655-69 
67.1-70 
663-' .81 
00  -70; 
67 {-7o2 
673-712 
7'5  75 
73 5 -76 1 
751-78 

741-773 


64  -642 

635-655 
651-673 
641-66; 

631-651 

•63  -643 
63  -643 
62J-03  \ 
6.3-633 
62I-62! 
61I-62I 
604-62! 
61I-62I 
62  1 
613-03 
61I-62! 
505  6.5 
59f-6>! 


Sept. 

584-608 

58I-60I 
58  -591 

582-502 

57  -59l 
571-591 

575-593 

563-50', 

572-5o! 

5*70,] 

6ol-6l| 

013-64! 

614-64 

62I-63I 

62f-63! 

624-63I 

60] -62 

605-625 

62I-63I 

62  -64I 

635-643 

64§-67! 

65^-68 

05 1-66! 

651-69! 

684-70! 

68-J-7 1 2 

72  -75 

73l-76f 

75  -77 

72-5-753 

74h7<< 

751-781 

75  -783 

76  -78! 
763-80 
782-8.3 
751-8.2 
755-80 

76  -79l 


I  )ec. 


5'   -52 

5A-53\ 

52f-53! 

5-H-A 

5i2-5-^i 

52!  54! 

53  -535 

54s-55 

53f-55 

533-545 

541-54! 

531-541 

5i!  53 1 

523-535 

533-55 1 

541-571 

553-572 

56  -57l 

502-58! 

551-56! 

554-591 

581  59? 

581-6]  ■ 

60  -63! 

6. i-63 

605 -62 3 

60  -6^1 

03;  or,; 

631-66! 

633-66 

64-5-663- 

66  -683 

67f-7of 

6s2"o! 

64;  66! 

643-663 

633-65! 

623-64; 
63  -64! 

631-63! 

6.3-633 
604-63I 
624-64 

62I-64] 

60;  62! 

57l-6i! 
56  -58 

554-58 


398 


GIBSONS     MAN  UAL 


AMERICAN   WHEAT   CROP   FOR  TEN  YEARS. 


Year.  Area.  Acres. 

1908 

1 1x17 45,  j  1 1,000 

I9°6 47.305.289 

19°S 47.8S4.079 

1 '  >"  I 44,074,875 

1903 49,464,967 

1902 46.202,424 

1901 49,895.514 

190° 42,495.385 

[899 44.592.516 


Production, 
Bushels. 


63  |.<>K7,ooo 

735.260,970 

692,979,489 

552,399,517 
637,821,835 

670,063,008 
748.460,218 
522,229,505 
547,303,846 


Farm  Value 

Farm  Value, 

per  1  lushel, 

1  >ec.  1. 

Cents. 

$554,437,000 

87.4 

490,332,760 

66.7 

518,372,727 

74-8 

510,489,874 

443,024,826 

69.5 

422,224,1 17 

63 

467,350,156 

62.4 

323.515,177 

61.9 

319,545,259 

58.4 

AMERICAN  CORN  CROP  FOR  TEN  YEARS. 


Year.  Area,  Acres. 

[908 101,788,000 

1907 99,931,000 

1906 96,737,581 

[905 94,011,369 

1904 92,231,581 

[903 88,091,993 

1902 04,043.613 

1901 91,349,928 

[900 83.320,872 

[.899 82,108.587 


Farm  Value, 

Production. 

Farm  Value, 

per  Bushel, 

Bushels. 

Dec.  1. 

Cents. 

2,668,65  J  -ooo 

$1,616,145,000 

60.6 

2,592,300,000 

1.336.901,000 

51.6 

2,927,416,091 

1,166.626.471; 

39-9 

2.707,993.5-10 

1,116.696,73s 

41.2 

2,467,480,934 

1  ,<  87,461,440 

44.1 

2,244,176,925 

952,868,8 1 1 

42.5 

2,523,648,312 

1,017,017,349 

40.3 

1.522,519,891 

921,555,768 

60.5 

2,105,102,516 

751,220,034 

35-7 

2,078,143,933 

629.210. 1 10 

30-3 

AMERICAN  OATS  CROP  FOR  TEN  YEARS. 


Year. 


[908 

1 1 K  17 
[906 

1 1 K  15 

I « in  I 

[90  ! 
[902 
1901 
1900 

1 8(  i'  1 


Area,  Acres. 


Production, 
Bushels. 


Farm  Value, 
Dec.  1. 


Farm  Value, 

per  Bushel, 

Cents. 


32.344.000 

Sn-,  156,000 

$38l,I7I,000 

47.2 

31,837,000 

754.443,000 

334,568,000 

44-3 

30,958.768 

964,904,522 

3n<'.-")2.<)78 

3.1-7 

28.046,74* ) 

953,216,197 

277,047,537 

21 1. 1 

j7.84j.dn!) 

894,595,552 

270,000.0  1  3 

31-3 

27,638,126 

784,094.199 

267,661,665 

34-1 

28,653,1  n 

1)87,842.7  12 

3n3.584.S5j 

30.7 

28.541.47'' 

73n.808.724 

293,658,777 

39-9 

27,364,795 

8l  "I.I  25,98l 

208.nnr1.j33 

25.8 

26,341,380 

796,177,713 

HlS.in7.n75 

24.9 

GIBSON'S     MANUAL  399 


Pig  Iron  in  1908 


The  remarkable  feature  of  the  pig  iron  market   in    [908,  a   feature  paralelled  in  the  whole  iron  and 
steel  industry,  was  the  unprecedented  rapidity  of  the  decline  of  production  from  the  Fall  of  the  year  befi 
It  is  usual  in  the  trade  to  compare  the  production  of  each  half  year   with   that   of  the  previous  semi-annual 
period.     Hut  the  figures  by  months  may  also  here  be  added.     Production  of  pig  iron  in   [907  ami   i<;<>X.  by 
gross  tons,  according  to  The  Iron  Trade  Review,  was  as  follows: 

1907,  1908. 

By  Months.  Half  Year.  By  Mouths.  Half   Year. 

January 2,194,801  1.043.374 

February _>,047,036  1,086,809 

March 2.216,709  1,229,856 

April 2,226,708  1,155,122 

May 2,291,030  1.168,002 

June 2.237.420  [3.213,704  1.106,300  6,789,463 

July 2,253,243                                             1.228,604 

August 2,243,656                                             1,366,019 

September 2,174.148                                               1,416,252 

October 2.359,690                                               1 ,573.824 

November 1.820.558                                             1.582,314 

December 1.234.733  12.086.028                 \,J22.~,^j               8,889.570 

Total  for  year 2^.2QQ.Ji2  1 5.679.033 

These  figures,  while  varying  a  trifle  from  those  of  the  American  Iron  &  Steel  Association,  agree 
with  them  on  the  whole  and  show  clearly  what  happened  to  the  iron  trade  after  the  panic  of  October.  1007. 
So  rapid  and  extensive  a  decline,  from  one  half  year  to  another,  had  never  before  been  witnessed  in  the 
American  iron  industry.  It  is  to  be  noted,  farther,  that  the  actual  consumption  of  pig  iron  underwent  an 
even  heavier  contraction,  owing  to  falling  off  in  the  imports  of  foreign  pig  iron.  After  the  panic  of  1907 
railroads  ami  various  other  large  purchasers  of  iron  and  steel  practically  stopped  buying,  and  the  placing 
of  new  orders  for  several  months.  No  course  was  left  open  to  producers,  therefore,  except  a  sharp  curtail- 
ment of  output.  The  change  was  simply  startling.  For  three  years  previously  there  had  been  eager  and 
persistent  buying  of  all  iron  and  steel  products,  and  a  genuine  boom  in  the  trade.  Furnaces  and  shops  had 
been  crowded  with  orders.  Buyers  were  frequently  obliged  to  wait  weeks  and  months  for  supplies  they  had 
ordered,  which  they  urgently  needed,  and  which  they  were  often  willing  to  pay  a  premium  upon  for 
prompt  delivery.  ,  This  prosperous  aspect  of  affairs  was  promptly  changed  by  the  financial  crisis  of  1907, 
and  from  the  Fall  of  that  year  to  the  present  time  (April,  1909)  there  has  not  been  business  enough  to  go 
around  or  to  keep  employed  more  than  about  half  the  producing  capacity  of  either  the  furnaces  or  the 
iron  and  steel  works. 

Recovery  in  pig  iron  began,  as  will  be  noted  in  the  table  above,  in  March.  1008.  but  progn  ed 
slowly  because  of  a  general  fear  that  lowest  prices  hail  not  been  seen.  Buyers  took  only  the  tonnage  required 
for  their  immediate  need-.  There  was  little  speculative  buying  based  on  greater  hope  for  the  future,  until 
May.  1908.  when  for  three  weeks  there  was  a  spurt  of  rather  active  purchasing  operation-.  Rut  the  enthu- 
siasm then  died  out.  and  for  the  rest  of  the  year  operations  were  seldom  anything  else  than  simply  of  the 
hand-to-mouth  character,  as  they  are  yet.  Production  of  pig  increased  slowly  all  through  [908,  especially 
after  the  November  election.  Tn  March.  1909,  there  was  again  some  hesitation  in  the  trade,  growing  out  of 
the  proposition  in  Congress  to  enact  a  new  tariff  law  and  lower  various  rate-  of  duty  on  iron  and  steel  and 
their  finished  products.  In  the  Spring  of  [909  many  furnaces  are  stacking  pig  iron  in  the  expectation  .if 
more  active  business  when  Congress  adjourns. 

The  subject  of  prices  caused  a-  much  concern  in  1908  as  did  the  reduced  demand  for  iron.  Even 
after  the  formation  of  the  United  States  Steel  Corporation  in  1001  prices  of  steel  products  were  compara- 
tively steady,  but  pis  iron  has  always  been  subjected  to    considerable    fluctuations.      Understandings    among 


GIBSON'S      MANUAL 


furnace  interests  have  been  fairlj  g 1  as  long  as  there  has  been  plenty  of  business  for  all,  but  a  minority 

furnace  men  has  always  existed,  determined  to  gel  business  at  any  prior,  and  this  minority  was  trouble- 
some in  [908  because,  through  its  shading  of  prices,  buyers  were  never  able  to  decide  satisfactorily  whether 
or  when  bottom  prices  had  been  reached.  Repeated  conferences  were  held  by  pig  iron  interests  in  New 
York,  in  i  leveland  and  elsewhere.  bu1  there  was  no  genuine  improvement  in  production  until,  at  New 
York,  early  in  .May.  1908,  a  meeting  was  held  which  removed  all  obligation  on  the  pari  of  the  minority  to 
maintain  prices.  Eager  bidding  for  business  followed,  and  pig  iron  fell  moderately  in  price,  but  produc- 
tion increased,  and  sentiment  in  the  trade  improved.  After  the  November  election  in  [908  price--  also 
impro\  ed. 

The  following  tallies  show   the  high  and  low  price-  of  pig  iron,  at  various  centers,  by  months,  dur- 
ing i  ■  ■ 

Birmingham.-]         | New  York. ,  | — Chicago. — f 

Foundry 

No.  2  Foundry.  No.  1  Foundry.  Gray  Forge.  Northern.  Xo.  2. 

January $13.00     $14.00  $18.50         $19,25  $17.00     817.50  $18.00     $19.00 

February 12.50       13.50  18.50           [9.00  16.50       17.50  17.50       1  ^.50 

March 12.00        13.00  18.50            10.00  16.50        17.00  17.35        1S.00 

April 12.00       13.00  18.00            18.75  16.50        17.00  17.00        17.85 

.May 11.20        13.00  1750             18.00  16.50        17.OO  17.00        I7-50 

June 1I-50        12.50  I6.7S             18.00  15.50        16.50  17.00        18.00 

July 11.50        12.50  16.50             [7.00  15.25        15-75  17.00        17.50 

August 11.50       12.50  17.00          17.50  15.25       15.75  17.00      17.50 

September    ..    ..       12.50       [3.50  17.00          17.50  15.50      16.00  10.50       [7.00 

October 12.50       13.00  17.00          17.50  16.00      16.50  10.50       17.50 

November    ..    ..        15.00       15.25  17.00           [8.00  15.50       16.50  16.50       17.50 

December    ..    ..       13.00       13.25  17.75           [8.25  [6.25       16.75  l7-S°       '8.00 

C Philadelphia. I Pittsburgh. , 

Bessemer 

No.i  Foundry.  Gray  Forge.                  Pittsburgh.  No.  2  Foundry. 

January $18.75     $x9-25  $16.25          810.75  $18.90     $19.90  $16.90  $18.40 

February  .....        18.75       19.25  16.50           [6.75           17.90       18.90  16.90  17.00 

March 18.75        10.2;  16.50            10.75            l7-''°       18.96  [6-75  '  7-°° 

April 18.75       19.23  [6.50           10.75            17.15       18.90  15.40  17.00 

May 17.25       1S.75  15.25           [6.50          16.00       [7.90  15.40  1500 

June I/.OO        17.50  15.25             15.75             16.90        17.90  15.65  10.15 

July 17.00        17.50  15.25            15.50            16.65        17.90  15.65  16.15 

August 17.0c-)       17.50  15.25          15.50          16.25       16.90  15.40  15.05 

September    ..    . .       17.25      17.75  1 5-5          ]5-7r<          >5-9°      l6.4"  15-26  [5-65 

October 17.25       17.75  15.50          16.00          15.90      16.15  15.25  15.50 

November    ..    ..       17.50       18.00  15.50          16.25          16.15       17.90  15.25  16.90 

December    ..     ..        17.50       [8.00  16.00           16.50           17.40       [7.90  [6.25  [6.90 


GIBSON'S     MANUAL 


401 


PRODUCTION  OF  PIG  IRON  AND  STEEL  FOR  10  YEARS. 


, — Pig  I 

ron 1 

■ 

Steel 

1 

Tons, 

Bes- 

Open 

Crucible 

1  otal 

2,240 

Fur- 

semer, 

[earth, 

and  <  tther 

Tons,  j.j  |i ' 

Year.                       Lbs. 

naces. 

Tons. 

Tons. 

Tc  ills. 

Lbs. 

1908  . 

.     15,936,018 

45') 

6,118,755 

•7,836,729 

"''.-63 

14.023.247 

1907  . 

.     25,781,361 

413 

1  [,667,549 

11,549,088 

131.000 

23,347.637 

1906  . 

•     25,307,191 

429 

1  2,275,830 

10,980,413 

141,893 

23,398,136 

1905  . 

.     22,992,380 

424 

10,941,375 

8,971,376 

1  1  1,196 

20,023,947 

1004  . 

.     16.497,033 

429 

7,859,140 

5,908,166 

92,581 

13.X5M.887 

1903  . 

18,009,252 

425 

8,592,829 

5,829,911 

1  1 2,238 

14,534,978 

[902  . 

•     17.821.307 

412 

".138,363 

5,687,729 

121,158 

[4,947,250 

1901  . 

•     15.878.354 

406 

8.713.302 

4.656.309 

103,984 

[3,473.595 

1900  . 

13.789.242 

406 

6.684,770 

3.398.I35 

105,424 

111.1SS.321) 

[899  . 

13.620,703 

414 

7-586,354 

2,947,316 

106.187 

10,639,857 

PIG  IRON  OUTPUT  OF  THE  UNITED  STATES. 


Year.  Tons,  2,240  Lbs. 

1889 7,603,642 

1890 9,202,703 

1891 8,279,870 

1892 9,157,000 

1893 7.i24,502 

1894 6,657,388 

1895 9,446,308 

1896 8,623,127 

1897 9,652,680 

1898 ",773.934 


Year. 


Tons,  2,240  Lbs. 


1899 13,620,703 

1900 13,879,242 

1901 15,878,354 

1902 17,821,307 

1903 18,009,252 

1904 16.497,033 

1905 22,992,380 

1906 25,307,191 

1907 25,781,361 

1908 15.936.018 


The  Wall  Street  Summary 

ESTABLISHED  1893 

MORNING  AND  EVENING  EDITIONS 


#T  Reputation  is  as  essential  to  a  newspaper  as  to  an  indivi- 
dual. The  Summary  enjoys  a  coveted  reputation  among 
Bankers,  Brokers  and  Investors  as  an  indispensable  daily 
guide  on  all  matters  pertaining  to  investments,  because  of  its 
conscientious,  impartial  and  reliable  service  throughout  six- 
teen years. 

£T  With  unequalled  domestic  telegraphic  facilities,  special  wires 
^^  from   Washington  and  all  leading  cities,    it   furnishes  daily 

more   news   of   investment   value   than    any   newspaper  in 

America — bar  none. 


From    its    Foreign     Correspondent,   the    Central    News, 
Limited,  London,  an  institution  of  forty  years'  standing,  it 


C 

receives  daily  the  best  financial  cables  sent  to  America,  thus 
presenting,  morning  and  afternoon,  an  accurate  and  reliable 
review  of  Foreign  finance  and  related  matters. 


CTrue  Facts  are  shown  in  market  reviews,  and  analyses  of 
corporate  reports  by  judicious  and  experienced  writers,  and 
special  sections  are  devoted  to  Mining,  Public  Utilities,  and 
Investments.  Bid  and  asked  prices  of  all  principal  bonds  are 
published  daily,  and  general  questions  of  banking  or  invest- 
ment interest  are  regularly  discussed  editorially. 


SUBSCRIPTION,  INCLUDING  SPECIAL  EDITIONS,  $6.00  A  YEAR 

MINING,  PUBLIC  UTILITY  OR  BOND  EDITIONS  ALONE,  EACH,      .      2.00  A  YEAR 


40  STONE  STREET  NEW  YORK 


The  Pitfalls  of  Speculation 

BY  THOMAS  GIBSON. 

In  this  volume  the  salient  factors   of   speculation   and   investment   are 
discussed  as  simply  as  possible.    The  table  of  contents  is  as  follows: 


Introduction ; 

Ignorance ; 

Over-Speculation,  etc  ; 

Manipulation ; 

Accidents ; 

Business  Methods  in  Speculation; 

Market  Technicalities; 


Tips; 

Mechanical  Speculation; 

Short  Selling; 

What   500   Speculative   Accounts   Showed ; 

Grain  Speculation ; 

Suggestions  as  to  Intelligent  Methods; 

Conclusion. 


Bound  in  cloth,  146  pages.    Price  $1.00;  by  mail,  $1.10. 


The  Cycles  of  Speculation 


BY   THOMAS   GIBSON. 


This  book  enters  a  little  further  into  the  discussion  of  factors  bearing 
on  price  changes  than  does  the  "Pitfalls  of  Speculation." 

TABLE  OF  CONTENTS. 


Introduction ; 

The  Cycles  of  Speculation ; 

The  Gold  Supply ; 

Money; 

Political  Influences,  Crops,  etc.; 

Puts  and  Calls; 

The  Question  of  Dividends; 

Basing  Railroad  Values; 

Effect  of  Business  Depression; 

Undigested  Securities; 

How  to  Compute  the  Value  of  Rights ; 

Barometer  of  Averages; 

Best  Method  of  Trading ; 


Indication  of  Crisis; 

The  Ordinary  Swing  of  Prices; 

The  Factor  of  Safety ; 

Borrowing  and  Lending  Stock; 

Scalping; 

Crop  Damage; 

Selection  of  Securities; 

The  Bank  Statement; 

The  Cycles  of  Stock  Speculation; 

The  Cycles  of  Grain  Speculation ; 

The  Cycles  of  Cotton  Speculation; 

Conclusion; 

Bibliography. 


Bound  in  cloth,   183  pages.       Price,  $1.50;  by  mail,  $1.62. 


THE   GIBSON    PUBLISHING   CO. 

15  William  Street,  New  York 


Thomas  Gibson's  Market  Letters 
for  the  Year  1907 

This  volume  includes  all  the  Weekly  Letters  and  several  of  the  Special 
Letters  published  in  the  year  1907.  The  value  of  this  work  lies  in  the  fact  that 
The  Great  Decline  of  1907  was  predicted  months  before  it  occurred,  and  every 
reason  for  anticipating  such  a  decline  is  set  forth  in  the  letters.  The  book  con- 
tains a  number  of  valuable  statistical  tables. 

Bound  in  cloth,  $1.00;  by  mail,  $1.10. 


Thomas  Gibson's 
Weekly  Market  Letters  for  1908 

in  Two  Volumes 

Vol.  1 — Weekly  Market  Letters 

This  volume  includes  all  the  weekly  letters  published  in  the  year  1908,  together  with 
a  number  of  valuable  statistical  tables.  No  attempt  is  made  at  day  to  day  or  week  to  week 
prognostications.  Ordinary  gossip,  idle  rumors  or  "inside  information"  finds  but  little 
space  in  these  letters,  although,  of  course,  some  of  this  base  currency  of  the  Street  cannot 
be  entirely  ignored  because  of  its  temporary  influence    upon    prices    and   sentiment. 

The  Recovery  Of  1908  was  correctly  forecasted  by  the  application  of  sound  economic 
principles  to  underlying  conditions. 

Bound  in  cloth.     Price,  $1.00;  by  mail,  $1.10. 

Vol.  2— Book  of  Charts 

The  book  of  charts  is  an  indispensable  companion  work  to  the  weekly  letters,  being 
a  visible  aid  to  the  thorough  understanding  of  the  movements  discussed  and  analyzed.  Ref- 
erence is  invariably  made  in  the  letters  to  particular  pages  in  the  book  of  charts. 

Price,  bound  in  cloth,  uniform  in  size  with  Pitfalls  and  Cycles  of  Speculation,  $1.00 
each,  or  $1.50  for  the  two  volumes.    By  mail,  $1.10  and  $1.62. 


THE   GIBSON    PUBLISHING   CO. 

15  William  Street,  New  York 


Thomas  Gibson  s 
Special  Market  Letters  for  \  908 

The  complexities  of  modern  finance  demand  special  treatment  by  men 
trained  in  special  lines,  and  the  value  of  the  specialist  is  being  recognized  more 
and  more  every  day. 

Hence  the  value  of  the  articles  noted  below : 

Probable  Effect  of  Tariff  Revision  on  Securities Byron  W.  Holt 

Increasing  Gold  Supply  and  Its  Effect  on  Stock  Prices M.  L.  Muhleman 

A  Talk  About  Cotton Katherine  M.  Giles 

The  Coal  Land  Law.        Opinions  by   Members  of  Congress,  Attorneys  and 

Others. 

The  Importance  of  Fixed  Charges Carl  Snyder 

The  Balance  of  Trade Charles  A.  Conant 

Review  of  the  World's  Gold  Supply Arthur  Selwyn-Brown 

The  Outlook  for  the  Next  Six  Months Professor  J.  Pease  Norton 

Railroad  Earnings  and  the  New  Accounting George  Bevan  Mott 

Gold  Depreciation  and  Security  Values Byron  W.  Holt 

Call  Money  Rates  and  Stock  Prices John  P.  Ryan 

Convertible   Bonds Robert   W.    Speir 

The    Function    of    Speculation Frank    Fayant 

Mines  on  the  New  York  Curb George  E.  Vigouroux 

Speculation  vs.  Gambling — The  Moral  Aspects  of  Speculation — Should 

Speculation  be  Regulated  by  Law Howard  Schenck  Mott 

The  History  of  Prices  for  2,508  Years Arthur  Selwyn-Brown 

Copper  Frank  Fayant 

In  some  instances  charts  accompanied  the  foregoing  special  letters.  They 
will  be  found  in  this  volume. 

Bound  in  cloth,  $1.00;  by  mail,  $1.10. 

The  Increasing  Gold  Supply 

A  collection  of  letters  by  well-informed  authorities  on  the  extremely  per- 
tinent subject  of  the  Gold  Supply  in  its  relation  to  commodities  and  securities. 
The  layman  will  appreciate  the  simplicity  with  which  the  subject  is  treated. 
Contributors  are:  Byron  W.  Holt,  Maurice  L.  Muhleman,  Arthur  Selwyn- 
Brown,  W.  G.  Nicholas,  Prof.  J.  Pease  Norton,  Thomas  Gibson,  Charles  A. 
Conant,  Alonzo  E.  Cottier. 

Bound  in  cloth.    Price,  $1.00;  by  mail,  $1.10. 


THE   GIBSON    PUBLISHING   CO. 

15  William  Street,  New  York 


Thomas  Gibson's  Market  Letters 


THIS    ADVISORY    SERVICE  CONSISTS  OF: 

i. — A  daily  letter  mailed  at  3:30  P.  M. 

2. — A  weekly  letter  covering  general  business  conditions,  crop  conditions,  the  tech- 
nical situation  and  offering  suggestions  for  operations  during  the  coming  week. 
3. — A  special  letter  weekly  covering  whatever  topic  is  most  vital. 
4. — A  special  letter  weekly  on  crop  conditions  during  the  season. 
5. — Analysis  of  the  reports  of  leading  corporations  as  they  appear. 
6. — Monthly  booklets  giving  prices  by  days  for  active  stocks. 
7 — A  monthly  booklet  of  charts. 

8. — A  daily  table  of  average  stock  prices  (Rails  and  Industrials). 
9. — Occasional  telegrams  regarding  important  changes. 
10. — Privilege  of  a  reasonable  number  of  inquiries  by  mail  or  telegraph. 

The  subscriber  to  this  service  may  rest  assured  that  every  question  affecting  future 
values  and  prices  of  securities  will  be  thoroughly  covered. 

These  letters  deal  particularly  with  securities.  Grain  and  Cotton  are  also  briefly 
touched  on.  While  I  attempt  to  gain  the  most  dependable  opinions  on  commodities,  the 
advice  offered  is  not  based  on  personal  investigation. 


THE  PRICE  OF  THE  SERVICE  IS  AS  FOLLOWS: 


COMPLETE  SERVICE 

AS  DETAILED  ABOVE,  }  6ne"y^ 


One  month,         -----     $10.00 
Six  months,       -----         40.00 


75.00 


COMPLETE  SERVICE  ( One  month, $5.00 

(EXCEPT  DAILY  LETTER),  j  g« mont hs, ^     -   ^     -   ^     -  ^     -   ^     -   ^     20.00 


THOMAS   GIBSON 

CORN  EXCHANGE  BANK  BUILDING 
NEW  YORK 


jj 


The  Safety  Car  Heating  and  Lighting  Co, 


PINTSCH    LIGHT      STEAM   HEAT 


Most  brilliant  illumination  made  pos- 
sible by  tbe  Pintsch  System  using  per- 
fected Mantle  Lamps  and  Safety  Axle 
Driven  Dynamo  Electric  System,  a 
product  of  sixteen  years'  experience 
and  now  operating  successfully  on 
leading  roads. 


Car  Heating  Systems  guaranteed  to 
meet  all  conditions  of  service.  Con- 
trollable Direct  Steam,  Hot  Water  or 
Thermo  Jet  System  where  pressure 
is  not  desired.  Steam  tight  couplers, 
traps,  trainpipe  valves  and  other 
appliances. 


2  RECTOR  STREET,  NEW  YORK 


CHICAGO,  BOSTON,  ST.  LOUIS,  ATLANTA,  PHILADELPHIA,  MONTREAL,  BERKELEY,  CAL. 


The  Phenix  National  Bank 

OF  THE  CITY  OH  NEW  YORK 
Corner  Nassau  &   Liberty  Sts. 


Capital,  Surplus  and  Profits,  $1,633,000 


August  Belmont, 
E.  W.  Bloomingdale 
Alfred  M.  Bull, 
D.  Crawford  Clark, 
Elbert  H.  Gary, 
R.  H.  Higgins, 
Henry  K.  Pomrov, 
Edwin  A.  Potter, 


Directors 

George  E.  Roberts, 
Win.  Pierson  Hamilton, 
Irving  A.  Stearns, 
Fred'k  D.  Underwood, 
Robert  P.  Perkins, 
Geo.  Cuffing  Warner, 
Finis  E.  Marshall. 


Officers 

FINIS  E.  MARSHALL,  President. 

ALFRED  M.  BULL.  Vice-President 

B,  L.  HASKINS,  EL  C.  HOOLEY, 

Cashier.  Ass't  Cashier. 

Accounts  of   Banks,    Firms  and    Individuals   Solicited 


